James Franklin's $56.6M Penn State buyout is far, far less in reality

Initial reports had the former Penn State head coach living it up with $56.6 million in his pocket. The harsh reality could be exponentially less.

Oct 11, 2025; University Park, Pennsylvania, USA; Penn State Nittany Lions head coach James Franklin stands on the field following the game against the Northwestern Wildcats at Beaver Stadium. | Matthew O'Haren-Imagn Images

It was easy to make fun of Penn State after firing James Franklin, still having to pay him a reported $56.66 million buyout, the second most ever in college football history, after his unceremonious exit with national championship hopes crushed after three losses in a row.

It turns out that in reality, the buyout number will be exponentially less.

RELATED: Penn State's James Franklin shares emotional hug with daughters in last game

Oct. 12, 2024; Los Angeles, California, USA; Penn State Nittany Lions quarterback Drew Allar (15) is congratulated by head coach James Franklin after defeating the USC Trojans in overtime at United Airlines Field at the Los Angeles Memorial Coliseum. | Jayne Kamin-Oncea-Imagn Images

Let's dive into why that's the case after language in the contract reveals the true numbers.

The initial number is $48-$50 million

Nov 30, 2024; University Park, Pennsylvania, USA; Penn State Nittany Lions head coach James Franklin walks with his daughters Addy and Shola prior to the game against the Maryland Terrapins at Beaver Stadium. | Matthew O'Haren-Imagn Images

RELATED: Drew Allar reacts to James Franklin's firing with single emoji in Instagram post

According to Front Office Sports, even if Penn State had to pay out every last penny of the Franklin buyout, that number would be $48-50 million accounting for his $500,000 base salary, another $6.5 million in additional compensation, and a $1 million life insurance policy that would continue through 2031.

Still not a bad deal at all for not working. And it's not like the 53-year-old Pennsylvania native didn't have some unbelievably bad luck, especially in last year's College Football Playoff semifinal in the Orange Bowl against Notre Dame, when his Nittany Lions blew it late that cost them a chance to play for the national championship game.

RELATED: Drew Allar's gf reacts to Penn State QB's heartbreaking season-ending injury

Oct. 11, 2025; University Park, Pennsylvania, USA; Penn State Nittany Lions head coach James Franklin stands on the field following the game against the Northwestern Wildcats at Beaver Stadium. | Matthew O'Haren-Imagn Images

But wait, there's more. Another big-time program will almost certainly take a chance on the former Big Ten champion, and if that happens, Penn State only has to pay any remaining difference.

Franklin has to look for a new gig as part of the contract

Oct. 11, 2025; University Park, Pennsylvania, USA; Penn State Nittany Lions head coach James Franklin stands on the field following the game against the Northwestern Wildcats at Beaver Stadium. | Matthew O'Haren-Imagn Images

As stipulated in his contract, "Once terminated, Coach is obligated to diligently search for and make a good faith effort to obtain another position appropriate for his skill set (i.e., coaching, scouting and broadcasting only) and to provide the university upon request with evidence that he is seeking such employment.”

The "good faith effort" at least means he can't be chilling on a luxury beach somewhere in the world sipping on piña coladas, and if the former Vanderbilt head man finds a new gig, like we mentioned above, the school wouldn't have to pay a dime if the contract matches or exceeds what he got in Happy Valley.

Penn State's next hire faces even more pressure

Names like Nebraska's Matt Rhule, with ridiculous Penn State ties, with it being his alma mater and meeting his wife there, are at the top of the list to replace Franklin.

Matt Rhule on the Penn State rumors

pic.twitter.com/bwUQ8gLpz5

— Barstool Penn State (@PSUBarstool) October 13, 2025

But as college football analyst and former Florida State quarterback Danny Kanell points out, good luck matching Franklin's last three years before the season from hell that got him fired.

How long do you think it will take for Penn State’s next coach to have a stretch like the one James Franklin just gave them??? pic.twitter.com/23yv3KBjrr

— Danny Kanell (@dannykanell) October 13, 2025

Franklin took over a program in disarray, and yes, while Penn State never rivaled the Big Ten elites like Ohio State and Michigan, it was an incredible run that will be tough to beat.

— Enjoy free dish of rich and fabulous players with The Athlete Lifestyle on SI —

New beginnings: Molly Qerim rocks stylish fit in first gig since ESPN departure

Only Philly win: Alec Bohm’s ESPN gf Erin Dolan stuns in Phillies cheerleader fit

Mama knows best: Jaxson Dart’s mom Kara turns heads on Giants sidelines

What’s the deal?: Jayden Daniels, JuJu relationship question answered finally

Grown up: Kobe Bryant’s daughter Natalia’s all-black fit has Ciara exclaim 2 words