Takeaway from Franklin’s new contract: It’s good to be Coach

Almost three months after the Penn State Board of Trustees approved a new contract for football coach James Franklin, the university announced terms of the lucrative deal Wednesday.

Franklin agreed to a six-year pact worth $35.4 million in guaranteed money that could rise to $38.2 million with retention bonuses after each season. He thus will make $5.4 million in guaranteed money this year, followed by $5.5 million in 2021, $5.75 million in 2022, $6.0 million in 2023, $6.25 million in 2024 and $6.5 million in 2025.

Franklin could receive a $300,000 retention bonus after the 2020 season, followed by $500,000 in each of the remaining five years of the contract.

He said three weeks ago that a verbal agreement had been reached in December.

“It’s in a position now based on all the language cleaned on both sides that it should be signed soon,” he said. “I don’t want to say when it’s going to be signed and then you guys are wondering why it hasn’t been released right away.”

Franklin’s new deal came after his name was linked to jobs at Florida State and USC in November. It was the third straight year that his name was mentioned in connection with head coaching jobs at other colleges.

“I think it’s awesome,” Penn State athletic director Sandy Barbour said in late December. “You always want someone that other people want because if they don’t, you’ve got a different kind of problem. So, I think it’s fantastic. I love the fact that Penn State has a head coach that a lot of other people want.

“This contract, or any contract, is not going to stop that, and I don’t really want it to. I want us to continue to have the kind of success that’s going to draw other people to James. But he’s a Penn Stater. He’s our coach and he’s going to remain that way.”

The 48-year-old Franklin has guided Penn State to a 56-23 record in six seasons, including 42-11 in the last four seasons. The Nittany Lions finished 11-2 last season and ranked ninth in both major polls, their third Top 10 finish in the last four years.

Three years ago, Penn State approved a six-year contract for Franklin worth a guaranteed $32 million. At that time, his average salary of $5.33 million placed him fourth among college coaches behind Michigan’s Jim Harbaugh, Alabama’s Nick Saban and Ohio State’s Urban Meyer, who has since resigned.

Franklin’s salary for 2019 was $5.7 million, which placed him 11th in the country and third in the Big Ten behind Harbaugh ($7.5 million) and Purdue’s Jeff Brohm ($6.6 million).

Clemson’s Dabo Swinney was the top-paid coach last season at $9.3 million, followed by Saban ($8.9M), Harbaugh, Texas A&M’s Jimbo Fisher ($7.5M), Georgia’s Kirby Smart ($6.9M), Auburn’s Gus Malzahn ($6.8M), Texas’ Jim Herman ($6.7M), Brohm, Oklahoma’s Lincoln Riley ($6.4M) and Florida’s Dan Mullen ($6.0M).

If he leaves Penn State, his buyout would be $5 million in 2020, $4 million in 2021, $3 million in 2022, $2 million in 2023 and $1 million in 2024.

The contract has several performance bonuses. If the Lions tie for the Big Ten East title and don’t play in the conference championship game, Franklin would receive $150,000. He’d receive $250,000 if Penn State plays in the title game and $350,000 if it wins the crown.

Franklin would receive $800,000 if the Lions win the College Football Playoff championship; $500K if they reach the CFP title game; $400K if they make the semifinals; $300K if they’re selected to a New Year’s Six bowl that’s not a CFP semifinal and $200K if they make any other bowl game.

He also receives a $10,000 automobile allowance or use of a car each year and up to 50 hours for personal use of a private jet.

JOE HERMITT – FOR THE ASSOCIATED PRESS Penn State coach James Franklin seemed blinded by the zeroes in his new contract during a press conference Feb. 5 at the school.