Welcome! Certainly does sound like bearings from your description. You have the option of pulling it apart and simply replacing the motor itself, or if you have a bearing puller go one step further and pull the bearings from that same motor and replace those to retain the old motor. In either scenario, all seals would be replaced along the way. Stores sell "Go-Kits" for that which helps make it more efficient, however some shaft seals are better than others. When you get a chance, update your signature with all of your pool and equipment info. We'll do what we can to help.
Update: pulled the motor, started to remove the seal plate, bolt broke off in the seal plate. Dang. Now new motor and seal plate. Went to pool parts place, they had an equipment sale going on, offered me a complete new pump for $60 over the parts. Decided to just replace the whole thing. Much easier than putting the old one back together, putting in new seals, etc. So now have a new pentaire Superflo pump, looking at years of hopefully trouble-free use.