Franchione resigned as Texas A&M's coach on Friday, less than an hour after beating the 13th-ranked Longhorns 38-30 at Kyle Field.
Dressed in a gray suit, Franchione stepped to the podium after defeating the hated
'Horns for the second straight year. If he'd won more games like this during his rocky five-year tenure, he wouldn't have had to step down.
"We appreciate the opportunity we have had at this great institution, to work with this administration," he read from a prepared statement. "We have made many lasting friendships."
The school announced Franchione had accepted a buyout, but refused to give details. Franchione's contract ran through 2012 and paid him a base salary of $2 million per year.
A reputed rebuilder of programs, Franchione finished a mediocre 32-28 at A&M, far short of the expectations when he replaced R.C. Slocum in December 2002. Off the field, Franchione was caught this season selling inside information about the program to big-money boosters in a secret newsletter.
By then, it was only a matter of time before the divorce became final.
"I want to express my respect and gratitude to Coach Franchione for his courage in making this decision," athletics director Bill Byrne said. "We wish Coach Franchione the very best moving forward, and we are grateful for all of this hard work and effort while he was here at Texas A&M."
Athletic department spokesman Alan Cannon said the players did not know about Franchione's intentions until after the game.
The Aggies still saved their most inspiring performance of the season for their rivals, costing the Longhorns a chance to play in the Big 12 title game for the second straight season.
Stephen McGee threw for a career-high 362 yards with three touchdowns and scored on a hard-driving run. Holder T.J. Sanders got his only career TD when he capped A&M's 95-yard drive with a 5-yard TD run on a fake field goal and the defense forced three turnovers by Texas quarterback Colt McCoy.
"Our team didn't play consistently well and that comes back to me," Texas coach Mack Brown said. "We dropped passes, we didn't protect well all the time, we didn't tackle well, we gave up too many big plays."