James Franklin Earns Over $50 Million in Dual College Football Contracts

Penn State fired head coach James Franklin earlier this season. The university will still pay him millions. He has now been hired by Virginia Tech, securing a massive new contract there.

This unique situation means Franklin is being paid by two schools at once. According to reports from The Associated Press, his combined earnings exceed $50 million. It is an unprecedented financial windfall in modern college sports.

Breaking Down the Unprecedented Dual Payday

Penn State initially owed Franklin around $50 million after his mid-season firing. The two sides later negotiated that figure down. Franklin will now receive a $9 million buyout from his former employer.

His new deal with Virginia Tech is for five years. It is worth a total of $41.75 million. The contract is back-loaded, paying him over $13 million in the final season.

This back-end salary matches what top coaches like Georgia’s Kirby Smart earn. Franklin’s total guaranteed money from both schools is $50.75 million. He leveraged his secure position to benefit his new staff at Virginia Tech, too.

The assistant coach salary pool there will nearly double. It is rising from $8.5 million to $15.5 million annually. Franklin is already recruiting and meeting players for the 2025 season.

A New Challenge with Historic Financial Security

Franklin takes over a Virginia Tech program that won just three games this year. Expectations will be lower than they were at Penn State. His immense financial security allows for a longer-term rebuilding project.

Penn State moved on after a 3-3 start to the 2025 season. The school is now responsible for a fraction of his original buyout. For Franklin, the outcome is the best of both worlds.

He gets a fresh start at a new Power Five program. At the same time, he collects a significant sum from his old one. This dual-income scenario is highly unusual and highlights the high-stakes economics of college football.

James Franklin now leads Virginia Tech with historic financial backing from two major programs. His combined contract value sets a new benchmark for coach compensation in the sport.

Info at your fingertips

Q1: How much is Penn State paying James Franklin after firing him?

Penn State negotiated a reduced buyout with Franklin. The school will pay him a total of $9 million, far less than the original $50 million obligation.

Q2: What are the details of his Virginia Tech contract?

Virginia Tech gave Franklin a five-year, $41.75 million deal. It is back-loaded, paying him over $13 million in the final year, which is among the highest salaries in college football.

Q3: Why is this situation so unique?

It is extremely rare for a fired coach to immediately land another top job while still collecting a multi-million dollar buyout. Franklin is effectively being paid by two competing universities simultaneously.

Q4: What did Franklin do with his new leverage at Virginia Tech?

He used his financial security to negotiate a major raise for his assistant coaches. The staff salary pool at Virginia Tech will jump from $8.5 million to $15.5 million.

Q5: What kind of team is Franklin taking over?

He inherits a Virginia Tech team that finished the 2025 season with a 3-8 record. The program is near the bottom of the ACC and presents a significant rebuilding challenge.