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UPDATED: Skip Holtz let go at South Florida

Skip Holtz was let go as South Florida's head coach on Sunday. The news comes one day after South Florida was beaten by Pittsburgh, 27-3, to close the year. The Bulls finished the 2012 season with a 3-9 overall record and a 1-6 mark in Big East play, good for last place in the conference. 

Holtz led South Florida to a 16-21 record in three seasons at South Florida. The Bulls' win totals decreased in each year of his tenure, dropping from 8-5 in 2010, to 5-7 last season, to 3-9 this year. South Florida carried a 2-12 record in Big East play over the last two seasons. 

According to Greg Auman of the Tampa Bay Times, the school will owe Holtz $2.5 million over the next five years. Defensive coordinator Chris Cosh is also due $325,000 in 2013. 

"It's not easy to part ways with such a good man," said USF athletic director Doug Woolard. "However, we must put a more successful football program on the field." Woolard said USF won't use a search firm in a traditional sense but may use one for background checks on candidates.

The current staff will "continue to work as they have been." Offensive coordinator Todd Fitch will handle all football-related issues, and each assistant will have the opportunity to be retained by the new head coach.

Woolard trumpeted USF's facilities and location as assets when hiring a new head coach. The school has put $100 million into facilities, and Woolard cited the Bulls' new football practice facility and locker rooms. He also noted USF's location in a large media market and target-rich recruiting environment as factors that will attract a new coach.

Woolard didn't indicate whether he preferred an active head coach. "Our pool can include any coordinator at the FBS level, plenty of head coaches and I imagine we'll attract some interest from the NFL."

How hot of a topic is conference realignment across the college sports landscape right now? Nearly every other question Wooloard fielded had a realignment angle attached to it. 

Holtz also released his own statement, shown below.

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