10 years, $75 MM

[BobPSU92]

Franklin's guaranteed compensation is $7.5MM per year plus an annual $1MM "loan" for insurance, which I wonder if the university is allowed to either forgive or convert to compensation at a later tax deferred date. He also has $1.15MM in annual incentives. His buyout drops to a measly $2MM in 2024, and $1MM after that, but even the $6MM buyout in 2023 is rather minimal. I'm pretty sure that's total buyout, and not the buyout for each remaining year. So basically 3, maybe 2 years before Franklin can start looking again without an onerous penalty. I will refrain from commenting on PSU's negotiating prowess.

Penn St., Franklin agree to new 10-year contract

Penn State coach James Franklin has agreed to a 10-year contract extension to remain coach of the team through the 2031 season.

www.google.com

To paraphrase Admiral Painter in The Hunt for Red October, “Sandy doesn’t negotiate without a plan.” Or maybe it’s, “Sandy doesn’t take a dump without a negotiation.” Something like that.

 

[Midnighter]

Franklin's guaranteed compensation is $7.5MM per year plus an annual $1MM "loan" for insurance, which I wonder if the university is allowed to either forgive or convert to compensation at a later tax deferred date. He also has $1.15MM in annual incentives. His buyout drops to a measly $2MM in 2024, and $1MM after that, but even the $6MM buyout in 2023 is rather minimal. I'm pretty sure that's total buyout, and not the buyout for each remaining year. So basically 3, maybe 2 years before Franklin can start looking again without an onerous penalty. I will refrain from commenting on PSU's negotiating prowess.

Penn St., Franklin agree to new 10-year contract

Penn State coach James Franklin has agreed to a 10-year contract extension to remain coach of the team through the 2031 season.

www.google.com

Yeah, but the buyout to fire him is crazy….the incentive to win is less than that to get fired.

Buyout Details of James Franklin's New Contract

Penn State coach James Franklin has new buyout terms in his 10-year contract that runs through 2031.

www.si.com

According to the buyout terms, Penn State would owe Franklin $8 million (his guaranteed salary plus a $1 million loan for life insurance) times the number of remaining years on the contract if it terminates him without cause.

As a result, Penn State's buyout is $72 million in 2022, $64 million in 2023 and $56 million in 2024. Even after five years, Franklin's termination buyout is $40 million. The term sheet Penn State released does not include whether those numbers can be mitigated or negotiated.

Conversely, if Franklin leaves for another NFL or college coaching position, he would owe Penn State these annual buyout totals:

• 2022: $12 million until April 1, $8 million after April 1
• 2023: $6 million
• 2024: $2 million
• 2026-30: $1 million
• 2031: No buyout

The termination-with-cause terms are the same that Franklin has in his current contract, which began in 2020. Franklin's buyout for taking another job was $4 million this year, with $1 million annual reductions until there was no buyout in 2025.

 

[Catch1lion]

-

 

[Catch1lion]

Yeah, but the buyout to fire him is crazy….the incentive to win is less than that to get fired.

Buyout Details of James Franklin's New Contract

Penn State coach James Franklin has new buyout terms in his 10-year contract that runs through 2031.

www.si.com

According to the buyout terms, Penn State would owe Franklin $8 million (his guaranteed salary plus a $1 million loan for life insurance) times the number of remaining years on the contract if it terminates him without cause.

As a result, Penn State's buyout is $72 million in 2022, $64 million in 2023 and $56 million in 2024. Even after five years, Franklin's termination buyout is $40 million. The term sheet Penn State released does not include whether those numbers can be mitigated or negotiated.

Conversely, if Franklin leaves for another NFL or college coaching position, he would owe Penn State these annual buyout totals:

• 2022: $12 million until April 1, $8 million after April 1
• 2023: $6 million
• 2024: $2 million
• 2026-30: $1 million
• 2031: No buyout

The termination-with-cause terms are the same that Franklin has in his current contract, which began in 2020. Franklin's buyout for taking another job was $4 million this year, with $1 million annual reductions until there was no buyout in 2025.

 

[Midnighter]

What's the sweet spot for getting fired with that big buyout? Have to do well enough to con some other school to paying you more than you make now; certainly, some SEC school would be dumb/desperate enough to do that (Arkansas, Ole Miss, MSU?). So, get fired at some point, get a $56mm buyout, sign a 6 yr/$40mm deal with Arkansas, laugh all the way to the bank. That said, no way Penn State pays any buyout. He leaves on his own or not at all.

 

[Midnighter]

Is it still called flirting, when no one else is reciprocating?

It gets PSU to cream it’s pants, so it’s working…

 

[GrimReaper]

Franklin's guaranteed compensation is $7.5MM per year plus an annual $1MM "loan" for insurance, which I wonder if the university is allowed to either forgive or convert to compensation at a later tax deferred date. He also has $1.15MM in annual incentives. His buyout drops to a measly $2MM in 2024, and $1MM after that, but even the $6MM buyout in 2023 is rather minimal. I'm pretty sure that's total buyout, and not the buyout for each remaining year. So basically 3, maybe 2 years before Franklin can start looking again without an onerous penalty. I will refrain from commenting on PSU's negotiating prowess.

Penn St., Franklin agree to new 10-year contract

Penn State coach James Franklin has agreed to a 10-year contract extension to remain coach of the team through the 2031 season.

www.google.com

It's not really a "loan." The way these deals are structured, the university gets paid back if Franklin terminates the policy or when he dies. He does not have to pay back any money previously "loaned" if he takes another job. That's the way Harbaugh's deal is structured and I can't imagine that Franklin's is much different.

 

[GrimReaper]

Possibly Vanderbilt? That seems to be his ceiling.

Not happenin'. That bridge was burnt....bigly.

 

[Nitwit]

Remember that Barron and Sandy are both gone soon. This contract gives Franklin and Penn State stability that the position will remain filled regardless of the changes that take place at the top. Whether he performs well remains to be seen, but it eliminates speculation that can be detrimental to recruiting in the interim and at least that aspect of the program is strong, at least for now.

 

[91Joe95]

Remember that Barron and Sandy are both gone soon. This contract gives Franklin and Penn State stability that the position will remain filled regardless of the changes that take place at the top. Whether he performs well remains to be seen, but it eliminates speculation that can be detrimental to recruiting in the interim and at least that aspect of the program is strong, at least for now.

Those two have been promising to leave forever. Wake me when it's over.

 

[91Joe95]

Yeah, but the buyout to fire him is crazy….the incentive to win is less than that to get fired.

Buyout Details of James Franklin's New Contract

Penn State coach James Franklin has new buyout terms in his 10-year contract that runs through 2031.

www.si.com

According to the buyout terms, Penn State would owe Franklin $8 million (his guaranteed salary plus a $1 million loan for life insurance) times the number of remaining years on the contract if it terminates him without cause.

As a result, Penn State's buyout is $72 million in 2022, $64 million in 2023 and $56 million in 2024. Even after five years, Franklin's termination buyout is $40 million. The term sheet Penn State released does not include whether those numbers can be mitigated or negotiated.

Conversely, if Franklin leaves for another NFL or college coaching position, he would owe Penn State these annual buyout totals:

• 2022: $12 million until April 1, $8 million after April 1
• 2023: $6 million
• 2024: $2 million
• 2026-30: $1 million
• 2031: No buyout

The termination-with-cause terms are the same that Franklin has in his current contract, which began in 2020. Franklin's buyout for taking another job was $4 million this year, with $1 million annual reductions until there was no buyout in 2025.

I have no problem with Franklin's money being guaranteed, I'm just flabbergasted PSU was able to secure only 1 or 2 more years for that amount before Franklin can put the screws to PSU again. We'll give you around $40MM to not look around for another year or 2? Dumb.

 

[MacNit]

This is the part that I just can’t comprehend…the university had all of the leverage and still managed to the bed.

Sandy, Barren…incompetency beyond comprehension l!

 

[PSUFTG]

Remember that Barron and Sandy are both gone soon. This contract gives Franklin and Penn State stability that the position will remain filled regardless of the changes that take place at the top. Whether he performs well remains to be seen, but it eliminates speculation that can be detrimental to recruiting in the interim and at least that aspect of the program is strong, at least for now.

Barron, yes. Barbour, no.

 

[Nitwit]

Huh? When do you think Barbour’s expires? I thought she just had a few more years left, until the end of 2023.

 

[BobPSU92]

He leaves on his own or not at all.

The bot could create a scandal to FIRE. FRANKLIN. .

 

[PSUForever]

Think about the disparity in negotiating savviness. In one corner you have hot shot wheeler and dealer Jimmy Sexton along with his smooth talking, politically caniving client James Franklin. In the other corner you have Sandy. "I have no clue about football and running a business", the lame duck university president and some stooge BOT people.

This lopsided outcome was as predictable as when we play O$U..... PSU....wait for it....wait....wait.....you guessed it LOSES!

 

[PSUJam]

.

 

[nepalion]

Like in the NFL, if you guys really want to send a message, stop supporting the program. There is only 1 way this story ends before Franklin's 10 years are up.....people stop watching, people stop going to the games, people lose faith in the program entirely. That's how you send a message to the administrators, farnklin's "107k every game mantra" turns into "60k every game" and trust me, this team starts 2 and 2 next year, its gonna start happening. Personally, I havent given up on this staff, we need to hit the portal, let's get these recruits ready to go next year. Now a 3rd year of this stuff, it's going to be time for a lot of people to stop going to games, its going to be time to turn the TV off. Franklin AND the administrators can't live without the fans, they can't fund without the fans.

this is exactly correct

 

[PSUForever]

this is exactly correct

Agree but it will take a few years and not next year to see attendance drop to 60K.

 

[NittPicker]

The good old days (yesterday) of some people thinking Franklin was paid too much. The Kelly salary just upset the entire chess board.

 

[shak_psu66]

Hey, now that I have 10 more years of Franklin holding his index finger in the air after scoring a 1st quarter touchdown, I'm good with that. And then in the 2nd half going for two when it makes zero sense (but that's what the book told him). Franklin has shown his sideline coaching is no better than most high school coaches. He's a fraud.