"In an effort to allow UCF to accelerate its search for my successor and clarify the facts regarding my future plans, I am retiring effective immediately," O'Leary said through a statement released by the school.
The 69-year-old O'Leary ends a 12-year tenure with the program, during which he compiled a record a 81-68 and led the Knights to seven bowl games, including a win in the 2014 Fiesta Bowl with quarterback Blake Bortles at the helm. Overall, O'Leary compiled a 133-101 record as a coach, which includes eight seasons at Georgia Tech.
UCF, however, was off to a brutal 0-8 start this season, including a 59-10 loss to Houston on Saturday. UCF quarterbacks coach Danny Barrett will serve as the interim head coach for the rest of the 2015 season. Barrett previously worked as a head coach for the Canadian Football League's Saskatchewan Roughriders from 2000-06.
Following the 2001 season, O'Leary left Georgia Tech to become head coach at Notre Dame. However, five days after being hired, O'Leary suddenly resigned after admitting to falsifying portions of his academic and athletic experiences.
Three years later, O'Leary re-emerged as head coach at Central Florida.