The Penn State Nittany Lions shocked the college football world Sunday afternoon by firing their long time head coach, James Franklin. ESPN’s James Thamel broke the news at 1:57 PM EST.
Franklin’s team has lost three games in a row, including back-to-back upsets against Big Ten opponents where the Nittany Lions entered as more than 21 point favorites.
Franklin’s record at Penn State was 104-45 with six bowl wins.
James Franklin Buyout
Franklin was just four years into a new contract signed in 2021 that extended him through the end of the 2031 college football season. His annual salary was $7.5 million, meaning that each year his buyout dropped by $8 million.
So as it stands now, with six years remaining on his contract, the Nittany Lions owe Franklin $48 million.
According to On3, there is no time table on how quickly PSU has to pay out this contract.
Other schools do incremental payments, while some coaches demand lump sum. Franklin, whose job security was not in question before dropping out of the top 25, did not specify the way in which he would prefer to be bought out when signing this extension.
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