SMU Athletic Director Steve Orsini officially announced there will be a "change in leadership" late Tuesday morning.
"I appreciate Matt's efforts and service here at SMU," Orsini said in a statement released by SMU. "He always represented the university with class and I never doubted his effort or desire to win, but it was time for a change. We wish him the best.
"As I have said previously, we have set a goal of top-25 status for our men's basketball program and want to compete for BIG EAST championships. With our membership in one of the best basketball conferences in the nation, the Crum Basketball Center, our $40-plus million renovation of Moody Coliseum and our location in the fertile recruiting grounds of Dallas, we believe we have the pieces for a championship-caliber program."
Doherty, who just finished up his sixth season with the Mustangs, posted a record of 80-109 all-time at SMU and was 170-180 in 11 years as a head coach. He was also 0-6 in the Conference USA Championship Tournament.
Doherty had one year left on his contract and The Dallas Morning News is reporting that his buyout will be around $500,000.
"I understand that this is a business and, at the end of the day, we simply didn't win enough games," Doherty said. "However, I am grateful to the players and staff for their hard work and the way they represented the University. I always stressed to them the importance of controlling what you can control - your attitude and effort. They were great about focusing on every practice and game. I think that shows the type of character these young men possess. I wish SMU and these young men nothing but success."
Orsini said a national search for a new head coach would begin immediately.
For more SMU coverage, follow Laken Litman on Twitter!