Houston Nutt will speak at 3. The highlights from Round 1. ...

Nutt will not return after this football season. He will coach the last three games.

Athletics director Pete Boone will step down in 2012. The time frame for Boone's departure was stated as “within the next year.”

A five-member committee to choose the next coach will be led by Archie Manning and FedEx VP Mike Glenn. They also will chair the committee to replace Boone.

An email to all Ole Miss students regarding the changes was sent at 2:20.

Chancellor Dan Jones said the most important characteristics in a football coach and an AD are character and integrity. He did not answer a question regarding a proven head coach vs. an up-and-coming assistant, saying he would defer to the committee.

Jones said he would work closely with the committee and that he and the committee would be on the same page.

Jones said he does not expect Boone's presence to negatively impact further fund-raising. The school's campaign has raised roughly $43 million to date.

I put in a call to Forward Rebels spokesman Lee Habeeb earlier today. It has not yet been returned. Would be interested to hear their take on the day's events and if they expect contributions to the fund-raising effort to increase soon.

Jones expressed confidence that the right football coach is out there for Ole Miss. He acknowledge “resources” at Ole Miss as being more of a challenge than at some other SEC schools. He says the fan base is calling for championships and that a vision is in place. That vision has a pricetag which will be felt by most fans in the form of more expensive premium seating.

Jones believes the school can compete for championships. In response to a question about

Ole Miss dismissing a head coach for the third time in eight years, he talked about, and I'm paraphrasing here, the good intentions of decisions made previously but the importance of this time, the right process, the right decision.