Next Penn State Football Coach Odds: A Homecoming For Matt Rhule?

By Bill Speros Oct 14th, 2025 3:27 PM EDT

The Penn State football program has moved on from James Franklin. (USA TODAY)

Penn State fired coach James Franklin Sunday after 12 seasons and replaced him with Terry Smith as interim boss. The move came after the Nittany Lions suffered back-to-back-to-back Big Ten losses to Oregon, UCLA, and Northwestern. What are the latest Next Penn State Football Coach odds?

The internet has spent days wondering how Franklin may spend his buyout, which could reach upwards of $49 million depending how hard he looks and how long it takes for him to find his next gig in either coaching or broadcasting.

Penn State was No. 2 in the preseason college football AP Poll. Its precipitous fall from grace shocked college football observers, never mind futures bettors who backed the Lions to with the national championship or Big Ten.   

The head coaching job in Happy Valley remains one of the most coveted positions among the 136 FBS schools. Franklin took over as PSU head coach in 2014. The school has only had three full-time, official head coaches since 1966. Expect plenty of big names to surface.

Next Penn State Football Coach Odds

Here are the latest Next Penn State Football Coach odds set by Bookies.com senior handicapper Adam Thompson. These hypothetical odds are for entertainment purposes only and are not available at any licensed U.S. sportsbook. Kalshi opened its “Next Penn State Coach Market” on Monday.

The Lions carry both a championship pedigree, and a long-established pipeline to the NFL. Given the Lions' new deal with adidas, NIL money shouldn’t be much of a problem. Never mind what Franklin’s replacement may cost.

Next Penn State Football Coach Odds: Top 5 Candidates

Matt Rhule, Nebraska HC (+250)

Buzz: Nebraska head coach Matt Rhule played at Penn State and remains close to AD Pat Kraft, who gave Rhule the HC job at Temple. Monday, Rhule addressed the Penn State opening without mentioning the Penn State opening. "I'm not going to talk about those things ever, I'm not going to talk about my contract here, I'm going to talk about the team. I absolutely love it here. I want us to continue to take the steps needed for us to turn this thing into a beast,” Rhule said. “I'm really happy here." He did speak fondly of his time in Happy Valley. "I love Penn State," Rhule said. "I met my wife there. It's my alma mater. Fan since I was born, think I probably had a Penn State shirt on when I was born. I love Pat Kraft." Translation: “You’d better make it worth my while.”

Manny Diaz, Duke HC (+350)

Buzz: Like Rhule, Manny Diaz discussed the Penn State situation this week. "I know no one cared more about getting Penn State to the top, and James Franklin did," Diaz said. "It does say a lot about where we are in college football right now that three weeks ago that they could be number two in the country. 16 days ago, they were leading [Oregon] in overtime. This is going to happen more. I don't think we're fully aware of how our sport is changing, as rapidly as it's changing." Diaz, like Rhule, has ties to Happy Valley. He was the Penn State DC under Franklin in 2022-23 and crafted one of the most effective defensive units in the nation. Diaz subsequently built a successful program at Duke and could well be ready for a return to the big-time college spotlight. He served as HC at Miami from 2019-21.

Curt Cignetti, Indiana HC (+600)

Buzz: No coach is hotter in college (or pro) football right now than Indiana’s Curt Cignetti. He’s revived a dormant football program in the hyper-competitive Big Ten. His Hoosiers own the No. 3 ranking in the AP Poll this week with a 6-0 record following their upset win at Oregon Saturday. Indiana doesn’t play Ohio State this season and will be favored in each game for the rest of the season, barring catastrophe. Cignetti owns no previous ties to Penn State, which may work in his favor if the Powers That Be In Happy Valley want a clean cut from the past. But these days, in the upended post-NIL world, a move from Indiana to Penn State could be considered lateral at best. Depending on the money, of course.

Brian Hartline, Ohio St. OC (+700)

Buzz: The Ohio State Buckeyes own the No. 1 ranking in the AP Poll and stand as the clear betting favorite to repeat as national champions. Head coach Ryan Day has allowed both offensive coordinator Brian Hartline and defensive coordinator Matt Patricia to handle their own business. Hartline, a former NFL wide receiver who played for the Bucks, has spent his entire coaching career in Columbus. At Ohio State, he’s been credited with helping to develop some of the NFL’s top young receiving talent, including first-round picks Garrett Wilson, Jaxon Smith-Njigba, Chris Olave and Marvin Harrison Jr. So he checks off the “Our Guys Play On Sunday” box. But he lacks head coaching experience.

Clark Lea, Vanderbilt HC (+800)

Buzz: Clark Lea ended the days of Vanderbilt being an SEC football laughingstock. The Commodores finished 6-6 last season after stunning Alabama at home, and snagged a bowl bid. Lea has been a college coach at various levels for 20 years. This season, Vandy won its first 5 games before the Tide exacted a measure of revenge 2 weeks ago. His background is on the defensive side of the ball.

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