Montgomery led Louisiana Tech to 30 or more wins in each of the past five seasons.
Montgomery spent the last seven years with Louisiana Tech, earning two NCAA tournament berths.
Wright put together a combined 61-147-1 record in her four years with the Terps.
The Terps are slated to take on Pittsburgh and Clemson in February.
The Terps had their best start since 2015, but results began falling off in Big Ten play.
The Terps closed their season with eight straight losses.
After qualifying for the conference tournament last year, the Terps won't finish in the top 12 this season.
The Terps have lost six in a row.
The Terps are on a five-game skid heading into the final regular season series.