Penn State has fired coach James Franklin after 12 seasons, the school announced Sunday.

Franklin is owed more than $49 million, according to his contract. It's the second-biggest buyout in college football history behind only Jimbo Fisher's $76 million buyout from Texas A&M .

Associate head coach Terry Smith will serve as the Nittany Lions' interim head coach for the remainder of the season, the school said.

Less than a year removed from an appearance in the College Football Playoff semifinals, Franklin's program appeared to hit a new low when the Nittany Lions traveled out to Los Angeles two weeks ago only to lose to UCLA , a team that not only was winless but hadn't previously held a lead all season.

The woes flew back home with the team to Penn State, and with them came "Fire

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