Former Penn State head coach James Franklin’s recent firing garnered significant media attention due to its timing after a strong season and the substantial buyout involved. Now, as Franklin embarks on a new chapter with Virginia Tech, his financial and coaching future appears promising.
Penn State’s Unusual Decision
Penn State’s decision to fire James Franklin earlier this season shocked many, especially considering the program’s near-miss for a spot in last year’s College Football Playoff title game. Such a quick dismissal after a successful season is rare in college football. Initially, the contract buyout amounted to approximately $50 million, a staggering figure that would place a heavy financial burden on the university. However, through negotiations, Franklin and Penn State reached an agreement that reduced the buyout to $9 million, a significant alleviation of financial strain for the institution.
Franklin’s New Venture at Virginia Tech
Shortly after his departure from Penn State, Franklin accepted a head coaching position at Virginia Tech, securing a lucrative five-year deal worth $41.75 million. This contract averages out to about $8.35 million per year, with a back-loaded structure that sees his compensation increasing significantly in the later years of the deal. Notably, by year four, Franklin’s salary will rise to $12.75 million, and his final year will yield $13.25 million, effectively placing him among the highest-paid coaches in the country.
With both Virginia Tech and the remnants of his Penn State buyout, Franklin’s total earnings now stand at **$50.75 million**. This unique situation of being compensated by two universities simultaneously is a rare opportunity for any coach.
Additionally, Franklin leveraged his financial security to negotiate improved salaries for his assistant coaching staff at Virginia Tech. Under previous coach Brent Pry, the total pay for assistant coaches was around $8.5 million. With Franklin at the helm, this salary pool is set to increase significantly to $15.5 million.
Recently, Franklin attended the Hokies’ final home game of the season against the Miami Hurricanes, where he began engaging with recruits and the current roster as he prepares for the upcoming year. While Penn State parted ways with Franklin following a challenging 3-3 start to the season, Virginia Tech’s struggles this year—currently sitting at 3-8—mean that Franklin’s initial expectations may be more manageable. With a steady income and the chance to rebuild a program, his future in Virginia looks brighter than ever.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
