Penn State will have to cross Matt Rhule off their head coach wish list. The reason? Rhule signed a two-year extension to stay at Nebraska through the 2032 season.
ESPN’s Pete Thamel reports the new contract includes a $15 million buyout this year, meaning Rhule won’t be going to Penn State, Florida, LSU or anywhere else during this coaching cycle.
Sources: Nebraska coach Matt Rhule signed a two-year contract extension this morning, which will take him through the 2032 season. It includes a $15 million buyout this year that effectively eliminates him from any jobs in this coaching cycle. pic.twitter.com/k0oCne5SHH
— Pete Thamel (@PeteThamel) October 30, 2025
Rhule’s Deal Includes CFP Incentives
“Contract includes an innovative clause where every time Nebraska qualifies for CFP [College Football Playoff], his base salary for each year on the deal increases by $1 million,” Thamel posted on X. “Rhule’s salary has an AVV of more than $11.7 million (including retention bonuses) and does not include a change in base comp from the current deal.”
Rhule has helped transform a Nebraska program that had bottomed out under former head coach Scott Frost. The Cornhuskers made their first bowl game since 2016 last year and are currently 6-2 this season. In three years under Rhule, Nebraska is 18-15.
Contract includes an innovative clause where every time Nebraska qualifies for CFP, his base salary for each year on the deal increases by $1 million. Rhule’s salary has an AVV of more than $11.7 million (including retention bonuses) and does not include a change in base comp…
— Pete Thamel (@PeteThamel) October 30, 2025
Rhule, who currently makes $8.5 million, will see his salary increase to $11 million in 2027 and then $12.5 million in 2030.
As for Penn State, the Nittany Lions will have to move forward without Rhule, who is an alum. James Franklin was fired earlier this month after embarrassing back-to-back losses to UCLA and Northwestern that dropped Penn State to 3-3 on the season. The Nittany Lions were a favorite to win the national championship this year but crumbled under the expectations.
During Franklin’s 12 seasons at Penn State, he was 4-21 against AP top-10 opponents, including 1-18 against top-10 Big Ten teams. Overall, Franklin went 104-45 at Happy Valley and was 6-6 in bowl games.
The university owes Franklin over $49 million.
With Rhule off the table, rumors now surround Duke’s Manny Diaz, Texas A&M’s Mike Elko and Iowa State’s Matt Campbell as the next coach at Penn State.
