Penn State coach James Franklin was fired on Sunday, one day after a 22-21 loss to Northwestern, athletic director Pat Kraft announced.The Nittany Lions were ranked No. 2 in the preseason ball and forecasted to be national title contenders but are just 3-3 after three consecutive setbacks.”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.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, 53, reportedly is owed more than $48 million by Penn State.Associate head coach Terry Smith was named interim head coach. Smith has been on the Nittany Lions’ staff since Franklin was hired in 2014.Smith also was a receiver at Penn State from 1987-91 and caught 108 passes for 1,825 yards and 15 touchdowns.While saying Penn State standards weren’t being met, Kraft saluted Franklin for his accomplishments in Happy Valley.”Penn State owes an enormous amount of gratitude to Coach Franklin, who rebuilt our football program into a national power,” Kraft said. “He won a Big Ten championship, led us to seven New Year’s Six bowl games and a College Football Playoff appearance last season.”However, 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.”The Nittany Lions opened the current season with three straight blowout victories over Nevada, Florida International and Villanova.