The Terps were plagued by the same shooting issues as before in their conference opener against Northwestern.
Assistant coach Danny Manning will take over as the interim head coach following the announcement.
Wahab often starts strong for the Terps, but is routinely taken out of games down the stretch.
The Terps trailed at the half for the fifth time at home this season and were unable to hold the lead they gained early in the second period.
The Hokies have struggled against teams that shoot well this season.
The Terps have consistently been down at halftime this season and were able to comeback against Richmond two days before falling short to the Cardinals.
The Cardinals out-rebounded the Terps to put the championship trophy out of reach.
Hart dropped a team-high 24 points in the Thanksgiving showdown.
The Terps relied on a group of smaller players against Hofstra, including first-year Maryland players Martinez and Reese.
The Terps and the Pride went back and forth until the final seconds.