Penn State and James Franklin won’t be parting ways anytime soon. On Wednesday, Franklin received a healthy contract extension that will keep him in State College for quite some time.
On Wednesday, Penn State released a statement on the details of Franklin’s contract to keep the head football coach in Happy Valley through the 2025 season. The new contract is a six-year deal that will pay him $38.2 million guaranteed over that time.
The new deal comes after Franklin led Penn State to an 11-2 record and a victory over Memphis in the Cotton Bowl.
“It’s not often a coach gets an opportunity to move back to their home state and coach the team they grew up watching,” Franklin said in a statement. “It’s even more rare that it’s a school as rich in history and tradition as Penn State. It’s been an honor and privilege to be the head coach of the Penn State Football program for the last six years.”
Here’s what Franklin’s guaranteed pay will look like over the next six years:
- 2020: $5.4 million
- 2021: $5.5 million
- 2022: $5.75 million
- 2023: $6 million
- 2024: $6.25 million
- 2025: $6.5 million
Franklin’s new buyout — should he voluntarily leave — is set at $5 million and decreases by $1 million each season. The deal reaches zero in the final year of his contract.
Penn State has reached the 11-win mark three times in the last four seasons under Franklin, and won a B1G championship in 2016. The Nittany Lions have compiled a 56-23 record in six years under Franklin and have played in a bowl game every season.