1. A method for encoding a video sequence in a video encoder to generate a compressed video bit stream, the method comprising: entropy encoding syntax elements representative of transform coefficients generated as the video sequence is processed in the video encoder, wherein entropy encoding syntax elements representative of a transform coefficient comprises: binarizing the syntax elements representative of the transform coefficient to generate a plurality of binary symbols (bins); coding a portion of the plurality of bins in context coding mode; and coding a remaining portion of the plurality of bins in bypass coding mode; and reducing a number of bins that are coded in context coding mode for each transform coefficient in a plurality of subsequent transform coefficients that are entropy encoded after a specified number of transform coefficients have been entropy encoded.