Penn State amends James Franklin's contract to account for 12-team College Football Playoff
The Penn State Board of Trustees did not wait until the very last minute to alter head football coach James Franklin’s contract to account for the 12-team College Football Playoff. But, it certainly got into the final countdown to the postseason’s kickoff before doing so.
“The Committee on Equity and Human Resources voted unanimously to revise the performance incentives section in Coach James Franklin’s contract,” a school spokesperson said Friday. “The change accounts for the expanded 12-team College Football Playoff (CFP) format, which beginning this year includes one additional game compared to the previous four-team single elimination CFP format from 2014-2023.”
Under Franklin’s 10-year, $70 million contract that was agreed to by both sides in 2021, the leader of the Lions was eligible to receive $800,000 if his team wins a national title, $400,00 if it finishes as the runner-up in a given year, $400,000 if his team made the CFP final four, $300,000 if the team made a non-Playoff New Year’s Six Bowl, and $200,000 for appearing in any other bowl game. Penn State is not releasing a new terms sheet. That means we won’t know what the Committee on Equity and Human Resources is changing. But, it surely has to do with there now being first round and quarterfinal CFP games. Before, there was only a semifinal and final.
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How much can Penn State coach James Franklin make in 2024?
Obviously, we don’t have the full answer without the updated term sheet. But, his base salary is $7 million. He is owed a $500,000 retention bonus on Dec. 31 of this year. And, he receives a $1 million annual life insurance loan. So, he’s set to earn at least $8.5 million before any postseason incentives kick in. We can assume that, if the Lions make the CFP and host a home game in the first round as expected, he will get at minimum a $200,000 bonus and likely more. And, there are surely escalators for the team advancing throguhout the CFP. But, again, the full details are not being disclosed by the university.
There is also an outside chance that Penn State makes the Big Ten title game, which triggers another bonus. It’s highly unlikely Franklin and the Lions will make it there, though, as it requires Penn State beating Maryland Saturday, which is likely, and also Michigan toppling Ohio State as a three-touchdown road underdog. That, of course, is unlikely to happen.
