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Penn State University will owe former head coach James Franklin $40 million less than his original buyout after he accepted the same role at Virginia Tech University on Monday (November 17), sources with knowledge of the situation confirmed to CBS Sports.
Franklin, 53, who was fired by Penn State in October, was originally due $49 million, the second-largest buyout in NCAA history, however, is now owed $9 million, with both sides reportedly agreeing to a smaller sum. The original buyout was set to be paid through 2031 and the new agreement will free money for Penn State to hire its next coach as it continues to search for Franklin's long-term replacement.
ESPN's Pete Thamel reported that Franklin was "finalizing an agreement" with Virginia Tech on Monday and officially confirmed on Virginia Tech's athletics website, which confirmed that he'd be officially introduced at a press conference on Wednesday (November 19).
Franklin was fired by Penn State after 12 seasons after losing three consecutive games after ranking No. 3 overall in the Associated Press Top 25 poll prior to the losing streak. The veteran head coach led the Nittany Lions to a 104-45 (64-36 Big Ten) record, which included a Big Ten championship in 2016 and Big Ten Championship Game appearance in 2024, having also made the College Football Playoff before being defeated by Notre Dame in the 2025 College Football Playoff Semifinal at the Capital One Orange Bowl in January.