Overview
- Virginia Tech released a backloaded term sheet paying Franklin $6 million in 2026 and up to $13.25 million in 2030, with total guaranteed compensation of at least $41.75 million.
- The package includes a $15.5 million pool for assistants and support staff, TV viewership bonuses up to $800,000 annually, and incentives tied to ACC title game and College Football Playoff results.
- Penn State’s obligation to Franklin was negotiated down to about $9 million, a steep reduction from the previously reported figure near $49 million.
- Franklin was on site for the Miami game, appeared on ESPN’s broadcast, and is actively contacting recruits and arranging visits; Philip Montgomery remains interim coach for the remainder of the season.
- Virginia Tech signaled broader investment with a previously approved $229 million athletics budget increase, plus performance-based boosts to staff funding; reports indicate Franklin is beginning to line up potential assistants.