Details, salary of James Franklin's contract extension released

James Franklin on Tuesday was crossed off coaching candidate lists across the country, as the Penn State head coach — now in his eighth year with the program — signed a lucrative, 10-year contract extension, keeping him in Happy Valley through 2031.

As part of Franklin’s contract, the head coach received a sizable bump in pay, with his total guaranteed annual compensation increasing to $7 million per year. In addition, Franklin will receive a retention bonus of $500,000 in each of the next nine years, bringing his salary to $7.5 million at the very least. He figures to make more, though, as his contract includes a number of incentives, and Franklin is permitted to receive up to $1 million per year annually in bonuses.

The incentives include three Big Ten-related bonuses: $150,000 for finishing the season in first (or tied for first) in the Big Ten East, $250,000 for an appearance in the Big Ten Championship Game and $350,000 for winning the Big Ten Championship game. There are a number of bowl-related incentives as well, including $800,000 for winning the College Football Playoff national title game, $500,000 for finishing as the runner up and $400,000 for making the College Football Playoff to begin with, among others. Franklin will also receive $100,000 if he’s named Big Ten Coach of the Year and $150,000 if he’s named national Coach of the Year.

Franklin’s 10-year extension includes a total of $80 million guaranteed. As a result, Franklin’s contract now includes the second-most guaranteed money among public-school coaches, trailing only Jimbo Fisher at Texas A&M.

Penn State keeps Franklin in Happy Valley

In his eighth year with Penn State, Franklin has become a main character in an unprecedented coaching carousel. Two SEC jobs opened up before Thanksgiving and USC fired its head coach after just two games.

“Penn State’s future is bright, and I’m honored to continue to serve as your head football coach,” Franklin said in a university press release. “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.

And despite a disappointing season — Penn State is 7-4 — Franklin’s name has been on the shortlist for many of the top jobs. There have been times this season when the fan base and head coach has seemed at odds, but with a top-10 overall recruiting class coming in, the Nittany Lions believe they have the coach that can have them winning Big Ten titles.

Franklin has won one conference title, back in 2016 when he took Penn State to the Rose Bowl. His overall record is 67-32, with a 42-27 mark in Big Ten play.

But the Nittany Lions have never made the College Football Playoff in his tenure. The closest they came to making the playoff was in 2019, when they climbed to No. 4 in Week 10. Penn State fell out of the postseason picture the following week, however, falling on the road to Minnesota.

And while Franklin has found plenty of success, he has struggled in to truly challenge Ohio State in the Big Ten East. Since defeating then-No. 2 Ohio State in Beaver Stadium in 2016, the Nittany Lions have dropped five straight to their division rival.

Under Franklin, Penn State is 7-16 in games against Ohio State, Michigan and Michigan State. The Nittany Lions travel to Michigan State on Saturday for the Land Grant Trophy.

Coaching carousel rumors arose in 2021

According to Neil Rudel of The Altoona Mirror, the Franklin told members of the State College Quarterback Club last week that “I’m not going anywhere.”

The Penn State head coach was then asked about the question following his team’s win over Rutgers this past weekend. Franklin was confrontational on the topic, but then alluded to the extension in his response.

“I’d like to right now talk about Rutgers,” Franklin said. “I get it. I’d like to talk about Rutgers. I made that statement because I thought something was going to happen a little bit sooner. Tuesday we can talk about that as much as you guys want to talk about that. I’d like to talk about Rutgers. I get it and I understand the questions.

“I’ve tried to tell you guys before, these things are much more complicated than just a simple yes and no answers and, with me, I just am always trying to be as transparent as possible and tell you guys what I know and when I say something, it’s going to happen. If we could wait until Tuesday, I’d appreciate it, but I also understand the question.”