5pm (ET) update> Florida has now officially announced they are parting ways with Jim McElwain and that Randy Shannon will serve as interim head coach for the remainder of the season. As far as economics for McElwain go, in their release, UF noted “The two parties are currently negotiating terms of separation.”

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Following last night’s 42-7 loss to Georgia to drop the Gators to 3-4 on the season, Florida and Jim McElwain parted ways this morning, sources told FootballScoop on Sunday.

The Gators have lost three in a row to LSU, Texas A&M, and UGA after starting the season 3-1. Those three wins came against Tennessee, Kentucky, and Vanderbilt.

Earlier this week, McElwain was the subject of criticism after he made comments about receiving death threats, and when asked to give some more details, was reportedly unable to. Yesterday, rumors began to swirl about McElwain’s future and Florida exploring the possibility of firing him with cause, and AD Scott Stricklin attempted to quiet them almost immediately.

McElwain’s Gators won the SEC East in each of his first two seasons in Gainesville; but his offenses never were able to find their footing.

Stay tuned to The Scoop for more details as they become available.

Update: Source tells FootballScoop Randy Shannon is expected to serve as interim head coach.