(SportsNetwork.com) - Less than 24 hours after the Denver Broncos were surprisingly ousted from the postseason, the club and head coach John Fox have agreed to part ways, according to multiple media reports.

Fox guided the Broncos to AFC West titles in every season during his four- year tenure and led them to a conference championship last season before losing to the Seattle Seahawks in the Super Bowl.

Denver went 12-4 this season and was a heavy favorite against the Indianapolis Colts in Sunday's Divisional Round, but ultimately lost 24-13.

"We had goals, obviously. We fell short of those goals," Fox said following the loss.

Despite the absence of a Super Bowl title, Fox had a wildly successful run in Denver, which went 46-18 in his four years -- the last three with Peyton Manning under center.

Manning, 38, was ambiguous in postgame interviews about his playing future, but the future Hall-of-Famer has two years remaining on his contract.

Fox, 59, previously spent nine seasons as the head coach of the Carolina Panthers, leading them to an NFC title in 2003 and a 73-71 record. His contract was not renewed following the 2010 season, and he was quickly hired by the Broncos.

He was under contract for two more years in Denver at approximately $5-to-$6 million per year.