Penn State fired James Franklin on Sunday, putting the Nittany Lions on the hook for a $48.6 million buyout. Franklin’s buyout is the second-highest in college football history, trailing only Jimbo Fisher’s $77 million buyout at Texas A&M.
Franklin signed a 10-year contract extension in November 2021 that was set to run through the 2031 season. Sources have told On3 that Penn State will not pay out the contract in a lump sum but in monthly payments. Sources have also told On3 that Franklin’s contract includes an offset clause that could lower the buyout if he takes a new job.
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Penn State and Franklin also did not negotiate a buyout to lower the amount the Nittany Lions are responsible for paying, according to sources. Franklin was making $7.5 million through base salary, supplemental pay and an annual retention bonus. He also received an annual loan of $1 million for a life insurance policy through the entirety of the contract, which was included in his buyout.
His contract included incentives, including $350,000 for winning the Big Ten championship game, $400,000 for making the College Football Playoff and $800,000 for winning a national championship.
James Franklin arrived at Penn State in January 2014 and won the Big Ten championship in 2016, when the Nittany Lions went 10-2 and beat Wisconsin for the conference title. He’s struggled in recent years to win in big moments against ranked teams. Franklin was 4-21 at Penn State against AP top-10 opponents, including 1-18 against top-10 Big Ten teams. He was 104–45 in his 12 seasons in Happy Valley.
Penn State entered the 2025 season with national championship expectations after making a run to the College Football Playoff semifinals in 2024. But the Nittany Lions faltered, losing three consecutive games with losses to Oregon, UCLA and Northwestern. Franklin became the first coach in the last 30 years to lose consecutive games as at least a 20-point favorite, coming with losses to the Bruins and Wildcats.
