The Tennessee Volunteers have hired Butch Jones, calling a Friday afternoon news conference to introduce the Cincinnati coach.
Jones takes the job after declining an offer to become the new coach at Colorado. A six-year contract was finalized with the Volunteers early Friday, sources told ESPN.
Cincinnati said Jones had resigned his position with the Bearcats effective immediately.
"I would like to thank Butch Jones for his time at the University of Cincinnati," athletic director Whit Babcock said in a news release. "With that said, we are excited about the future of this program and this job will be extremely attractive nationally. Our search will begin immediately."
At Tennessee, the 44-year-old Jones will succeed Derek Dooley, who was fired Nov. 18 after going 15-21 in three years. Dooley posted a losing record in each of his three seasons at Tennessee, the first time since 1909-11 the Volunteers have finished below .500 three straight years.
Friday's news caps a whirlwind week for Jones.
The Denver Post reported Wednesday that Jones had accepted a five-year, $13.5 million offer from Colorado before Jones denied the report in a text to ESPN.
On Monday, Jones interviewed with Colorado after earlier interviewing at Purdue. On Tuesday and Wednesday, Jones participated in bowl news conferences, promoting the Bearcats' Belk Bowl berth, in Cincinnati and Charlotte.
The 44-year-old Jones is 50-27 as a head coach, including 23-14 in three seasons at Cincinnati. The Bearcats (9-3) will play Duke (6-6) in the Belk Bowl on Dec. 27, in Charlotte, N.C.
Information from ESPN's Joe Schad, ESPN.com's Chris Low and The Associated Press was used in this report.