Illinois fired Bruce Weber on Friday, one day after the Illini lost to Iowa in the first round of the Big Ten tournament, the coach told ESPN.com.
Weber will not coach in the NIT -- if the Illini were to be selected -- or in any other postseason tournament.
Weber said recently that the buyout on his contract is $3.9 million.
Weber coached the Illini to the Sweet 16 and NCAA championship game in his first two years in Champaign, losing to North Carolina in the 2005 national final. Illinois hasn't advanced past the second round since and did not reach the NCAA tournament three times in Weber's tenure.
VCU's Shaka Smart is expected to be a candidate for the job. Smart, who took the Rams to last year's Final Four, and Illinois athletic director Mike Thomas once worked together at Akron.
As mentioned by gbruin, Illinois has an AD in charge, who is competent and actually cares about its athletic program. To his credit Weber himself has set the example for how to bow out gracefully. Unlike Howland he is not out there pathetically spinning about the value of playing in a garbage post-season tournament.