James Franklin’s Contract Extension By The Numbers
The Board of Trustees approved James Franklin’s long-awaited contract extension Friday for six years, an additional three years on to his original contract, through 2022.
Over the course of the next six years, Franklin will earn approximately $5.3 million guaranteed per year, on average. The guaranteed compensation structure is the same as with his previous contract: base salary through the school, plus additional compensation from the school’s radio/TV contracts ($2.2 million given to Franklin) and Nike contract ($500,000 given to Franklin).
Franklin’s contract in 2017 does not change with the extension: $4.3 million of total guaranteed compensation.
In 2018, his contract is worth $4.5 million in total guaranteed compensation, before the extension figures fully kick in during the 2019 slate.
In 2019, Franklin’s contract surges to $5,350,000 in guaranteed compensation ($2,650,000 paid by the school in base salary). He receives an additional $300,000 in base salary in each of the years for the remainder of the contract, which will max out at $6,250,000 (before potential bonuses) in 2022.
Franklin’s potential bonuses did not change from his previous contract.
He can earn a maximum of $1 million from achieving the following: win Big Ten East, but not qualify for Big Ten Championship Game ($150,000), win Big Ten East ($250,000), or win Big Ten Championship ($350,000); appear in a bowl ($200,000), appearance in a New Year’s Six Bowl ($300,000), appearance in the College Football Playoff ($400,000), appearance in the national title game ($500,000), win the national title ($800,000); win Big Ten Coach of the Year ($100,000) and win National Coach of the Year ($150,000).
Franklin’s buyout for 2017 is $2 million, then reduces to $1 million for the remainder of his contract.
Compared to other coaches in the nation, his current salary for the 2017 season would not place him in the top 10. However, starting in 2019 and based on current figures, Franklin would jump to the fourth highest paid coach in the nation behind Alabama’s Nick Saban, Michigan’s Jim Harbaugh, and Ohio State’s Urban Meyer. Obviously things will change in other coaches’ contracts between now and the next two years, but that’s where he currently stands.
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After a fundraising year that included no canning and banned events outside of State College, THON 2020 culminated with the announcement that $11,696,942.38 had been raised For The Kids.
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