Following two consecutive losing seasons, Skip Holtz has been fired from his position as the University of South Florida football team's head coach, leaving with a $2.5 million buyout as a result of his now-broken contract that was supposed to last through 2017.

The announcement came on Sunday when USF Athletic Director Dough Woolard first met privately with Holtz before accompanying him to a gathering with players.  Following a Saturday loss against Pittsburgh to close out the 2012 season, the Bulls found themselves with nine losses over their past 10 games and an overall 16-21 record over Holtz' career with the team.

Back in October, Skip Holtz's head coach contract was extended through 2017 because he was being pursued by other schools according to the university.  In lieu of his $2 million-per-year salary until 2017, Holtz will now receive a $2.5 million buyout paid over the next five years.

According to the Associated Press, a search for a head coach replacement will begin immediately with no particular time frame to find Holtz's successor.