Virginia Tech hired James Franklin to be its next head football coach, the school announced Monday.

He will be formally introduced at a news conference Wednesday morning.

"I'm honored and humbled to join the Hokie family," Franklin said in a statement. "My vision is simple: to restore unmatched excellence, to build something that lasts, and to serve this University, the Commonwealth of Virginia and our amazing fan base with honor, integrity, and passion. I look forward to getting to work with our players, our staff, and the entire Virginia Tech community."

Franklin was originally owed a $49 million buyout after being fired by Penn State on Oct. 12, but part of his deal with the Hokies, sources confirmed to ESPN, includes a $9 million settlement from the Nittany Lions.

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