Penn State reportedly fired head football coach James Franklin on Sunday.The decision came after the Nittany Lions suffered an upset loss to the Northwestern Wildcats, ESPN reported. It was the school’s third straight loss and second consecutive shocking defeat. The team lost to the UCLA Bruins on the road last weekend.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COMThe school reportedly owes Franklin more than $49 million. Assistant coach Terry Smith was named the interim head coach, according to ESPN.Franklin took over as Penn State’s head coach before the 2014 season after he spent three years with the Vanderbilt Commodores, leading the school to back-to-back nine-win seasons.He was in his 12th season at Penn State. He led the Nittany Lions to the College Football Playoff semifinals last season, finishing 13-3.DEION SANDERS SEEMINGLY STUNNED OVER POTENTIAL FINE FOR COLORADO FANS STORMING FIELD AFTER WINFranklin was 104-45 as the school’s head coach.The shakeup came as the school announced that quarterback Drew Allar, who was thought of as a possible NFL prospect, was out for the season. Allar suffered a leg injury in the team’s 22-21 loss to Northwestern.Penn State will now try to salvage its season as it continues into the thick of its Big Ten schedule. The Nittany Lions will be on the road for a game against the Iowa Hawkeyes, but it gets more difficult from there.The Nittany Lions will have No. 1 Ohio State on Nov. 1 and No. 7 Indiana on Nov. 8. Four or more losses will likely keep Penn State out of the College Football Playoff this season.Follow Fox News Digital’s sports coverage on X and subscribe to the Fox News Sports Huddle newsletter.