James Franklin Explains Why He Gave Up $40M from PSU Contract Buyout to Take Va Tech HC Job

James Franklin told USA Today's Matt Hayes he was focused on himself and his family, not getting back at Penn State, when agreeing to a new head coaching job that lowered the $49 million buyout he was previously owed following his dismissal by the Nittany Lions.

Franklin was asked about his decision to sign a contract with Virginia Tech which dropped Penn State's buyout to $9 million in a recent interview with Hayes.

"You go through that deal, and you're thinking, I don't want to let them off the hook financially. That's something you're struggling with," Franklin told Hayes. "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?"

He continued, per Hayes: "This place, Virginia Tech. This place wanted us. You know what that feels like? They wanted us. That's powerful. Money can't replace that."

Franklin's contract with Virginia Tech runs through 2030 and is set to net the coach at least $41.75 million over five years, per ESPN's David Hale.

That number could climb closer to his former buyout total if Franklin is able to build on his 2024 College Football Playoff run with his next program.

Incentives in his contract include bonuses for ACC Championship game and CFP appearances, as well as an $800,000 bonus if Virginia Tech football leads the ACC in viewership, per Hale and ESPN's Andrea Adelson.

Penn State, meanwhile, is once more in a position to risk a significant buyout should the program decide to move on from their next head coach. The Nittany Lions brought in former Iowa State coach Matt Campbell to replace Franklin on an eight-year, $70.5 million guaranteed contract.