James Franklin’s move to Virginia Tech is now official. The longtime Penn State coach replaces Brent Pry and brings a 104–45 record and a recent College Football Playoff berth to Blacksburg. However, the transition isn’t just a win for Virginia Tech but also delivers a notable financial break for Penn State.

Franklin entered the offseason with one of the largest buyouts in college football, but after both programs came to terms, the number was reduced to a much lower sum. As Yahoo Sports’ Ross Dellenger reported on X: “Franklin’s buyout drops from $49 to $9 million. It would have been offset with his new Virginia Tech salary.”

This reduction is a significant push for Penn State, as it saves $40 million for the next hire. And AD Pat Kraft already hinted back in October about a better contract negotiation in the new NIL and revenue-sharing landscape. “When all these contracts were signed, the use of the money going to revenue share and all the other pieces that are involved was not in place,” Kraft said. “You have to process the financials in such a different light.” Now, worrying about the buyout is no longer their problem.

Virginia Tech was the first Power Four program to make a head coaching change this season after Pry went 0-3. And now, after going 16-24 under him, they become James Franklin’s third college spot. This move can become Franklin’s second turnaround stint after his tenure at Vanderbilt, where he took the previously struggling SEC program to back-to-back bowl games in his three-year tenure for the first time. Then, under him in 2012, Vandy went 9-4, earning ranks in both the AP Top 25 and Coaches Polls for the first time since 1948.

Virginia Tech is already planning to invest a hefty $229 million in its athletics department over the next four years, following its Board of Visitors’ approval of this budget in September, after Pry’s firing. With that kind of backing, Franklin can do wonders for the team.

For now, the details of James Franklin’s new contract are not known. Still, there’s a high possibility that after the $9 million dip from $49 million in his buyout after Virginia Tech hired him, there’s a high chance they might cover the rest of his $40 million in the new contract. However, the only issue now lies with Franklin’s ability to compete against ranked teams, as he holds a 4-21 record against AP top-10 teams. If that’s addressed, Franklin might be the most significant gift for Virginia Tech.

With their move, even Penn State’s eyeing another $4.5 million target.

Penn State is looking at $4.5 million target after James Franklin’s move

Penn State has been looking for its next guy since parting ways with James Franklin. Names like Mike Elko, Curt Cignetti, and Matt Rhule have been making a buzz since the start. Still, now all eyes are set on Georgia Tech’s head coach, Brent Key, whose coaching expertise has put the Yellow Jackets in contention for an ACC championship win and a potential move to the college football playoffs. But his $4.5 million buyout places him below the midpoint of the ACC pay scale.

For now, Key holds the second-best odds of 19% to become Penn State’s next head coach after Eli Drinkwitz, who currently has a 38% chance, as per Kalshi. Looking at his 26-17 record and 19-10 ACC mark, getting Key looks like a strong move. But let’s not forget his connection runs deep with Georgia Tech. He played right guard for them from 1997 to 2000, then came back in 2019 as a staff member and became the interim leader when Georgia Tech fired Geoff Collins in 2022.

After talking with Reins, he initially signed a $15 million contract for five years and even signed a contract extension in December. So, this makes his move a bit tricky. But let’s wait and see if Penn State has any shot with him.

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