What We Know About Penn State's Coaching Search

Penn State is absorbing a substantial buyout in firing Franklin, about $50 million over the next six years if Franklin does not get another job. Kraft was comfortable making that a sunk cost of his decision.

The next coach will be paid even better. Penn State signed Franklin to a 10-year contract worth a guaranteed $80 million through 2031, which didn't include another $5 million in annual retention bonuses.

According to USA Today, Franklin's salary ranked 16th nationally among college coaches. To pursue his stated goal, Kraft likely will have to offer at least $10 million annually — plus a healthy budget for player payroll, staff, recruiting, etc.

Kraft made clear what he's offering. He said Penn State has made "significant investments" in the program and will continue to do so.

"We are blessed because of our fans, alums, and the support we receive that we can do more than most and that we have elite resources here," Kraft said. "So that allows us to be able to have real conversations and put our resources to the test in the best direction."

Penn State's job description

Kraft's job posting included the common traits. He defined them from a Penn State perspective: integrity, accountability, toughness, humility, "blue collar" and "elite" motivating skills.

Kraft also made some unique comments that seemed to indicate a split with Franklin's tenure. He mentioned the "modern era of college football" and said the next coach must be able to manage "elite-level resources" and "attack the transfer portal."

Ultimately, Penn State's next coach will thread a very narrow needle.

"We want someone who honors our tradition but isn't afraid to evolve; someone who understand the weight of "We Are" and leads us forward with a vision of championships," Kraft said. "The right coach will rebuild the unity and pride that defines this historic program, and they will ignite this fan base around a shared belief that we're capable of greatness, and we're going to do it in the right way and we are the best program in the country."

Will Penn State offer another guaranteed contract with a large buyout?

Penn State already is under significant financial pressure, adding $20.5 million in revenue sharing during this fiscal year to the $700 million renovation of Beaver Stadium. Next year, Penn State likely will pay two head football coaches, including one not to coach.

Penn State signed Franklin to the 10-year deal in 2021, before revenue sharing composed 10 percent of the athletics budget. Kraft might need to be push for terms more favorable to the program, such as a shorter contract length or one that's not fully guaranteed, to spread resources elsewhere.

"You have to process the financials in such a different light," Kraft said. "So quite honestly, when you get into a search and start to have those hard conversations — 'What do you envision this program [being], how do you envision the program looking, how do you envision winning a national championship?' — the facts are the facts. You've got to recruit at a high level. And now with the transfer portal., you have to be able to recruit in the transfer portal at a high level. Aand so how do you use your resources in the right way to build a roster?"

Kraft's summary pitch

Kraft already has begun short-listing candidates with hopes of having a head coach in place in early December, perhaps even in time for the early signing period from Dec. 3-5. He made this summary pitch near the end of his press conference Monday.

"We have made significant investments in this program," Kraft said. "We compete in the best conference in the country and we have the best fans and alums in the country. With a renovated stadium on the horizon, I have nothing but confidence in our future and in our ability to attract an elite leader for our Penn State football program."