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.
Dominic Solis and Kyle Cochran have dominated for the Terps.
The Terps and Hurricanes went down to the wire, but a link-up between Katie Benzan and Faith Masonius helped push them ahead.
Reese leads the team in personal fouls with 27, keeping her off the court with an average of 23.3 minutes per game.
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.
Led by defensive lineman Sam Okuayinonu, who was selected to the third team, the Terps had five defenders and six offensive players garner honors.
The Hokies have struggled against teams that shoot well this season.
The Terps had a marquee win over then-No. 2 Wisconsin and won 19 games for the first time in over a decade.
Diamond Miller, Katie Benzan and Faith Masonius missed the Terps' last two games, both of which they lost.