Penn State Football: James Franklin Contract Details
Having dealt with contract negotiations for the past two seasons, Penn State is making sure new head coach James Franklin is happy right off the bat. Penn State's 16th head coach has agreed to a six-year deal that will pay him $4 million in 2014.
Like any contract, Franklin's total pay will come from multiple sources. Penn State will foot $1.3 million in the first year of the deal, increasing by $100,000 each year, maxing out at $1.8 million in 2019.
Franklin will receive $2.2 million from TV and radio. That figure is over double what former head coach Bill O'Brien made from TV and radio appearances. Nike will chip in an additional $500,000 per year, $150,000 more than O'Brien earned as well. Both Nike's and TV and radio's contributions to Franklin's salary will stay at their current rate throughout the contract.
Franklin's contract will max out at $4.5 million in 2019 in guaranteed pay. In total, Franklin is guaranteed $25.5 million over his six years.
In terms of a possible buyout, if Franklin were to leave Penn State on his own terms he would be required to pay a $5 million dollar buyout in his first two seasons. Starting his third year the buyout would drop to $2.5 million then $2 million, and then $1 million in each of his last two seasons under contract. Those buyout rates remain the same regardless of whether or not Franklin were to leave for the NFL or another college program.
Additional bonuses include:
Wins/ties for respective Division title, but through tiebreakers, does not participate in B1G Championship Game $ 150,000
Appearance in B1G Championship Game $250,000
Win B1G Championship Game $350,000
Win College Football National Championship Game $800,000
Runner-up College Football National Championship Game $500,000
College Football Playoff – Final Four $400,000
Appearance in one of the four bowl games that are part of the annual college football playoff rotation, but not one of the two national semifinal bowl games played in that year $300,000
Appearance in any other bowl $200,000
B1G Coach of the Year $100,000
National Coach of the Year $150,000
"Our program requires a very special kind of leader to continue those successes, a leader who is committed to academic excellence while coaching our students as they compete at the highest level." Penn State President Rodney Erickson said Saturday.
"We ran a careful and deliberate search process, and I believe we have found the right person to lead our program. He is an inspiring young leader who has accomplished much already in his career, learning the ropes of coaching in both the collegiate and NFL ranks. He took his former program to a remarkable turnaround in a short period of time while competing in one of the toughest conferences in the country. And I see believe he will continue to build our Penn State football program while operating at the highest level of integrity."