With the coaching carousel spinning into high gear, one of the most intriguing vacancies left on the board is in Happy Valley. Penn State is on the hunt for a new head coach after parting ways with James Franklin earlier this season, and the search is drawing attention from across the college football landscape.
Among the names generating buzz? Tennessee’s Josh Heupel.
Now, let’s be clear - there’s no official word connecting Heupel to the Nittany Lions job just yet. But in the world of coaching searches, smoke often precedes fire.
And right now, the prediction markets are starting to heat up. Over on Kalshi, a platform that allows users to wager on real-world outcomes, Heupel is currently trading at 18 cents per contract to be Penn State’s next head coach.
For context, that price translates to roughly 5-to-1 odds - not a front-runner, but certainly in the mix.
Of course, these markets can swing quickly. A strong rumor, a surprise interview, or a sudden shift in direction from Penn State’s leadership could send those odds climbing or crashing in a matter of hours. As of now, Heupel is jockeying for position alongside other prominent names like former Alabama offensive coordinator and ex-Giants head coach Brian Daboll, as well as BYU’s Kalani Sitake.
So why Heupel? Since arriving in Knoxville in 2021, he’s breathed life back into a Tennessee program that had been stuck in neutral for over a decade.
While the Vols only notched eight wins in 2025, Heupel’s overall impact is hard to ignore. From 2022 to 2024, Tennessee averaged 10 wins per season - a run of success that hasn’t been seen since the Phillip Fulmer days.
His up-tempo offensive style and quarterback-friendly system have made Tennessee one of the more exciting watches in the SEC, and his ability to recruit and develop talent has turned heads beyond the conference.
For Penn State, the appeal is obvious. After years of solid-but-not-spectacular results under Franklin, the Nittany Lions are likely looking for a coach who can elevate the program into serious playoff contention. Heupel has shown he can win in the cutthroat environment of the SEC, and his offensive mind could be a welcome shift for a team that’s struggled to find consistency on that side of the ball.
Still, this is far from a done deal. There’s no set timeline for when Penn State will make its hire, and the list of candidates remains fluid. But as the coaching carousel continues to spin, don’t be surprised if Josh Heupel’s name keeps surfacing - and maybe even starts climbing.