Penn State’s three consecutive losses have earned former head coach James Franklin the second-biggest contract buyout in college football history.The school fired its coach of 12 seasons Sunday after falling to Northwestern.GettyFranklin paid the price for an awful run of form[/caption]Franklin is owed almost $50 million, per multiple sources.Only Jimbo Fisher’s $76 million buyout from Texas A&M can top it.Associate head coach Terry Smith is taking over on an interim basis for the 3-3 Nittany Lions, who have lost quarterback Drew Allar for the campaign through injury.After reaching the College Football Playoff semifinals last year, Franklin suffered a chastening 42-37 loss to UCLA — at the time a winless team that was yet to hold a lead.Falling to Northwestern to drop a second straight home game proved to be the final straw.Dave Portnoy blasts James Franklin payoutBarstool Sports founder Dave Portnoy was fuming at Franklin being rewarded for failure.“I guess losing 3 in a row and being the 1st team ever to lose twice as 20+ favorites did him in. What an absolute disaster class in Happy Valley,” he wrote on X.“Also I don’t understand how college football coaches have these gigantic buyouts. What other profession do you make out like a bandit for getting fired and being s***** at your job? It has never made sense to me.”The Nittany Lions committed six penalties for 71 yards in the first half on Saturday.GettyNorthwestern secured a huge road win[/caption]Saquon Barkley emerged under Franklin(AP Photo/Chris Knight)Allar’s season-ending injury in the fourth quarter was a cruel blow, but the performance was already dire.Franklin’s three-game losing run began with a defeat to Oregon at Happy Vally.His record against AP top-10 teams is tied for the third-worst for a coach taking charge of at least 25 games for a single school since 1936, per ESPN research.But talents like Saquon Barkley and Micah Parsons, as well as a Big Ten title in 2016 were notable successes.“We hold our athletics programs to the highest of standards, and we believe this is the right moment for new leadership at the helm of our football program to advance us toward Big Ten and national championships,” said athletic director Pat Kraft.Penn State is putting $700 million into a Beaver Stadium revamp, with an estimated completion date of 2027.NFL's Greatest......Ranking the top 10......Quarterbacks of all-time – Can anyone better Tom Brady?Wide receivers of all-time – Does Randy Moss or Jerry Rice come out on top?Running backs of all-time – Stacking Jim Brown, Barry Sanders, Walter Payton, Emmitt Smith and moreTight ends of all-time – How does Travis Kelce compare?Kraft’s predecessor Sandy Barbour signed Franklin to a 10-year deal worth up to $85 million in 2021. “We have the best college football fans in America, a rich tradition of excellence, significant investments in our program, compete in the best conference in college sports and have a state-of-the-art renovated stadium on the horizon,” Kraft added. “I am confident in our future and in our ability to attract elite candidates to lead our program.”