James Franklin left a lot of money on the table for his new coaching gig. 

Penn State and its former head coach negotiated a substantially reduced buyout before Franklin was named the new head coach of Virginia Tech on Monday afternoon.

Originally on the hook for $49 million to be paid through 2031 — the second-largest buyout in college sports history after Franklin was fired in mid-October — the Nittany Lions will now fork over just $9 million to the former coach after the parties settled on a reduced sum, according to CBS Sports. 

Details of Franklin’s contract with Virginia Tech have not been revealed. 

Penn State athletic director Pat Kraft forecasted in October that the program would take a different approach to its next head coaching hire, considering the changing landscape of the industry.

Now with $40 million off the books, the Nittany Lions are in a prime position to not only acquire a new head coach but also bolster their supporting staff and revenue sharing for players.

“When all these contracts were signed, the use of the money going to rev share and all the other pieces that are involved (were not in place),” Kraft said in October. “You have to process the financials in such a different light.

“And so, quite honestly, when you get into a search and start to have those hard conversations: What do you envision this program? How do you envision the program looking? How do you envision winning a national championship? I mean, the facts are the facts. You’ve got to recruit at a high level. And now the transfer portal — you have to be able to recruit in the transfer portal at a high level. So how do you use your resources in the right way, building a roster that can compete for a national championship?”

The settlement comes amid a plethora of coaching buyout disputes, headlined by LSU’s ugly divorce with Brian Kelly.

Kelly filed a lawsuit against the Tigers last week, alleging the program walked back his official termination so it could attempt to fire him “for cause” and skirt paying his full $54 buyout. 

Franklin was dismissed after Penn State, which opened the season at No. 2, fell to 0–3 in the Big Ten and dropped out of the rankings by Week 7.

Across 12 seasons, Franklin led the Nittany Lions to a 104-45 record, won the 2016 Big Ten championship and secured their first College Football Playoff berth last year where they lost to Notre Dame in the semifinals.

Still, the Nittany Lions were just 4-21 against AP Top 10 teams in that time, with Franklin carrying a 15-game skid against teams ranked No. 6 or higher.

He now will try to revive Virginia Tech, a program receiving a lofty $229 million investment into the Hokies’ athletic department over the next four years awaits. 

Penn State (4–6), playing under interim head coach Terry Smith, finally snapped its six-game losing streak Saturday against Michigan State.

The Nittany Lions look to build off the momentum when they host Nebraska (7-3) on Saturday.