(CBS) — The Tampa Bay Buccaneers have hired Lovie Smith as their new head coach.

Smith replaces Greg Schiano, who was fired after going 4-12 in his second season in charge.

The deal is for four years, with an option for a fifth. The contract will pay Smith roughly $5 million annually.

As the head coach of the Bears from 2004-2012, Lovie Smith had a 81-63 record and a Super Bowl appearance. The Bears fired Smith after the 2012 season in which the Bears went 10-6 but failed to make the playoffs for the fifth time in six years. He started his NFL coaching in Tampa Bay, working as a linebackers coach from 1996-2000 under head coach Tony Dungy.

The Buccaneers are scheduled to play the Bears next season at Soldier Field.

Watch & Listen LIVE