PSU was actually in a better position financial to fire Franklin (although I agree football wise it did not make sense), than FSU is to fire Norvell, because Franklin is the better coach. This may seem contradictory on its face, but I will explain. Franklin, on the open market, will be in much higher demand than Norvell and both of their contracts require them to seek future gainful employment as coaches at market rates. Breaking this down further, Franklin is due approximately 53 million over the next 6.5 years - approximately 8.5 million per year until 2031. Due to his relative success, Franklin likely would be able to get a job from a power 4 school (hopefully not FSU or Florida because he can recruit) in the 6 to 8 million range. This would offset the vast majority of money PSU would owe him.
Florida State is not so fortunate. Norvell can't recruit at a high level and (other than 1 aberrant year) has been a weak P4 coach. Probably the best job he could get at this point would be something like his old Memphis job (paying about 2.5 million per year). This would leave FSU on the hook for the vast majority of the 54 million due under his current deal. This is why PSU could fire the better coach and FSU can't fire a coach that hasn't won a conference game in over a year.