Penn State Head Coach Search: Latest Rumors and Buzz After Bill O'Brien's Exit

Updates from Friday, Jan. 10:

According to a report from Jeff Lockridge of The Tennessean, Franklin is scheduled to meet with Vanderbilt's athletic director on Friday:

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Vanderbilt athletics director David Williams indicated on local radio this morning that he plans to speak with football coach James Franklin later today.

“(We) had a real short text exchange this morning about talking later today,” Williams told The First Quarter on 102.5 The Game.

“We talked about talking later today. Sometimes I sort of throw the word 'meet' or 'talk,' and even talk could be by email. So we're just sort of, 'How you doing this morning? How are things going? Are you going to have some time to chat later on this afternoon?’ And so we’re going back and forth to try to set up some time to do some talking. I don’t necessarily know if it will be in person. I’m not sure of that, but certainly to do some chatting sometime this afternoon.”

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According to Penn State's official Twitter feed, their athletic director and president will hold a press conference for a "major announcement" on Saturday:

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#PennState President Rodney Erickson and Director of Athletics Dave Joyner will make a major announcement Saturday at 4:15 p.m. #WeAre

— Penn State Athletics (@GoPSUsports1) January 10, 2014"

ESPN's Brett McMurphy provides some of the value of the deal:

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James Franklin expected to receive contract worth up to $4.5M/year at Penn State, source told @ESPN. Bill O'Brien made $3.82M

— Brett McMurphy (@McMurphyESPN) January 10, 2014"