The Indianapolis Colts on Tuesday afternoon issued a release on the status of head coach Jim Caldwell:

The Indianapolis Colts have released Jim Caldwell of his duties as head coach of the Indianapolis Colts.

In other words, he was fired. The Colts hired a new GM, Ryan Grigson, after they dismissed Bill and Chris Polian earlier this year and it was believed that GM Ryan Grigson would speak with Caldwell regarding the head coaching job and make his recommendation to owner Jim Irsay, who would then make the decision.

According to the Colts press release, his decision is that Caldwell is out. Irsay is conducting a 4:00 p.m. (ET) press conference, which can be streamed here, to discuss the decision to fire Caldwell.

Caldwell has been with the Colts dating back to the 2002 season but took on head coaching duties in 2009, a year in which they represented the AFC in the Super Bowl. The Colts went 2-14 in 2011.

For more on Caldwell's firing and the Colts coaching search, check out SB Nation's Stampede Blue.