Lincoln, NE -- (Sports Network) - Nebraska interim athletic director Tom Osborne has fired head football coach Bill Callahan.

Osborne informed Callahan of his decision in a meeting Saturday morning. The firing came one day after the Cornhuskers wrapped up a dismal 5-7 campaign with a 65-51 loss at Colorado.

"I met with coach Callahan and told him his contract was not being renewed," Osborne said Saturday in a news conference.

Callahan posted a record of 27-22 at Nebraska, which included losing marks in his first and final years. The Cornhuskers will not play in a bowl game for only the second time in the last 39 seasons -- both under Callahan's watch.

"I don't think the coaches were incompetent, but there was something missing, as far as I was concerned," Osborne continued. "I tried not to put any stipulations on anybody that I wouldn't put on myself. I would not expect anything from any coach here that didn't apply to me."

Osborne never won fewer than nine games during his tenure as Nebraska's coach from 1973 through 1997, capturing a pair of national titles and a share of another in his final four years. Frank Solich took over for the 1998 campaign and also led the Cornhuskers to bowl games in each of his six seasons, with just one year of fewer than nine victories, but was fired after a 10-win campaign in 2003.

Callahan was hired for the 2004 season and promptly went 5-6 in his first year, but rebounded with an 8-4 season capped by an Alamo Bowl win.

The Huskers were 9-5 in 2006, then won their season-opener this year, prompting then-athletic director Steve Pederson to announce a new contract for Callahan. Things went south in October after a 4-1 start.

Following consecutive losses to Missouri and Oklahoma State -- both by more than 30 points -- Pederson was fired on October 15 and replaced by Osborne. The Cornhuskers went on to lose their next three games and finished the campaign with six losses in their last seven contests.

"It isn't all about winning and losing," said Osborne. "If you lose a fairly large number of games by a significant margin, then there may be underlying issues."

In addition to a 35-point setback at Missouri and a 31-point home loss to Oklahoma State, the Huskers were blown out at Kansas by a 76-39 margin. That played a major factor in Osborne's decision.

"The Kansas game was a big turning point," Osborne noted. "That was a big loss."

Osborne said he had not spoken with anybody else regarding the potential coaching vacancy, even though he had already considered the move in recent weeks.

"In the next few days, I'll try to talk to a few people," Osborne stated.

Callahan's assistants were all asked to stay on to help with recruiting

"While we conduct the search for a new head coach, I have asked all assistant coaches who would like to help in the transition to stay on staff and help with recruiting," Osborne noted. "I appreciate the knowledge and dedication of the coaching staff. These times have been stressful on everyone, and I thank all of our coaches for their professionalism and their commitment to our program."

Osborne said Callahan and each of the assistant coaches will have terms of their contracts honored.