James Franklin said this afternoon that he hopes to be the head coach of the Penn State football team for a long time. If that’s the case, it looks like he will earn quite a lot of money along the way according to a Proposed Financial Term Sheet released by GoPSUSports.com today.
The contract spans six seasons, from 2014 to 2019, and puts Franklin among the highest-paid coaches in the Big Ten. Franklin’s base salary will start at $1.3 million a year in 2014, increasing by an increment of $100,000 each year. He will receive radio/television revenue compensation amounting in $2.2 million annually along with $500,000 in Nike revenue. When all is said and done, Franklin’s salary will range from $4 million in his first year with the Nittany Lions to $4.5 million in 2019.
There are additional incentives that Franklin can earn in his new contract based on performance within the conference and in bowl games. The highest such incentive would give the coach $800,000 if he were to win a national championship. Franklin will earn a retention bonus for each year that he stays with the Nittany Lions, starting at $300,000 for the first five years of the contract before increasing to $750,000 in 2019.
The buyout clause of the contract was a hot topic for Franklin’s predecessor in recent weeks leading up to Bill O’Brien’s decision to head to the Houston Texans. While O’Brien had different buyout numbers dependent on whether he was going to an NFL or a college team, Franklin’s buyout remains the same regardless. His buyout will be $5 million for the first two seasons, $2.5 million in 2016, $2 million in 2017, and $1 million for the final two years of the contract.
Despite receiving a contract that falls just shy of Urban Meyer’s at Ohio State, Franklin said that he isn’t too worried about the money getting to his head.
“I have not seen a check since I got married,” Franklin said. “I get an allowance, which is about $200 a month. It’s hard to spend a whole lot of money [when I’m busy coaching]. I don’t see it. It’s not going to change us, and it’s not going to affect us. I don’t do this for the money. I never have. I think we got a fair contract for Penn State. I think we got a fair contract for James Franklin, but the money has no affect on me.”
You can view the full Term Sheet below: