The Tampa Bay Buccaneers have fired coach Greg Schiano and general manager Mark Dominik following a 4-12 finish.

Greg Schiano (Gregory Shamus/Getty Images)

The Bucs made the announcement Monday, a day after a season-ending 42-17 loss to the New Orleans Saints Schiano's record to 11-21 over two seasons. Schiano is the former Rutgers head coach.

The move is part of a bigger picture involving Penn State and their head coach, Bill O'Brien, who is the leading candidate to be the new head coach for the Houston Texans. Anticipating O'Brien's departure, Penn State is said to be seriously interested in hiring Schiano.

Bucs co-chairman Bryan Glazer said in a brief statement that the team has "not lived up to our standards" over the past two years and "we believe the time has come to find a new direction."

Tampa Bay lost the first eight games of the season while going through a messy split with former quarterback Josh Freeman and an outbreak of MRSA infections in the locker room.

Dominik was promoted to general manager in 2009. The team went 28-52 in five years under his direction.

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The Associated Press contributed to this report