Penn State Football: James Franklin Inks 10-Year Deal

Penn State announced on Tuesday afternoon that head coach James Franklin has signed a 10-year deal that will keep him in State College until 2031 and pay him $70 million over that span. Under the new terms, Franklin is slated to earn $7 million during the upcoming 2022 season. Franklin will see no pay increase over any of the years of the contract, earning $7 million in total guaranteed compensation over each year of the deal.

Franklin most recently signed an extension following the 2019 season that was set to expire in 2025 with a maximum base compensation of $6.5 million in the final year of the deal. Franklin’s most recent contract saw him earn $5.50 million in base compensation during the ongoing 2021 campaign. Under his now previous deal, Franklin would make $5.75 million during the 2022 season. In total Franklin will make just $3.5 million more over the next four years than his previous deal.

“Penn State’s future is bright, and I’m honored to continue to serve as your head football coach,” Franklin said in a press release “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.
 
“With the support of President Barron and Sandy Barbour and the Board of Trustees we’ve been able to create a roadmap of the resources needed to address academic support, community outreach, Name, Image and Likeness (NIL), facility improvements, student-athlete housing, technology upgrades, recruiting, training table and more. This renewed commitment to our student-athletes, community and fans reinforces all the reasons I’ve been proud to serve as your head football coach for the last eight years and why my commitment to Penn State remains steadfast. Throughout this process I’ve kept our leadership council, recruits and staff updated on those conversations and I’m excited we’ve reached an agreement we can finally share with you.”

The buyout terms are as follows.

Previously Franklin’s buyout was $4 million in 2021 dropping by a million each year until the final year of the deal in 2025.

In addition to annual compensation Franklin is awarded a $500,000 retention bonus on the final day of each calendar year. Franklin is also eligible for various performance based bonuses.

Tuesday’s contract announcement is Franklin’s third new deal since being hired at Penn State in 2014. Prior to his extension in 2019, Franklin had signed an extension in the lead-up to the Nittany Lions’ 2017 season. That contract was set to keep him through the 2022 season with a maximum of $6.25 million in base compensation.

His original contract in 2014 would have expired in 2019 and would have paid him $4.5 million in the final year of that deal.

Franklin addressed the media on Tuesday afternoon during his weekly media availability at 12:30 but did not comment on the now announced contract as it had yet to be approved. Penn State’s Board of Trustees’ subcommittee on compensation met in an executive session at 3:00 before announcing the approval of the contract at 3:45 during a brief public session.

Penn State and Franklin will enter their ninth season together in 2022.