Carmody compiled a 192-210 record during his tenure and was 13-19 this season. He was never able to lead the Wildcats to the NCAA Tournament.
It was not clear whether Carmody was fired or had resigned. A replacement was not immediately named.
"Everyone's goal is to get to the NCAA tournament, and we haven't been able to accomplish that," Carmody said Thursday after his team lost to Iowa 73-59 in a first-round game at the Big Ten tournament.