James Franklin had a $49 million buyout coming his way when Penn State fired him last fall. Then, he chose to leave a lot of that money on the table when he accepted a new job with Virginia Tech in November.
Because of the offset language in his contract with Penn State, the Nittany Lions owed Franklin just $9 million after he signed on the dotted line in Blacksburg. In an interview with USA Today, Franklin stated he wasn’t thrilled about gifting his former team a $40 million break, but he had to make the best decision for his career.
“You go through that deal, and you’re thinking, I don’t want to let them off the hook financially,” Franklin stated. “That’s something you’re struggling with. But it wasn’t about me penalizing Penn State. At that point, it was about what do I need to do for my family and for myself to be happy and move on?”
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Franklin spent 11-plus seasons at Penn State, and he told USA Today that the Nittany Lions were often fighting with one hand behind their back in the NIL era. He claimed that the 2024 Penn State team that reached the College Football Playoff semifinals was operating on an NIL budget of just $7 million.
Then, ahead of the 2025 season, the school ponied up and spent big on its football roster. Despite that investment, Penn State got off to a 3-3 start with losses to UCLA and Northwestern. That’s when Franklin was fired, and he was set to receive $49 million not to coach.
Walking away from that kind of payday wasn’t easy, but Franklin stated his fit at Virginia Tech was more important than dollars and cents.
“This place wanted us,” Franklin stated. “You know what that feels like? They wanted us. That’s powerful. Money can’t replace that.”
Franklin now takes over a Hokies team that has struggled just to reach a bowl game in recent years. The hire of Franklin signals that Virginia Tech is serious about investing in football again, and now it’s up to the former Penn State coach to build a winner on the field.
