Breaking: Penn State head football coach James Franklin receives 10-year extension
The questions surrounding James Franklin’s status as Penn State’s head football coach have been answered.
The Penn State head football coach agreed to a 10-year extension that could keep Franklin with the program through the 2031 season.
The contract will guarantee him $7 million per year, with annual retention bonuses worth $500,000 that will be paid out Dec. 31 of every year beginning in 2022.
“Penn State’s future is bright, and I’m honored to continue to serve as your head football coach,” said Franklin in a 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.”
Franklin reportedly said, “I’m not going anywhere,” at a State College Quarterback Club lunch Nov. 17, according to The Altoona Mirror’s Neil Rudel. He addressed those comments Saturday after his team’s 28-0 win over Rutgers, saying he would speak further about them at a later date.
“I’d like to talk about Rutgers,” Franklin said. “I made that statement because I thought something was gonna happen a little bit sooner. Tuesday, we can talk about that as much as you guys want to talk about that. ... These things are much more complicated than simple yes or no answers.”
Franklin then said Tuesday afternoon that things had again not played out as quickly as he had anticipated.
“I was hoping that I would be able to have a conversation with you guys at this stage but I don’t have anything new to report at this time,” he said at his weekly press conference.
Franklin had been linked to openings at both LSU — where Ed Orgeron was fired in October — and USC — where Clay Helton was fired in September — earlier in the season, but the general discourse shifted to other candidates for both jobs in recent weeks. He was most recently connected to the head coaching position at Florida that came open after Dan Mullen was fired Sunday.
Penn State athletic director Sandy Barbour added that she believes the program has a “very bright future” under Franklin.
“We are excited to have James Franklin lead our football program for a long time,” said Barbour. “We will continue our collective efforts to constantly improve in all aspects of our program. We have made, and will need to continue to make, significant investment in our football program because we believe we have a very bright future under James. With this contract, we are signaling our sustained commitment to being one of the premiere programs in the history of college football. Our goals and aspirations relating to football have never wavered and our investments today and in the future of our program will allow us to compete at the highest level.”
Franklin’s new contract also has a new buyout for both sides in the event either wants to terminate the contract. If Franklin wants to leave, he will have to pay $12 million if it’s prior to April 1, 2022, $8 million if it’s prior to Jan. 1, 2023, $6 million if it’s prior to Jan. 1, 2024, $2 million if it’s prior to Jan. 1, 2026 and $1 million if it’s prior to Jan. 1, 2031.
If Penn State wants to fire the head coach, it will have to pay the sum of his base compensation, his supplemental pay and his life insurance loan, which equals $8 million, times the number of years left on the contract. For instance, if the university wanted to sever ties next month, it would owe him $80 million. That number decreases by $8 million each season.
Franklin has led the Nittany Lions to two New Year’s Six bowl games in his eight years at the helm, winning both. His team struggled for a stretch this season, losing four of five games from Oct. 9 - Nov. 6 against Iowa, Illinois, Ohio State and Michigan.
This story was originally published November 23, 2021 at 4:37 PM.
