UNIVERSITY PARK, Pa. (WTAJ) -- A new era is underway in Happy Valley as Nittany Lions Head Football Coach James Franklin was fired after losing three straight games despite being preseason favorites for a national championship.

A day after Franklin's dismissal, there are more questions about what comes next, including the buyout of his contract. Penn State Athletic Director Pat Kraft said during a news conference Monday that the athletic department will be covering the cost of the buyout, about $50 million.

However, it's a chunk of change that will have an impact on the program. That's what fans and administrators are now talking about.

"The Penn State Athletics Department is facing, will face a significant fiscal cliff within the next five to six years," Former PSU Board of Trustees Me

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