Frost's 12-0 Knights defeated Memphis moments ago 62 to 55 in double overtime to win the American Athletic Conference Championship and UCF will likely play in the Peach Bowl.
Even before Nebraska fired coach Mike Riley, there was a near universal feeling that the program would pursue Frost, who led UCF to a 12-0 regular season. It's unclear if Frost will remain with the Knights for their bowl game. Nebraska won the National title in 1997 with Frost at the helm.
The new Husker coach also played six seasons in the National Football League for four different teams.
"It is a great honor and privilege to have the opportunity to return to Nebraska and to lead the Husker football program", Frost said. The state of Nebraska and the Husker program mean a great deal to me.
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Frost will be Nebraska's fourth coach since Frank Solich, who took over for Osborne, was sacked in 2003.
The press conference will be streamed live via the AAC's Facebook and Youtube Channels starting at 2:30 CST.
While he's only been a head coach for two seasons, Frost has a wide range of coaching experience as an assistant, particularly his time at OR working under Chip Kelly and Mark Helfrich. His coaching career began taking off at OR, where he was Chip Kelly's receivers coach from 2009-12 and Mark Helfrich's offensive coordinator from 2013-15. Frost, a 42-year-old Wood River native, also faces the pressure of being the popular prodigal-son choice of fans who bought "Frost Warning" t-shirts and started "Bring Scott Frost Back to Nebraska" Facebook pages.
"I am thrilled that [Frost] is returning to his alma mater to lead the Husker football program", Moos said.