Bob Huggins has been punished for using a homophobic slur twice during a radio interview earlier this week ... getting hit with a three-game suspension and a $1 million annual salary reduction.
The news came out just minutes ago ... with WVU announcing the coaching legend will NOT lose his job over the comments, but will spend a bit of time away from the team.
The punishment also includes sensitivity training ... which will now be a requirement for all current and future coaches at the university, according to the release.