State College, Pa. — Penn State football coach James Franklin is guaranteed at least $38.2 million over the length of a new six-year contract that runs through 2025.
The contract was agreed to by Franklin and approved by Penn State’s Board of Trustees in December. Terms of the agreement were announced Wednesday.
The 48-year-old Franklin will earn $5.4 million next year, plus a retention bonus of $300,000 if he is still coach on Dec. 31. His salary rises every season, topping out at $6.5 million, with a $500,000 retention bonus in 2025. Franklin also is guaranteed a $1 million annual loan toward life insurance.
Franklin is 56-23 in six seasons at Penn State, including 34-18 in the Big Ten. The Nittany Lions have gone 11-2 with a New Year’s Six Bowl victory in three of the last four seasons.
If Franklin leaves Penn State for an NFL or college job during 2020, he would owe the university $5 million. His buyout drops by $1 million each year.
If he is fired without cause, Penn State owes Franklin the current year’s guaranteed compensation times the remaining length of the contract.