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Why James Franklin left $40 million from Penn State on the table to become Virginia Tech's coach
TL;DR
James Franklin left a $40 million buyout from Penn State to become Virginia Tech's coach, accepting only $9 million due to contract offset language. He prioritized his career and family happiness over financial penalties to his former team.
Key points
- James Franklin had a $49 million buyout from Penn State.
- He accepted a coaching position at Virginia Tech.
- Franklin received only $9 million due to contract offset language.
- He prioritized his career and family happiness over financial penalties.
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James Franklin had a $49 million buyout coming his way when Penn State fired him last fall. Then, he chose to leave a lot of that money on the table when he accepted a new job with Virginia Tech in November.
Because of the offset language in his contract with Penn State, the Nittany Lions owed Franklin just $9 million after he signed on the dotted line in Blacksburg. In an interview with USA Today, Franklin said he wasn't thrilled about gifting his former team a $40 million break, but he had to make the best decision for his career.
"You go through that deal, and you're thinking, I don't want to let them off the hook financially," Franklin said. "That's something you're struggling with. 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?"
[Questions facing each ACC team in spring: Will James Franklin find success in Year 1? Can Miami replace stars?
Shehan Jeyarajah
Q&A
Why did James Franklin leave Penn State despite a $49 million buyout?
James Franklin left Penn State to become Virginia Tech's coach, accepting only $9 million due to offset language in his contract, prioritizing his career and family.
What was the financial impact of Franklin's decision on Penn State?
Franklin's decision resulted in Penn State saving $40 million, as they only owed him $9 million after he accepted the Virginia Tech position.
How did James Franklin feel about leaving money on the table?
Franklin expressed discomfort about giving Penn State a financial break but ultimately chose to focus on what was best for his career and family.
