(Photo credit: Tommy Gilligan-Imagn Images)

Penn State opened one of the most coveted head coaching positions in the country when it fired James Franklin following a third consecutive loss, and a few big names have already emerged as potential candidates to take over the Nittany Lions.

The storied program has robust resources, despite being on the hook for a nearly $50 million buyout to Franklin. Penn State figures to draw interest from a bevy of intriguing names, and here are five early top candidates:

5. MIKE ELKO, TEXAS A&M

The Aggies have about as many resources as any team in the nation, so on the surface it would appear a longshot that Elko would leave the program after just two seasons. But Penn State athletic director Pat Kraft just might make the call to test the waters. Elko is a New Jersey native who played at Penn, so the opportunity to take over one of the biggest programs in the Big Ten just might pique his interest.

Opening Odds: +4000

4. MATT CAMPBELL, IOWA STATE

It seems like Campbell's name has surfaced with every significant job opening over the past several years. He hasn't been lured away from Ames yet, but might the Ohio native be intrigued by the chance to take over one of the nation's most prestigious programs? Campbell, who is still only 45 years old despite being a three-time Big 12 Coach of the Year, started his head coaching career at Toledo and has a 104-68 record while taking his teams to 10 bowl games.

Opening Odds: +1800

3. MANNY DIAZ, DUKE

Diaz was highly respected while serving as Penn State's defensive coordinator from 2022-23 and has plenty of head coaching experience at the Power 4 level. That includes leading the Miami Hurricanes from 2019-21 and going 13-6 since taking over Duke in 2024. Diaz was fired by the Hurricanes, so a move to his alma mater Florida State might be a bigger draw should that position become available.

Opening Odds: +1000

2. CURT CIGNETTI, INDIANA

Cignetti's name is going to be tied to nearly every significant coaching vacancy as he has the Hoosiers ranked No. 3 in the nation after Indiana's impressive win at Oregon on Saturday. Cignetti, 64, has managed to post a 17-2 record through his first two seasons in Bloomington. Kraft played at Indiana, so he has certainly taken keen notice of Cignetti's surprising success at the traditional basketball power. Cignetti is also a Pittsburgh native who could help the Nittany Lions retain some of their key players while also keeping their recruiting class as intact as possible.

Opening Odds: +600

1. MATT RHULE, NEBRASKA

The ties here are impossible to ignore as the 50-year-old Rhule is a Penn State grad who was the head coach at Temple when his good friend Kraft held the same position there. After orchestrating turnarounds at Temple and Baylor, Rhule returned to the college ranks at Nebraska after an underwhelming NFL stint with the Carolina Panthers. The Cornhuskers are off to a 5-1 start in Rhule's third season.

'I love it here. It's awesome,' Rhule told reporters during his Monday press conference. 'I'm not going to talk a lot about job openings when they come, I'm not going to talk about my contract here. I want to continue to take the steps needed to turn this place into a beast.'

However, Rhule did also acknowledge that, 'I love Penn State. Met my wife there. It's my alma mater. I love Pat Kraft, and I'm really sad to see Coach Franklin go.'

Opening Odds: +300

For now, the job belongs to interim coach Terry Smith, who has six games left to salvage what is possible from Penn State's 3-3 start. A longtime Nittany Lions assistant and former Penn State player, Smith could also see his name in the mix if he's able to galvanize the locker room and steer the program to a strong finish.

It will be a significant challenge with Penn State sitting at the bottom of the Big Ten, dropping its first three conference games after being ranked No. 2 in the preseason. Starting quarterback Drew Allar was also lost to a season-ending leg injury in Saturday's loss to Northwestern.

'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,' Kraft said Sunday.

Franklin went 104-45 in 11-plus seasons at Penn State and is tied for second-most victories in school history with Rip Engle (1950-65). Last season, the Nittany Lions reached the College Football Playoff semifinals before losing 27-24 to Notre Dame.

Franklin's teams routinely struggled against highly ranked clubs throughout his tenure and he often was criticized for it. Penn State had troubles against the Big Ten's biggest heavyweights, going 1-10 against Ohio State and 3-7 against Michigan. Under Franklin, the Nittany Lions posted a 4-21 record against opponents ranked in the top 10.

--Field Level Media