According to my twitter feed, Bruce Feldman says that James Franklin is leaving Vanderbilt for Penn State.
Franklin has been the top choice for a day or so http://www.pennlive.com/pennstatefootball/index.ssf/2014/01/penn_state_and_james_franklin.html, and according to CBS Sports' Feldman it's a done deal:
I for one think that while the B1G East just got a lot tougher, if the B1G wants to be a real power football conference, this is the way to do it. I'll trade Bielema to the SEC for Meyer, Nussmeier and Franklin any day. I have to think these recent hires will really help the Big Ten's image and even make our football teams better.