Penn State’s recent decision to part ways with head coach James Franklin has sparked significant national attention, largely due to the surprising circumstances surrounding his dismissal and the substantial financial implications involved. After a successful season that brought the team close to a College Football Playoff title game, Franklin’s termination and subsequent hiring by Virginia Tech illustrate the complex dynamics of college coaching contracts.
Penn State’s Financial Settlement with Franklin
Upon his termination, Franklin was originally set to receive approximately $50 million as a buyout. However, after negotiations, the university and Franklin reached an agreement that reduced this amount to $9 million. While still a considerable sum, this figure is significantly less than the initial obligation, showcasing the university’s efforts to manage its financial commitments.
Franklin’s New Role at Virginia Tech
In a swift career transition, Franklin accepted a five-year contract with Virginia Tech valued at $41.75 million. This deal averages out to about $8.35 million per year, with a structure that increases his annual salary over time. In the fourth year, Franklin is set to earn $12.75 million, and in the final season, $13.25 million—comparatively close to the earnings of Kirby Smart, the highest-paid coach in college football this year.
Combined, Franklin will earn a total of $50.75 million from both Virginia Tech and Penn State, a unique financial arrangement that allows him to benefit from two institutions simultaneously despite no longer coaching at one.
With the cushion provided by his Penn State buyout, Franklin negotiated a substantial pay raise for his assistant coaching staff at Virginia Tech. Under the previous head coach, Brent Pry, the assistant coaches were collectively compensated $8.5 million. Franklin’s leadership will see that pool increase to $15.5 million, reflecting a significant investment in the program’s future.
Franklin recently attended Virginia Tech’s final home game of the season against the Miami Hurricanes, engaging with recruits and getting acquainted with the players for the upcoming season. Having been fired following a lackluster 3-3 start at Penn State, he now steps into a Virginia Tech program that has struggled with a 3-8 record this year, placing them near the bottom of the ACC standings. Although he faces challenges in revitalizing the program, expectations may be lower in his initial season, making this an opportune moment for Franklin as he embarks on this new chapter in his coaching career.
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