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James Franklin will earn an eyewatering amount each day for the next six years following his Penn State firing, it has been revealed.
Franklin, who led the Nittany Lions to the semifinals of the College Football Playoff just last season, was let go following the school's third Big Ten loss in a row to begin conference play.
And with the 53-year-old owed a roughly $49million buyout from the school, he is set to earn over $20,000 per day through the end of his contract in 2031.
Franklin's buyout figure is the second-largest in college football history, behind former Texas A&M coach Jimbo Fisher’s $76 million buyout.
However, the Penn State coach may not actually receive the full amount of his buyout from Penn State.
As reported by Front Office Sports, the terms of Franklin's 2021 extension state that he must make a 'good faith' effort to secure another job in a field such as coaching, scouting or broadcasting.
James Franklin is set for a massive payout from Penn State after being fired by the school
However, he is required to look for another job, and Penn State will only owe the difference between the potential new salary and his buyout
And if and when Franklin gets a new job, the school will only have to pay him the difference between his new salary and the buyout.
Furthermore, Penn State would actually owe Franklin nothing if he lands a job with a salary worth more than the buyout.
There will surely be suitors for the coach, who had a 104-45 record at Penn State and went 64-36 in Big Ten play.
However, the school decided to fire Franklin after his team's loss to Northwestern last weekend.
The defeat came after a stunning loss to UCLA - another team they were heavily favored over - the week before, as the Bruins beat them 42-37.
Franklin was fired after Penn State lost 22-21 to Northwestern at home on Saturday
With those losses, Franklin became the first coach in 30 years to lose consecutive games despite being a 20-point favorite pregame, according to ESPN.
Penn State also fell at home to Oregon on September 27 in a double overtime thriller.
According to ESPN's Pete Thamel, who broke the news of Franklin's firing, associate head coach Terry Smith is taking over for Franklin on an interim basis.
Smith will be without quarterback Drew Allar for the rest of the year, after Franklin announced on Saturday that the passer had suffered a season-ending injury against Northwestern.
The quarterback took a big hit as he was sandwiched between two Northwestern defenders, before he received medical treatment and was carted to the locker room.
That injury has spelled an immediate end to Allar's college career, given that he is a senior and out of eligibility beyond the current season.
Penn State will look to get back on track against 4-2 Iowa this weekend.
