How much money did Penn State coach James Franklin make in 2023, and what could he make in 2024?
Penn State coach James Franklin has completed his 10th season at Penn State. The now 51-year-old arrived in State College at a time when the program was still dealing with scandal and sanctions in 2014. A decade later, he is 88-39 in blue and white and could win his 100th game as the leader of the Nittany Lions next season if he were to guide the team to either an undefeated regular season, deep postseason run, or, of course, both.
Plenty of change is on the horizon in 2024. The Big Ten is expanding and getting rid of divisions. The College Football Playoff is going from four teams to 12. Penn State will have two new coordinators and numerous fresh faces in starting roles. So will other teams across both the conference and sport. But, Franklin, who signed a 10-year deal that started with the 2022 season, will still be in charge of the Lions. With that in mind, it’s time to take a look at what he ultimately made in 2023 and what he could make this year.
Finalizing what Franklin made in 2023
According to the agreed-upon contract terms from Nov. 2021, Franklin made a $500,000 base salary in 2023. In addition to that, his supplemental pay was $6.5 million. That adds up to $7 million of guaranteed compensation, of course. In addition to that, a $500,000 retention bonus payable on Dec. 31, 2022, because he was still the head coach, bumps his 2023 earnings to $7.5 million. There is an annual life insurance loan for $1 million, bumping that figure to $8.5 million. And, the Penn State coach made $300,000 for guiding the Lions to the Peach Bowl.
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Put it all together, and it comes out to $8.8 million for Franklin in 2023.
What can the Penn State coach make in 2024?
Franklin will again make $7 million in guaranteed compensation in 2024. If he is still the coach on Dec. 31 of this year, he’ll get the $500,000 retention bonus. And, the $1 million annual loan for life insurance is in the mix, too. So, he can start out with a minimum of $8.5 million. If he maxed out his bonuses, the most he could get from those is $1 million, making his maximum possible earnings $9.5 million in 2024. That, like the 2023 figure above, does not include an automobile allowance and up to 55 hours of private jet access.
What are the buyout terms?
We’ll wrap things up here since it’s always asked about, regardless of whether or not there is a good reason to do so. Franklin would have owed Penn State $6 million if he left voluntarily following the 2023 season. That number drops to $2 million if he leaves after the 2024 season. However, if the Lions would fire Franklin without cause, it would owe him $56 million.
Penn State opens the 2024 season on Aug. 31 at West Virginia.
