Penn State’s Board of Trustees Committee on Compensation unanimously voted to extend James Franklin’s coaching contract this morning in an off-cycle, telephonic meeting of just the committee. Franklin will receive $5.3 million per year plus retention and performance bonuses as well as a $2 million buyout in a contract extended through at least 2022.
Update, 1:40 p.m.: Penn State released the official terms of Franklin’s contract extension, confirming reports from earlier this morning. The head football coach will earn an average $5.3 million per year through the end of the 2022 season plus retention and performance bonuses.
“James and his staff have done an exceptional job with our football student-athletes and in all aspects of the football program,” Penn State Athletic Director Sandy Barbour said in the press release. “His values are Penn State’s values and they resonate throughout every member of the organization and team he has built. James is a tremendous leader of young men, motivating them to extend their reach and impact far beyond what they might have thought possible on the field, in the classroom and community. We are excited about continuing to work together to strive to make a lifetime of impact, win championships and celebrate many successes on and off the field along the way.”
You can view the full terms of Franklin’s contract extension here.
Penn State’s Board of Trustees Committee on Compensation unanimously voted to extend James Franklin’s coaching contract this morning in an off-cycle, telephonic meeting of just the committee. The Board has not yet released official details of the contract, but reports say it’s a significant raise for Franklin.
Sports Illustrated’s Bruce Feldman reported that the new contract is for six years, averaging $5.8 million per year. He also has a reported $2 million buyout of his original contract.
Franklin’s original contract was set to expire in 2019. Signed in 2014 when he got the job as Penn State’s head coach, Franklin was earning $4.5 million per year on a six-year contract. At the time this made him the seventh-highest paid in the country and he was fairly compensated for his team’s performance in bowl games along with his mere presence with the program through its darkest time.
The reported raise puts Franklin among the top-earning and top-performing college football coaches in the country — only Nick Saban (Alabama), Urban Meyer (Ohio State), and Jim Harbaugh (Michigan) will make more than Franklin.
Pretty good for a guy who had fans calling for his termination less than a year ago.