MIAMI (CBSMiami) – The Florida Gators are moving on from head football coach Jim McElwain.

The University of Florida announced on Sunday they’ve agreed to part ways with McElwain, one day after the Gators were dominated 42-7 by rival Georgia.

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According to athletic director Scott Stricklin, McElwain and the university have agreed to a buyout, and defensive coordinator Randy Shannon will take over as interim head coach.

“We want to thank Coach McElwain for his efforts in leading the Gator football program,” said Stricklin. “We are confident Coach Shannon will provide the proper guidance to the players and rest of staff during this time and we will begin a national search for the next head coach.”

McElwain tweeted his thanks to the University, his players, and to Gators supporters.

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McElwain led the Gators to SEC East titles in each of his first two seasons at the helm in Gainesville, but the program has taken a major step backwards in 2017 from a results standpoint, with Florida off to a 3-4 start.

According to CBS Sports, McElwain’s buyout is estimated at roughly $12.75 Million, but the UF administration was working to reach a reduced settlement with his agent, Jimmy Sexton.

McElwain coached the Gators to a 22-12 record in his two and a half seasons.

Interim head coach Randy Shannon served as head coach of the Miami Hurricanes from 2007 to 2010. Shannon coached his alma matter to a 28-22 record during his tenure.

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Shannon’s first game as Gators’ interim coach will be this Saturday, November 4th, when the Gators face the Missouri Tigers on the road.