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Philip Fulmer, University of Tennessee Vols head football coach, has resigned.

In a mutual agreement reached by Tennessee officials and Fulmer, the parties agreed it would be best if he did not return next season. He will coach the remainder of the 2008 season.

Fulmer, who brought Tennessee to the National Championship in 1998, has been under increasing scrutiny as the Vols’ record dropped, losing 31 games since the 2001 season.

“Anybody that likes Tennessee and cares about what the product looks like on the field is frustrated,” Fulmer said Sunday night, according to The Tennessean.

Truer words haven’t been spoken. Those of you who know me, know I am a die hard UT Vols fan. I bleed orange. This has been too long in coming. Fulmer deserves respect for what he did for the University of Tennessee football program, but as we head into the second losing season in the last four years, numorous off-field problems, and dwindling credibility for the program, it’s time for him to move on.

A $6 million buyout of Fulmer’s contract was negotiated last year, payable over 48 months – an investment to get rid of Fulmer.

The official announcement took place at 5:00 p.m ET at Neyland Stadium in Knoxville.

Although the University has not released any names of potential candidates for Fulmer’s job, a few being tossed around are Lane Kiffin, Will Muschamp, Jim Grobe, Tim Brewster, Chris Pederson and Butch Davis.

View Phil Fulmer press conference video below.