Englewood, CO (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.
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.
"John Fox and I met for more than an hour on Monday afternoon to discuss the 2014 season and our goals for the future," Broncos president of football operations John Elway said in a statement. "During our open and candid conversation, it became clear that it was best for both the Denver Broncos and Coach Fox to move on and make this change.
"While we have made significant progress under Coach Fox, there is still work to be done. I believe this change at the head coaching position will be in the best interest of our long-term goal, which from day one has been to win World Championships."
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.
"It was an honor to coach the Denver Broncos, a first-class franchise with great fans and a winning tradition," said Fox in a statement. "I am thankful to John, (owner) Mr. (Pat) Bowlen and (team CEO) Joe Ellis for allowing me and my family to be part of this team and community."
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 million to $6 million per year.