Hours after reports suggested that the Titans and coach Mike Mularkey were working toward a contract extension, the team announced Monday that Mularkey has been fired. 

"I want to thank Mike Mularkey for his contributions to our franchise over his tenure with our organization. He took over our team during a low moment and together with Jon built a solid foundation for our franchise," Titans controlling owner Amy Adams Strunk said in a statement. "I appreciated that Mike devoted himself to this team and the community."

And regarding those late-night reports that the Titans were working on a new deal for Mularkey? They were true.

"In fact, we did discuss extending his future with our team over the past week, but in those discussions about the direction of the team, it became evident that we saw different paths to achieve greater success," Strunk continued. "It is certainly unfortunate that we couldn't find enough common ground. I generally believe that continuity is the best path for success, but I also view this as an important moment for our football team as we try to make that next step to sustained success on the field. [General manager] Jon [Robinson] will begin the search immediately to identify that person."

Mularkey was reportedly in danger of getting fired if the Titans had lost to the Jaguars in the regular-season finale. Instead, after a three-game losing streak, Tennessee won two straight -- including that improbable wild-card victory in Kansas City. But the season game to a grinding halt on Saturday against the Patriots and after some time to reflect on the future of the franchise, the ownership and front office feel it's brighter without Mularkey.

So who will be the next Titans' coach? CBS Sports NFL Insider Jason La Canfora tweeted early Monday that the market for Patriots offensive coordinator Josh McDaniels just got deeper.

However,  Indianapolis general manager Chris Ballard can not be happy about this development, though there is good news: