Penn State coach James Franklin will enter the second year of his latest contract Jan. 1 with a raise of at least $300,000.
Franklin is scheduled to earn at least $6 million, including a $500,000 year-end retention bonus, if he remains Penn State's coach through 2021. That's part of the six-year contract he signed in early 2020, before the COVID-19 pandemic threw life, and college athletics, into tumult.
The contract guaranteed Franklin at least $38.2 million, not including incentives or a $1 million annual loan for life insurance, over its six-year span. Though Penn State asked athletics employees to take pay cuts in 2020 (Athletic Director Sandy Barbour said she took a 15-percent reduction), no coaches have stated publicly whether they agreed to salary concessions.
Franklin is scheduled to receive a $100,000 salary increase in 2021, from $5.4 million to $5.5 million in guaranteed pay. He also is scheduled to receive a $500,000 annual retention bonus on Dec. 31, 2021. Franklin's contract included a 2020 retention bonus of $300,000, which was payable Thursday.
In addition, Franklin's buyout, should he leave for an NFL or another college coaching position, lowers from $5 million to $4 million in 2021.
Here's an expanded look at what Franklin is due annually according to the contract:
Total Guaranteed Annual Compensation
2020: $5.4 million
2021: $5.5 million
2022: $5.75 million
2023: $6 million
2024: $6.25 million
2025: $6.5 million
Annual Retention Bonus (payable Dec. 31)
Incentives ($1 million maximum per year)
Win College Football Playoff national championship: $800,000
CFP runner-up: $500,000
Qualify for CFP: $400,000
Win Big Ten championship game: $350,000
Qualify for New Year's 6 bowl game (not a semifinal): $300,000
Big Ten championship-game appearance: $250,000
Win/tie for Big Ten East title (no championship-game appearance): $150,000
National coach of the year: $150,000
Big Ten coach of the year: $100,000
Voluntary Buyout (payable to Penn State if Franklin leaves for another job)
2020: $5 million
2021: $4 million
2022: $3 million
2023: $2 million
2024: $1 million
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