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The Year 2 Details of Penn State Coach James Franklin's Contract

Penn State coach James Franklin signed a new six-year contract in 2020. Here's what he's due in 2021.

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)

2020: $300,000

2021: $500,000

2022: $500,000

2023: $500,000

2024: $500,000

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2025: $500,000

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

2025: None

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