Penn State University and head football coach James Franklin have come to terms on a new 10 year extension that will see him remain in Happy Valley through 2031. The new terms of the contract are as follows:
-$7.5M base salary
-$1M annual loan for a life insurance policy
-$350K bonus for winning the Big10 Championship
-$400K bonus for making the college football playoffs
-$800K bonus for winning a national championship
The new deal makes Franklin the 5th highest paid coach in the country coming in behind Nick Saban, David Shaw, Dabo Swinney, and Lincoln Riley. Ed Orgeron would technically rank ahead of him at $9M annually, however he will be leaving his post at LSU at season’s end.
Franklin, who has held the position of head coach at Penn St. since 2014 is 67-32 at the university and has had a winning record every season except for the COVID shortened 2020. He is 3-3 in bowl games, having won the 2014 Pinstripe Bowl, 2017 Fiesta Bowl, and 2019 Cotton bowl. The Nittany Lions won the 2016 Big10 championship over Wisconsin marking his lone conference title.
In a statement posted to the Nittany Lions website Franklin stated “Penn State’s future is bright, and I’m honored to continue to serve as your head football coach…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.”
Penn State (7-4) has a showdown with twelfth ranked Michigan State this Saturday at 3:30pm ET.