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Penn State head coach James Franklin has agreed to the terms of a new 10-year contract on Tuesday and will remain with the Nittany Lions through 2031.
“Penn State’s future is bright, and I’m honored to continue to serve as your head football coach,” Franklin said. “Nine weeks ago, the administration approached me about making a long-term investment in our football program. This prompted numerous conversations outlining the resources needed to be competitive at a level that matches the expectations and history of Penn State. What’s most evident from those conversations is the importance of our student-athletes’ success both on and off the field…”
Franklin will earn a base salary of $500,000 annually with a supplemental pay of $6.5 million, financial documents show.
His total guaranteed annual compensation — including auto allowance — is $7 million, annually.
“We are excited to have James Franklin lead our football program for a long time,” Sandy Barbour, Penn State Vice President for Intercollegiate Athletics, said. “We will continue our collective efforts to constantly improve in all aspects of our program. We have made, and will need to continue to make, significant investment in our football program because we believe we have a very bright future under James. With this contract, we are signaling our sustained commitment to being one of the premiere programs in the history of college football. Our goals and aspirations relating to football have never wavered and our investments today and in the future of our program will allow us to compete at the highest level.”
Franklin’s contract also shows incentives for conference wins, bowl games, and awards — which can amount to $1 million cumulatively, annually.
If Franklin is terminated by the university without cause, he will be owed the current year’s base and supplemental pay plus the loan, and the number of remaining contract years, the document states.
If Franklin leaves voluntarily to assume an NFL or collegiate coaching position, the following buyout applies:
- CY2022 — $12 million prior to 4/1/22, and $8 million through 12/31/22.
- CY2023 — $6,000,000
- CY2024 — $2,000,000
- CY2025 — $2,000,000
- CY2026 — $1,000,000
- CY2027 — $1,000,000
- CY2028 — $1,000,000
- CY2029 — $ 1,000,000
- CY2030 — $ 1,000,000
- CY2031 — $ –
The Nittany Lions face No. 12/13 Michigan State Saturday at 3:30 p.m. in East Lansing to close out the regular season and the team will find out its bowl destination on Dec. 5.
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