Penn State fire James Franklin after disastrous collapse – and with coach owed nearly $50m

• Preseason No 2 team have suffered series of losses

• Coach's contract was guaranteed through 2031

James Franklin is out at Penn State. The school fired their longtime head coach on Sunday, less than 24 hours after a 22-21 home loss to Northwestern all but ended whatever remote chance the preseason No 2 team had of reaching the College Football Playoff.

Terry Smith will serve as the interim head coach for the rest of the season for the Nittany Lions (3-3, 0-3 Big Ten), who began the year with hopes of winning the national title only to have those hopes evaporate by early October amid a string of losses, each one more stinging than the last.