"He's made a commitment to change his behavior," Indiana University president Myles Brand said. "Let's see if he does it."

Brand was close to firing Knight had the 59-year-old legendary Hoosiers coach not shown some sort of remorse prior to Sunday's private executive session of the board of trustees.

Brand said Knight's public statement the Saturday before the president announced his decision -- a 300-word admission of his problem dealing with anger -- had an effect on his decision. But Brand essentially made a decision to retain Knight with restrictions during an exhaustive meeting at his private residence with Knight on Saturday night. Indiana spokesperson Christopher Simpson said the meeting lasted two hours, but a source close to Knight said the meeting lasted almost six.

After failing to discipline Knight in the past, Brand said he was giving the coach one last chance. Brand, with the support of seven of the nine board of trustees (two excused themselves for having close ties to Knight), developed the following plan for Knight: a three-game suspension (which doesn't include exhibition games or holiday tournaments such as the Preseason NIT) in 2000-01, a $30,000 fine (from his salary), public apologies and a zero tolerance policy.

"Had he not accepted (the sanctions), I would have recommended dismissal," Brand said.

Knight issued a statement saying he accepted the guidelines.

"I have absolutely no problem with guidelines," Knight said in a statement. "The establishment of effective and proper guidelines can in the long run help me become a better coach."

Knight went on to apologize for his inability to deal with his temper and said, once again, that he was "sincerely sorry."

Brand said Knight's behavior would be monitored. He said he wouldn't tolerate any behavior -- including his dealings with the media -- that would embarrass the university. Knight has had a history of lashing out at the media during news conferences.

But the subjective nature of judging Knight's behavior will be a difficult job for the university. Brand admitted that judging Knight's behavior won't be an exact science.

Brand appointed athletics director Clarence Doninger to head the committee to establish appropriate behavior guidelines for athletic personnel and, specifically, Knight. But Knight and Doninger have had a strained relationship, and Doninger said Monday that they haven't spoken since they got into a heated argument after a loss to Ohio State on Feb. 19 at Assembly Hall in Bloomington.

Doninger is scheduled to retire in October after he turns 65. That puts the pressure back on Brand to keep a close eye on Knight's behavior, especially during the season when his temper is likely to flare.

The question facing Indiana is this: Will Knight be able to change?

"He's got to," said Indiana sophomore guard Dane Fife, who came to Indianapolis for Monday's news conference to show his support for Knight. "If he doesn't he'll possibly lose his job. We don't want that."

Indiana's statement on Knight's reprimand stating that he would be terminated "if any inappropriate physical behavior was discovered in the future with players, members of the university community or others in connection with his employment at IU."

Brand said he wouldn't take into account past transgressions, assuming they were in line with Knight's pattern of volatile behavior before the investigation.

Fife said he didn't think Knight's behavior wouldn't and shouldn't change during practice. But he said Knight's statements of the last two days showed that he was remorseful and trying to control his temper off the court. Fife said he expected Knight to apologize to athletic department secretary Jeanette Hartgraves and former player Neil Reed.

Brand said Knight was expected to issue an apology to Hartgraves but didn't say he was ordered to do the same for Reed. It was Reed's allegations, in a CNN/SI report in March, that Knight choked him during practice that started the investigation into Knight's behavior. The investigation concluded that Knight had grabbed, not choked, Reed in the neck but that the incident was still not acceptable.

"It is a slap on the wrist but it's the best for the university," Indiana guard Jarrod Odle said. "But I definitely thought something had to be done."

Both players said there will be skeptics who don't agree with the decision, and Fife said the team's poor NCAA Tournament record was a factor in the timing of the investigation. Brand adamantly denied that charge.

"We'll perform better," Fife said.

But will Knight?

The university is giving Knight a second chance to prove he can control his temper on and off the basketball court. A line has finally been drawn between Knight and the administration. If Knight crosses it, he won't ever come back.

Andy Katz is a senior writer at ESPN.com.