Nebraska fired head coach Mike Riley on Saturday after he went 19-19 in three seasons.
The decision comes a day after the Cornhuskers were embarrassed 56-14 by Iowa at home in the team's regular-season finale to finish 4-8. The game was tied 14-14 at halftime before Iowa scored 42 straight points in the second half.
"Riley has brought professionalism and energy to the Nebraska football program, but unfortunately, those attributes have not translated to on-field success," athletic director Bill Moos said in a statement. "After a thorough review of all aspects of our football program, I have chosen to move in a different direction."
Nebraska allowed at least 50 points in three straight games to end the season. The Huskers dropped 12 of 18 since opening last season 7-0 and ranked No. 7.
The 64-year-old Riley was hoping for another season after Friday's fourth consecutive loss.
"I truly believe I'm exactly the right person to do this," Riley said. "The football parts, I've been doing it so long, we know how to fix, and we also are doing a good job recruiting."
Moos delivered the news to Riley, his staff and the Nebraska players on Saturday morning in a meeting at Memorial Stadium.
Riley's contract runs through the 2020 season and he is due a buyout of more than $6.6 million. He replaced Bo Pelini as Nebraska coach in 2015 when he was hired away from Oregon State after 14 seasons.
Linebackers coach Trent Bray will serve as the interim coach until a hire is made. A search will begin immediately.
Nebraska is still seeking its first conference title since 1999. The school will be hiring its fifth coach since the 1997 retirement of Tom Osborne.
"I expect to find a leader for our football program that will put our student-athletes in a position to compete for championships and grow as young men," Moos said in a statement. "I am confident our next coach will meet that standard."
Nebraska will be paying buyouts to both Pelini and Riley for the next 14 months, according to ESPN. Pelini will receive $128,009 per month and Riley will get $170,000 per month as Nebraska pays them a total of $4.17 million through early 2019.
Central Florida coach Scott Frost, the former national champion Nebraska quarterback, is expected to be a top candidate for the job in Lincoln. In his second season at UCF, Frost coached the Knights to a No. 15 ranking and an 11-0 record after a 49-42 win Friday over South Florida to lock up a berth in the American Athletic Conference championship game. He also is considered a top candidate for the head-coaching opening at Florida.