UCF head football coach George O’Leary announced today that he is retiring from the Knights, according to a UCF press release.

“In an effort to allow UCF to accelerate its search for my successor and clarify the facts regarding my future plans, I am retiring effective immediately,” O’Leary states in a release.

Since O’Leary’s retirement is effective immediately, the current UCF quarterbacks coach Danny Barrett will serve as interim head coach until the end of the 2015 football season. Barrett has been with the Knights for five years and worked as a head coach for the Canadian Football League’s Saskatchewan Roughriders from 2000 to 2006.

UCF offensive coordinator Brent Key will receive a $700,000 payout in exchange for not being the Knights’ next head coach, said Grant Heston, Vice President of communications and marketing at UCF.

The university expects to hire a new vice president and director of athletics by December, the release states. After those positions are filled, the new athletics director will search for a new head football coach.

ESPN first reported on this and Knight News was able to confirm it later this afternoon, prior to the official announcement.

Check back for updates.