Jerry Colangelo Steps Down as Team USA Basketball Chairman

With his second term set to expire, Jerry Colangelo announced Thursday he will not seek a third term as chairman of USA Basketball.

According to a USA Basketball press release tweeted by Marc J. Spears of ESPN's The Undefeated, Colangelo will remain the managing director of the USA men's national team.

A new USA Basketball chairman will be elected at the USA Basketball Board of Directors meeting Nov. 14, but Adrian Wojnarowski of The Vertical reported that retired Gen. Martin Dempsey "is on course" to become the new chairman.

The 76-year-old Colangelo first took the chairman position in 2009 after four years on the job as the managing director of the men's team.

Colangelo was brought on as managing director after Team USA finished a disappointing third at the 2004 Summer Olympics in Athens.

One of Colangelo's biggest moves was to bring on Duke head coach Mike Krzyzewski as head coach of the men's national team, and as pointed out by Kurt Helin of Pro Basketball Talk, that combination has enjoyed a great deal of success:

Team USA has won gold at the past three Olympic Games in men's basketball, and Colangelo will remain in charge of attempting to make it four in a row.

While it is unclear who might replace the current Philadelphia 76ers special adviser as USA Basketball chairman, ESPN.com's Dave McMenamin suggested Syracuse head coach Jim Boeheim could be an option.

Boeheim is set to retire from Syracuse in 2018, and as an assistant on Coach K's USA Basketball staff, he is entrenched in the system.

Regardless of who takes over, they have a significant legacy to live up to, as Colangelo ushered in a new era of dominance for USA Basketball.

Follow @MikeChiari on Twitter.