Riley was under contract through February 2021 and is due a buyout of more than $6.6 million.
"Mike Riley has brought tremendous 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."
The Cornhuskers finished the season 4-8 after a 56-14 loss at home to
Central Florida coach
Frost has No. 13 UCF 11-0 and playing in the American Athletic Conference championship game next week against No. 17 Memphis.
"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. I am confident our next coach will meet that standard." Moos said.
Riley was 19-19 and lost 12 of the last 18. Nebraska had losing records two of Riley's three seasons.
He was considered a surprise hire when former athletic director Shawn Eichorst brought him in from
Riley won only 54 percent of his games in two stints totaling 14 years at Oregon State. But he was able to field mostly competitive teams in the Pac-12 with limited resources and had a reputation for developing quarterbacks and pulling the occasional big upset.
The Nebraska brand attracted him, and he and his wife looked at the opportunity in Lincoln as "one last great adventure" in a career that has spanned 43 years.
Unlike Pelini, Riley easily engaged with fans. He and his staff were widely praised for their recruiting acumen and ability to open a pipeline from California to Nebraska that Riley dubbed "Calibraska."
What on-field success Riley achieved couldn't be sustained. The Huskers won their first seven games in 2016 and were as high as No. 7 in The Associated Press poll. But an overtime loss at
Riley responded by firing his friend and longtime defensive coordinator Mark Banker and hiring Bob Diaco. Riley also had a new quarterback this year in Tanner Lee, who was a better fit for the pro-style offense.
The slide continued. A September loss at home to Northern Illinois was the first bad sign. Soon after Eichorst was fired.
It never got much better on the field for the Huskers. Lee struggled with interceptions, and the defenders didn't take to Diaco' 3-4 system. Diaco made bizarre remarks critical of his players after a November loss to Northwestern, including a zinger about the Huskers not knowing how to tackle properly when he first saw them in a live practice in the spring.
Nebraska gave up 50 points in four games, including each of the last three. Neither had happened before in the program's 128-year history. The 2017 Huskers also were only the second team — Bill Callahan's 2007 squad was the first — to give up more than 400 points.