Penn State announced the terms of a six-year contract extension for coach James Franklin that will pay him at least $35.4 million through the 2025 season.
The agreement was approved in December by the compensation committee of Penn State’s board of trustees, but Penn State did not reveal the figures until Wednesday.
Bonuses and incentives could add another $8.8 million to his earnings over the course of the contract.
Should Franklin leave for another college or NFL job, he would owe Penn State $5 million this season. The buyout decreases by $1 million per year until the contract’s end.
Franklin, 48, was hired at Penn State after three seasons at Vanderbilt. The Nittany Lions are 56-23 under Franklin with a 3-3 record in bowl games. Three times, they have finished the season in the Associated Press Top 10.
Franklin’s new deal puts him in the upper tier of salaries in the Big Ten.
On Tuesday, Ohio State extended the contract of head coach Ryan Day, who will make $6 million effective July 1, $6.5 million in 2021 and $7.6 million in 2022. Financial terms will be approved at a later time for the remainder of the six-year extension.
Earlier this month, new Michigan State coach Mel Tucker agreed to a contract that will pay him at least $5.5 million a year over his six-year deal.
According to the USA Today database of coaches’ salaries, Michigan’s Jim Harbaugh earned $7.5 million in total compensation in 2019, leading the Big Ten. Purdue’s Jeff Brohm earned $6.6 million.
