BLACKSBURG, Va. — Virginia Tech is finalizing a contract with former Penn State head coach James Franklin to become the Hokies head coach, according to ESPN College Football Senior Writer Pete Thamel.

Penn State fired Franklin on Oct. 12 after three straight losses.

Terry Smith has been serving as Penn State's interim head coach.

Now, the university will likely not have to pay Franklin more than $49 million, per the reported terms of his contract. The buyout amount will decrease with Franklin finding another job.

Franklin will replace Brent Pry, his former PSU defensive coordinator, who was fired by Virginia Tech this season.

As for Penn State, Vice President for Intercollegiate Athletics Pat Kraft is leading a national search for a new head coach.

“Penn State owes an enormous amo

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