Franklin's name has swirled around the USC job for three years, and the one time he spoke directly on the subject a few years ago, in answer to a reporter's questions, it was in the form of a non-denial denial of interest.
Then again, no matter what your profession and how valued you are by your current employer, if a high-profile company calls and says they want to talk to you about an attractive offer, are you going to say, no, not interested, don't want to hear it. Not likely.
Franklin is the hottest potential coaching property in college football. Meyer would be above him, but he's not currently in college football. And Swinney and Saban are not "potential" because everyone knows they're not going anywhere.
As for USC, it may not be the program of yore, but it still ranks highly on the glamour and prestige scale. Plus CJF has learned the hard way that the deck is stacked in the Big Suck. He also knows that USC has no such issue. Just the opposite in fact. This factor could be big.
That said, he's working on what could be the top recruiting class in the country even as early signs point to something special on the field this year. Plus the Buckeyes are suddenly looking vulnerable. Ryan Day may be good, but he's no Urban Meyer. And there are other variables that have changed in the last few years to argue against the idea of Franklin taking a job like USC.
In any case, since Helton was fired, every media list I've seen has Franklin's name on it. Pure speculation, but the rumor mill will grind for the entire season. When all is said and done, I don't think Franklin is going anywhere and certainly hope he doesn't. But nobody should kid themselves about the possibility if the stars were to align.