Sports Illustrated's Bruce Feldman was the first to report the news.
Jones' contract runs through March 2021, and per the terms of his buyout, is owed $2.5 million times the number of years remaining on his deal, meaning his buyout would be somewhere in the $8 million range.
So someone has to be the head coach at Tennessee for the final two games of the regular season, and a hypothetical bowl game if they somehow manage to beat LSU and Vanderbilt and get to six wins.
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Ingle told the Sentinel he will take his visits - definitely to NC State and maybe to Virginia Tech - while also keeping an eye on who the Vols end up hiring to succeed Jones, who finished with a 34-27 (14-24 SEC) record at Tennessee.
Tennessee was not expected to win the SEC East, but they were projected to be competitive in the division with Georgia and Florida. His record at the school is skewed by a 5-7 record in his first season, and a 4-6 finish this year.
A variety of names have been thrown around to replace Jones as the 24 coach of the Volunteers, including former OR head coach Chip Kelly, Purdue head coach Jeff Brohm, Louisville head coach Bobby Petrino and Memphis head coach Mike Norvell.
Jones took over Tennessee in 2013 as Derek Dooley's replacement.
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Tennessee started the season 3-1 but has lost five of its last six games.
Yet the bad effort showed that the team had quit on Jones or didn't consider him a coach for whom to show its best effort. That stretch includes a 41-0 loss to Georgia that marked the Vols' most lopsided home defeat since 1905. He has head coaching experience at Michigan, San Diego State and Ball State.
Brady Hoke, who spent four mostly unsuccessful years as the head coach of the Michigan Wolverines, is getting another shot at running things for a college football team. The Vols also have never lost eight games in a season. An inexplicable loss at SC previous year ruined Tennessee's division title hopes.
Both coaches will latch on somewhere else during the offseason, but probably not as a head coach, and definitely not at a powerhouse program. That's after Tennessee went 32 years with just two head coaches - John Majors and Fulmer.
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