(WHTM) - Penn State will pay a hefty price after relieving head football coach James Franklin of his duties on Sunday.

According to ESPN's Pete Thamel, Franklin is owed more than $49 million on his contract.

The buyout, according to Thamel, is the second-largest in the history of college football behind Texas A&M's more than $76 million buyout for Jimbo Fisher.

“Penn State owes an enormous amount of gratitude to Coach Franklin who rebuilt our football program into a national power,” said Vice President for Intercollegiate Athletics Patrick Kraft. “He won a Big Ten Championship, led us to seven New Year’s Six bowl games and a College Football Playoff appearance last year. However, we hold our athletics programs to the highest of standards, and we believe this is the right moment for new

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