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Peters went 137-138-52 in his four seasons as the Canes head coach and never led Carolina to the postseason.
There's no doubt Peters is respected in the hockey world - he'll serve as the head coach for Team Canada in the 2018 World Championship for the second time in three years.
Raw video: Hurricanes owner Tom Dundon
But he just could not change the culture of Carolina hockey. I don't think that all falls on Peters but partially on the players as well.
So now the Canes begin a search for a new head coach and a new general manager (Ron Francis moved from GM to president of hockey operations in March).
I'm optimistic about this situation. I know for Hurricanes fans this can come as a shock and creates an uncertain future. But with a new owner, new coach and new general manager change is coming.
That change may be exactly what this franchise needs right now. It's not like Peters led the team to four consecutive playoff appearances and then split - so there's no need for fans to fret just yet.
Raw video: Interview with Don Waddell
The offseason will be interesting for the Carolina Hurricanes, but as fans, you should hope a new coach brings a new group of guys, new energy and maybe, just maybe a shot at the playoffs.
But for now, we wait.