The parties also agreed that when a successor is to be chosen, it will be done through an open search process with a committee representing the Athletic Department, the university, and the external community.
"While I think an open process is required, Tom's advice and counsel will play an important role in the ultimate selection, as will the views of our head coaches." Perlman said. "It's appropriate to publicly indicate now that an open process will be adopted in light of the speculation that there may already be a designated successor."
"I am delighted that Tom has agreed to stay in harness for an indefinite period. The department faces some real challenges and opportunities as we move forward and Tom brings a breadth of experience that can serve the university well," Perlman said.
Osborne said: "I want to thank Chancellor Perlman for the opportunity to serve as athletic director for a period of time that we both feel comfortable with. I enjoy working with student-athletes, coaches, and other athletic department personnel and hope that together we can serve the people of Nebraska and the university well."