STATE COLLEGE, Pa. — Two weeks ago, Penn State was one play away from knocking off Oregon and potentially claiming the No. 1 spot in the Associated Press Top 25.
On Sunday, head coach James Franklin was fired.
The move ends a 12-year run in Happy Valley and marks one of the most dramatic coaching collapses in modern college football history.
Franklin leaves with a 104–45 record, but a mid-season meltdown sealed his fate. Penn State dropped three straight games, including back-to-back losses as a 20-plus-point favorite.
Terry Smith, previously an assistant coach and longtime recruiter, will serve as interim head coach for the remainder of the season.
Franklin signed a 10-year contract extension in November 2021 that runs through the 2031 season. His annual compensation includes base and supplemental pay, retention bonuses, and a $1 million life-insurance-linked “loan.”
According to reports from 2025, firing Franklin now could trigger a $56 million buyout. That number reportedly drops to $48 million if the university waits until January 2026.
Penn State has not yet confirmed details of the buyout or how it plans to proceed.