Penn State negotiates new buyout James Franklin

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Penn State previously made the decision to commit to a hefty buyout of $49 million when it decided to cut ties with James Franklin in the middle of the season. When asked about the cost, athletics director Pat Kraft was adamant in saying the money for Franklin’s buyout would come strictly from the athletics department budget and not impact the university’s funds. With Franklin being named the next head coach at Virginia Tech, however, that price tag has dropped significantly for Penn State.

As previously reported, Penn State’s total buyout expense was set to be adjusted depending on the value of Franklin’s next head coaching contract. Virginia Tech officially named Franklin its next head coach on Monday, and that has led to a reported drop in the amount owed to Franklin by Penn State. According to a report from CBSSports.com, that value has been negotiated down to $9 million.

The original terms of Franklin’s buyout were laid out to have Penn State distribute the buyout money over a six-year timeline. Whether the reported $9 million owed will continue to be divided up over the next six years or not is unconfirmed. Penn State could opt to eat the sum up front and get it over with or reduce the amount to about $1.5 million for the next six years, in addition to fulfilling whatever financial obligation is due to Penn State’s next head coach and staff.

Penn State’s search for a new head coach is still ongoing. With the regular season coming close to a conclusion, it is expected Penn State’s search will heat up on the rumor mill. Other schools, such as LSU and Florida, are also looking for new head coaches as the coaching carousel continues to spin.

This article originally appeared on Nittany Lions Wire: What does Penn State owe James Franklin after Virginia Tech hire?

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