Straws in the Wind - Part 136

From The Athletic/NY Times: Penn State fired head coach James Franklin... despite being on the hook for $45 million remaining on his contract, according to a school source. It is the second-largest buyout in college football history, behind what Texas A&M owed Jimbo Fisher when it fired him on Nov. 12, 2023. The Aggies owed Fisher roughly $77 million on a contract that runs through 2031. Franklin’s buyout is only the third in college football history to surpass the $20 million threshold for a fired coach, joining that of Fisher and Gus Malzahten, who was owed $21.4 million when he was fired by Auburn in December 2020.

In 2021, Franklin signed a 10-year contract that paid him $7 million per year in annual compensation plus a $1 million annual loan for life insurance. There were also incentives and retention bonuses in Franklin’s contract, but only his annual compensation and loan are part of the buyout. The massive buyout figure comes as coaching salaries have skyrocketed in recent years. In the late 2010s and early 2020s, the industry saw an increase in fully guaranteed contracts awarded to top coaches with buyouts that crept up into the upper eight figures...

Full story at https://www.nytimes.com/athletic/6711634/2025/10/12/penn-state-james-franklin-buyout-explained/.

From the NY Times: The University of Virginia became the fifth school to rebuff a White House proposal to give universities preferential treatment if they uphold a set of White House demands. The White House offered the proposal to nine universities last week, asking them to sign on to a list of requirements laid out in a 10-page document in exchange for funds. In declining to sign on to the agreement, Paul G. Mahoney, Virginia’s interim president, said that while the university agreed with many principles outlined in the proposal, it wanted “no special treatment” in funding.

“A contractual arrangement predicating assessment on anything other than merit will undermine the integrity of the vital, sometimes lifesaving, research and further erode confidence in American higher education,” Mr. Mahoney wrote in a note to Linda McMahon, the education secretary, and two other administration officials. Mr. Mahoney’s announcement, which also went out to the campus community late Friday afternoon, followed similar decisions in the past week by other schools that received the government’s offer, including M.I.T., Brown University, the University of Pennsylvania and the University of Southern California...

Full story at https://www.nytimes.com/2025/10/17/us/university-of-virginia-white-house-compact.html.