On Friday, the Nebraska Cornhuskers defeated the Iowa Hawkeyes in a 37-34 overtime victory that gave the team a 9-3 regular season record. 

Unfortunately for longtime head coach Bo Pelini, the winning mark wasn't enough to appease the school's athletic department. Today, after a partnership lasting seven seasons, the university announced that Pelini is no longer the team's head coach; instead, Pelini will be bought out of his contract, a move that will cost the school a reported $7.7 million.

Pelini's overall record at Nebraska was 67-27, a mark comparable to that of predecessor Frank Solich, but still paling in comparison to the standard set by the great Tom Osborne, the former head coach who led the Cornhuskers to three national championships in the 1990s. Pelini never won a Big 12 or Big Ten title during his tenure, and failed to ever advance the Cornhuskers to a BCS bowl. 

The rumor mill for Nebraska's next move has already begun, but no reliable sources have confirmed any names as of yet. Expect the school to take their time on this decision, as they look to make a big-impact hire in order to return the program to its former glory.

[via Bleacher Report]