James Franklin’s New Chapter at Virginia Tech
James Franklin has made quite a financial shift with his recent coaching appointment.
Penn State and Franklin came to an agreement on a reduced buyout as he steps into the role of head coach at Virginia Tech. Initially, the buyout was set at a staggering $49 million, valid until 2031, making it the second-largest in college sports history. However, following negotiations after Franklin’s mid-October firing, Penn State will now pay only $9 million to their former coach.
The specifics of Franklin’s new contract with Virginia Tech haven’t been revealed yet.
Penn State’s athletic director, Pat Kraft, has indicated that the coaching landscape is changing, and that the university would modify its strategies for future hires.
With $40 million less in obligations now, Penn State finds itself in a strong position—not only to recruit a new head coach but also to enhance its support staff and fairly distribute revenue among players.
“Back when all these contracts were signed, the financial landscape and revenue-sharing arrangements weren’t on the table,” Kraft shared in October. “It’s crucial for us to reconsider our financial approach.”
Kraft added, “When you begin the search and engage in those tough discussions, it’s important to envision the future of the program. How do we aim for a national championship? To put it plainly, we have to recruit effectively, both through traditional means and the transfer portal. How do we best utilize our resources to build a competitive roster?”
Franklin now faces the task of revitalizing a Virginia Tech team that holds a 3-7 record and ranks 11th in the ACC. This comes at a time when several coaching buyouts are under scrutiny, particularly in the case of LSU’s contentious split with Brian Kelly.
Recently, Kelly filed a lawsuit against LSU, contending that the dismissal was conducted without valid cause, aiming to avoid his $54 million buyout.
Franklin’s tenure at Penn State ended after a disappointing start to the season, where the team, once ranked second, stumbled to an 0-3 record in the Big Ten, eventually dropping out of the rankings entirely by Week 7.
Over 12 seasons, he secured a 104-45 record at Penn State, clinching the Big Ten Championship in 2016 and earning a spot in the College Football Playoff last year, despite a semifinal loss to Notre Dame. However, his record against AP Top 10 teams stood at a troubling 4-21, making the uphill battle at Virginia Tech all the more significant.
The Hokies are set to receive a substantial $229 million investment in their athletic department over the next four years, providing Franklin with resources to steer the program in a positive direction.
Penn State, now at 4-6 and led by interim head coach Terry Smith, recently snapped a six-game losing streak against Michigan State. They will look to build on this momentum as they prepare to face Nebraska next.
