ESPN's Joe Schad is reporting Arkansas has fired head football coach Bobby Petrino, and a press conference is due to take place any moment now at Bud Walton Arena in Fayetteville at which we presume this news will be officially released by Razorbacks AD Jeff Long. We don't know if Petrino was notified of his firing by Post-It Note, but we'll update this post as news from the presser makes its way to the public.
Update (8:03): Schad is continuing to be ahead of this story before the press conference gets underway, reporting Arkansas believes Petrino "knowingly deceived and acted inappropriately."
Update 2 (8:34) Long says Jessica Dorrell received $20,000 in cash from Petrino and did not disclose it to the department, and also that Petrino chose her from 159 applicants for the position.
Update 3 (8:41) Long says Petrino was fired with cause and, contrary to earlier rumor, there were no negotiations in regard to how Petrino may keep his job.
Update 4 (8:47) When asked how long Petrino's relationship with Dorrell lasted, Long stated "a significant amount of time."
Update 5 (8:57) Here's video of the tail end of Long's opening statement.