Oregon State and coach Gary Andersen have mutually agreed to part ways, effective immediately, with the Beavers off to a 1-5 start.
The school announced the split in a news release Monday, two days after a 38-10 loss at Southern California. Oregon State did not have a victory against an FBS team this season.
Athletic director Scott Barnes was scheduled to hold a news conference on campus in Corvallis, Oregon, on Monday afternoon.
Oregon State says Andersen, 53, and the school "agreed to release each other from all future contract obligations and payments." Andersen's contract had been extended after last season and ran through the 2021 season. He was due to make $2.65 million this season and had he been fired without cause he would have been due about $12 million.
"After many discussions with Scott, waiving my contract is the correct decision and enables the young men and the program to move forward and concentrate on the rest of this season," Andersen said in a statement. "Coaching is not about the mighty dollar. It is about teaching and putting young men in a position to succeed on and off the field. Success comes when all parties involved are moving in the same direction."
Andersen was in his third season with the Beavers and the team appeared to be sliding backward this season after showing some progress in winning four games last year, including a victory against rival Oregon that snapped an eight-game losing streak in the Civil War series for the Beavers. He finished 7-23 at Oregon State.
Andersen came to Oregon State under unusual circumstances after he abruptly resigned as Wisconsin coach in December 2014 after two seasons in Madison. He went 19-7 with the Badgers, but parted ways with the program after becoming frustrated with some of Wisconsin's academic admissions policies and standards.
The Utah native previously spent four seasons at Utah State, working with Barnes as AD, and led the Aggies to an 11-2 season in 2012. He was also a longtime assistant at the University of Utah.
"I have known Gary for many years and respect him highly as a person, my friend, a head football coach and an incredible leader of young men. The timing of this is very difficult; however it is the best for all involved," Barnes said in a statement. "Coach Andersen's decision to waive his remaining compensation is unprecedented in major college athletics. His decision is made for the right reasons and values, and it speaks volumes about the kind of honorable person that Gary Andersen is."