Penn State University will owe former head coach James Franklin $40 million less than his original buyout after he accepted the same role at Virginia Tech University on Monday (November 17), sources with knowledge of the situation confirmed to CBS Sports .

Franklin, 53, who was fired by Penn State in October, was originally due $49 million, the second-largest buyout in NCAA history, however, is now owed $9 million, with both sides reportedly agreeing to a smaller sum. The original buyout was set to be paid through 2031 and the new agreement will free money for Penn State to hire its next coach as it continues to search for Franklin's long-term replacement.

ESPN 's Pete Thamel reported that Franklin was "finalizing an agreement" with Virginia Tech on Monday and officially con

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