Head coach Gary Andersen and Oregon State have mutually agreed to part ways, effective immediately, the school announced on Monday.
The university also announced that Andersen and the school agreed to release each other from the remaining contractual obligations. Andersen was under contract through the 2021 season.
Assistant coach Cory Hall has been named the Beavers' interim coach, with athletic director Scott Barnes saying that he immediately would undertake a national search.
Barnes made the announcement on Monday, two days removed from a 38-10 loss at USC. The Beavers (1-5) do not have victory against an FBS team this season.
"This is an exceptionally difficult time for me, personally and professionally," Barnes said. "I have known Gary for many years and respect him highly as a person, my friend, a head football coach and an incredible leader of young men. The timing of this is very difficult; however it is the best for all involved."
Andersen posted a 7-23 record in his two-plus seasons at Oregon State. He is 52-54 in nine seasons overall with Utah State, Wisconsin and the Beavers.
"After many discussions with Scott, waiving my contract is the correct decision and enables the young men and the program to move forward and concentrate on the rest of this season," Andersen said in a statement. "Coaching is not about the mighty dollar. It is about teaching and putting young men in a position to succeed on and off the field. Success comes when all parties involved are moving in the same direction."
Andersen signed a contract extension in December and had more than $12.4 million remaining on the deal. Oregon State owed him $883,332 for the rest of this season, $2.75 million for 2018, $2.85 million for 2019, $2.95 million for 2020 and $3.05 million for 2021.