Holloway getting out of LOI

The wheels are officially in motion for four-star point guard Terrell Holloway to be released from his Letter of Intent with Indiana.

"I'm getting out of my letter really soon," Holloway told Rivals.com. "It could happen today or it might be later in the week. I don't know, but I've begun the process. There is an agreement with Indiana that I can get out of the letter if Indiana gets banned from post season play or Coach Sampson leaves. I want to look at some other schools, but I'm also keeping Indiana as an option."

Holloway, 6-foot, 175-pounds, did not want to name any schools until he is officially released, but he did say that some schools have contacted his family although he has not personally been in touch with any other coaches.

Holloway is coming off a 26-2 season with Cincinnati (Ohio) Harmony Community School where he averaged 14 points and seven assists per game.

"We had a really balanced attack, so it wasn't about putting up big numbers," he said. "I worked hard on my leadership and becoming a true point guard. I also made a lot of progress as a defensive player.

Oregon State, St. John's, Tennessee, Virginia and Nevada were schools involved with Holloway before he signed with Indiana.

Terrell Holloway scouting report:

Physically Holloway doesn't have a big presence on the court, but he does a great job of directing his team from the point guard position. He finds a nice balance between pushing the action and also backing off and letting his teammates operate. Effective on the high ball screen, Holloway shoots a quality pull up jumper.