Penn State Football: University Paid Vanderbilt $1.5 Million For Franklin Buyout
After much speculation, a university spokesperson confirmed late Friday night exactly how much Penn State paid to Vanderbilt to obtain the services of head coach James Franklin.
"As part of the contract between the University and Coach Franklin, the University agreed to be responsible for payment of Coach Franklin’s buyout obligation of $1.5 million to Vanderbilt," the spokesperson said.
Penn State has been in the buyout business as of late, collecting one following the departure of Bill O'Brien. The Houston Texans paid just shy of $6.5 million to break O'Brien's contract with the Nittany Lions.
Under his current contract Franklin is guaranteed $4 million in 2014. His salary will max out at $4.5 million in 2019. Put it all together and Franklin is guaranteed $25.5 million over the 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 in year four, and then $1 million in each of his last two seasons.
Franklin's buyout rates remain the same regardless of whether or not Franklin were to leave for the NFL or another college program, a small change from O'Brien's contract while at Penn State.