UPDATE 1:00 p.m.:
The press conference has concluded. Brandon entertained a lot of questions about potential replacements for Rich Rodriguez, but said he has yet to talk with potential candidates and plans to do so soon.
It appears Brandon plans to increase the amount of pay the next head football coach at the University of Michigan will receive. Rich Rodriguez had a six-year $15 million contract. Brandon feels Michigan has been in the "middle of the pack" in terms of coaching pay for top tier college football programs.
Rich Rodriguez plans to issue a statement later this afternoon.
UPDATE 12:40 p.m.:
David Brandon thanked Rich Rodriguez for his service and said the poor performance of the football team was not because of Rodriguez's lack of effort. Brandon said he and Rodriguez went through a thorough evaluation yesterday. Brandon said he made his decision about Rodriguez's future last night.
Brandon says he intends to lead a national search for a new coach and has "a lot of work to do" to find that new coach.
Brandon says Stanford Coach Jim Harbaugh has a lot of contacts at the University of Michigan, and from what Brandon understands Harbaugh is looking to the NFL.
UPDATE 12:15 p.m.:
You can view the live press conference on MGoBlue.com.
Look for Michigan Radio's Steve Carmody (front row left).
The University of Michigan's head football coach Rich Rodriguez has been released, according to John U. Bacon.
Rodriguez and Athletic Director David Brandon met this morning to continue their talks that started yesterday afternoon.
Michigan Radio's Steve Carmody will cover the press event scheduled for 12:30 this afternoon at the Junge Family Champions Center on the campus of the University of Michigan.
The press conference will be streamed live at MGoBlue.com.
The drawn out process of these negotiations has been a topic in the national press. Initial reports that Rodriguez was fired came yesterday from Detroit's Fox 2 News and the Detroit Free Press. But the reports could not be confirmed. The University of Michigan later issued a statement saying those reports were speculation.