Bob Huggins has reportedly been punished for using a homophobic slur twice during a radio interview earlier this week ... getting hit with a suspension and a $1 million salary reduction.
The news came out just minutes ago ... with Pete Thamel saying the coaching legend will NOT lose his job over the comments, but will spend a solid amount of time away from the team.
The punishment also includes sensitivity training, according to the report. It's unclear if the salary reduction is permanent, or only for the 2023-24 season.