Penn State head football coach James Franklin greets fans outside Beaver Stadium before an NCAA football game against Michigan Saturday, Nov. 11, 2023, in State College, Pa.

The first domino in a wild coaching carousel cycle finally fell on Monday as James Franklin was officially announced as the next head coach at Virginia Tech, replacing his former assistant, Brent Pry.

Franklin was fired at Penn State earlier this season amid a disappointing start to the season for the preseason No. 2 team in the country, and it did so at a cost. Franklin's $49 million buyout was, at the time, the second-largest owed to a fired coach in college football history.

However, after Franklin was announced as the head coach of the Hokies, CBS Sports' Brandon Marcello reported that his buyout with the Nittany Lions had been drastically reduced via negotiations. Now, he's owed just $9 million by his former school.

Under the terms of his contract, Franklin's buyout was to be paid in installments through 2031, and it would have been significantly offset if he chose to take another job. Still, as talks between Franklin and Virginia Tech intensified, both parties reached an agreement to significantly reduce the buyout total, per Marcello.

The terms of Franklin's new contract with the Hokies are not currently known.

It's a huge win for Penn State, which still needs to hire a head coach to replace Franklin. Now, the Nittany Lions won't need to add a high seven-figure total to their annual football expenditures moving forward.

Contact/Follow @College_Wire on X and @College_Wires on Threads. Like our page on Facebook to follow ongoing coverage of college sports news, notes, and opinions.

This article originally appeared on College Sports Wire: New VT coach James Franklin agrees to drastically reduced Penn State buyout

Reporting by Tyler Nettuno, College Sports Wire / College Sports Wire

USA TODAY Network via Reuters Connect