The reported decision comes after the Yellow Jackets lost 27-10 to UCF on Saturday (September 24), which was the team's ninth consecutive loss to an FBS opponent dating back to the previous season.
Assistant head coach Brent Key -- a former Georgia Tech offensive lineman -- will reportedly take over as interim head coach while Senior Vice President for Strategic Initiatives and Chief of Staff Frank Neville serve as interim athletic director, sources confirmed to ESPN.
Georgia Tech's decision to fire both Collins and Stansbury was initially reported by the Atlanta Journal-Constitution.
Sources with knowledge of the situation told ESPN that the Yellow Jackets' staff was notified of the changes during an all-athletic department meeting held on Monday morning. Additionally, representatives from the university president's office confirmed that the program had made "recent changes in our department."
Collins' buyout is reportedly expected to be $11.37 million, which more than it would have been had the team waited until the end of the 2022 college football season or postseason.
Stanbury's buyout is reported to not be prohibitive.
Collins was hired by Georgia Tech in 2019 after spending two seasons as Temple's head coach. The 51-year-old went 10-28 overall (7-19 ACC) during four seasons as the Yellow Jackets' head coach, which included a 1-3 (0-1) record during four games in 2022.