"While we experienced a tremendous low in 2012, I will always be proud of the incredible highs that we achieved, including three bowl victories, an SEC championship and a national championship," Chizik said.
He was 33-19 in four seasons and 15-17 in SEC games.
Auburn said the total buyout for Chizik and his assistant coaches is $11.09 million. Chizik's buyout will total $7.5 million and be paid in monthly installments for the next four years.
The deal calls for Chizik to make "reasonable" efforts to land a new job, with that salary deducted from the buyout.
Chizik had sandwiched two 8-5 seasons around the national title, but never approached the success of 2010, when Newton won the Heisman Trophy. The Tigers were 7-17 in SEC games outside of 2010 during his tenure.
His hiring was criticized by some fans after Chizik went 5-19 in two seasons at Iowa State and lost the last 10 games of his first head coaching job.
Jacobs was heckled at the airport after making the hire.
A search committee comprised of former Heisman Trophy winners Pat Sullivan and Bo Jackson and former Tigers fullback Mac Crawford will assist Jacobs, the school said.