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James Franklin contract buyout: What he's owed after Penn State firing

Penn State has fired head coach James Franklin after a 3–3 start.
Patrick Previty|
Penn State Nittany Lions head coach James Franklin
Penn State Nittany Lions head coach James Franklin | Matthew O'Haren-Imagn Images

Penn State has fired head coach James Franklin after a 3–3 start, ending his 12th season as the head coach of the Nittany Lions, according to ESPN's Pete Thamel. Franklin's tenure concludes with a 104–45 record. 

The immediate question is the cost. Franklin's 10-year contract, signed in 2021 and running through 2031, carries a substantial buyout tied to his remaining guaranteed compensation. Estimates have it at roughly $56 million, and for reference, if Penn State had waited until the end of the season then it would have been $48 million. It remains unclear whether payments are due as a lump sum or over time, nor does it clearly define offset language if Franklin takes another job.

Key elements of Franklin’s deal are a base salary plus supplemental pay totaling roughly $8 million annually, retention bonuses, and that insurance loan; the agreement was amended in late 2024 to align certain incentives with the expanded College Football Playoff but did not publicly alter the term or basic structure.

Penn State has named associate head coach/cornerbacks coach Terry Smith as the interim head coach for the rest of the season. Co-defensive coordinator/safeties coach Anthony Poindexter was a name that also possibly received consideration

The timing places Vice President for Intercollegiate Athletics Pat Kraft in a compressed decision window. The Nittany Lions visit Iowa on Oct. 18 before a road trip to Ohio State on Nov. 1, with the early signing period set for Dec. 3–5, 2025.

What's next for Penn State?

  • Interim/locker-room stabilization: Expect interim Terry Smith to help manage the quarterback room after Drew Allar's season-ending injury, and keep the roster intact through late October.
  • Kraft is expected to run a national search and it isn't immediately certain whether interim head coach Terry Smith will have an opportunity to keep the position.
James Franklin
Penn State Nittany Lions head coach James Franklin | Matthew O'Haren-Imagn Images

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Patrick Previty
PATRICK PREVITY

In addition to writing for On SI, Patrick is also a site expert for Canes Warning and has previously written for outlets such as Betsided, Orlando Magic Daily and Southbound and Down. He serves as a sideline reporter for ESPN+, covering UCF athletics and the Big 12 Conference. In 2024, he hosted a live, on-site UCF football pregame show that aired on ESPN+. Patrick has interviewed numerous figures in the college sports world, ranging from players to UCF’s athletic director. Recently, he traveled to Mobile, Ala., to cover the 2025 Reese’s Senior Bowl, where he spoke with multiple NFL Draft prospects. Patrick also hosts coverage of the Orlando Magic for Digest Media on YouTube and has become one of the leading voices on the team in the region. Patrick also helps run the social media department for The Voice of College Football Network, focusing on breaking news and digital storytelling. Patrick previously spent time at CNN in the sports department, where he assisted with CNN’s World Sport show and Bleacher Report updates for morning programming. Hailing from the Tampa Bay Area, Patrick is a lifelong fan of the Tampa Bay Buccaneers, Tampa Bay Rays, Tampa Bay Lightning, Orlando Magic and UCF Knights.

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