A school spokesman said the team and coach Bob Stoops agreed to protest instead of practicing. Stoops walked front and center at the team's indoor practice facility, and athletic director Joe Castiglione joined the players.
The chant in the video, among other things, said black students would never be admitted to the school's chapter of Sigma Alpha Epsilon.
Oklahoma basketball coach Lon Kruger condemned the video Monday. Oklahoma football player Eric Striker posted an angry response to the fraternity's video on social media.
School President David Boren has severed the school's ties with the fraternity.