James Franklin has agreed to a 10-year contract extension to continue as head coach of the Penn State football team through the end of the 2031 season.
The school announced the extension on Tuesday, as the school made a long-term commitment to keep Franklin at Happy Valley.
“We are delighted to have James Franklin lead our football program for a long time. We will continue our collective effort to continuously improve every aspect of the program.” Penn State Athletic director Sandy Barbour said in a statement. “We have and will need to continue to make significant investments in our football program as we believe we have a bright future under James. With this contract, we are signaling an unwavering commitment to ourselves. firmly established itself as one of the premier programs in the history of college football.”
Under the new contract, Franklin will earn $7.5 million through base salary, extra pay, and annual retention bonuses. Franklin will also receive a $1 million annual loan for a life insurance policy through the entire policy.
He will have built-in incentives throughout to further boost his earnings, including $350,000 for winning the Big Ten game, $400,000 for qualifying for the College Rugby Round, and $800,000 dollars to win the national championship.
Franklin’s acquisition will start at $12 million by April 1, 2022. It will drop to $8 million through December 31, 2022, $6 million by 2023, 2 million dollars in 2024 and 2025 and 1 million dollars between 2026 and 2030.
Franklin is 67-32 as head coach of Penn State and won the Big Ten championship in 2016, when the team won 10-2 and beat Wisconsin to claim the conference title.
“The future of Penn State is very bright and I am honored to continue as your team’s head coach. Nine weeks ago, the administration contacted me about making a long-term investment in its football program. us,” Franklin said. “This has prompted many conversations mapping out the resources needed to compete at a level that matches Penn State’s expectations and history. What’s clearest from those conversations is the importance of that. critical to the success of our student-athletes both on and off the field.”
