Penn State Amends James Franklin’s Contract to Reflect New College Football Playoff

Penn State football coach James Franklin has received a contract update that includes new bonuses to reflect the expanded College Football Playoff. The Penn State Board of Regents’ Equity and Human Resources Committee approved the contract amendment Friday, a little more than three years after Franklin agreed to 10 year deal in 2021. Penn State has not released a new list of conditions or details about updated incentives as part of the approval.

“The Equity and Human Resources Committee voted unanimously to revise the performance incentives section of Coach James Franklin’s contract,” a Penn State spokesperson said in a statement. “This change is due to the expanded 12-team College Football Playoff (CFP) format, which, starting this year, includes one additional game compared to the previous four-team elimination CFP format from 2014-2023.”

In 2021, Franklin signed a 10-year contract worth $85 million guaranteed that included up to $1 million annually in performance incentives. Among these incentives:

Franklin’s incentive structure is changing with the new 12-team playoff format. If Penn State makes the College Football Playoff, it would be able to play as many as four postseason games, including the national championship game scheduled for Jan. 20 in Atlanta. Penn State could also play a first-round game in December. Penn State did not disclose details of the new incentive structure.

Franklin, 52, is in his 11th season as Penn State’s head coach. He has a career record of 98-40 at Penn State, including a 10-1 record this season. With a win over Maryland on Saturday, Penn State will win 11 regular-season games for the first time under Franklin and the first time since 2008. Penn State will also earn a berth and likely home game in the College Football Playoff.

James Franklin’s contract history with Penn State

2021: In November 2021, Franklin signed his largest contract to date, a 10-year deal worth $85 million, representing a $1.1 million increase in guaranteed annual compensation over his previous deal. That’s also $1.5 million in additional guarantees, including $1 million in life insurance credit and up to $1 million a year in bonuses. The deal also included increasing the operating time of private jets by 10 percent to 55 hours.

2019: Before playing Memphis in the Cotton Bowl, Penn State and Franklin announced a third six-year deal that runs through the 2025 season. That contract, which expires Dec. 31, guaranteed Franklin $35.4 million with a maximum annual salary of $6.5 million in 2025. The contract also included a total of $2.8 million in annual retention bonuses and another $1 million per year in life insurance credits. The $1 million in incentives remained, as did a car allowance and 50 hours of private jet use.

2017: After winning the Big Ten title in 2016, Franklin signed his second six-year contract worth $32 million guaranteed and a maximum annual salary of $6.25 million. The contract also included $2.7 million in annual retention bonuses, up to $1 million per year in performance bonuses, a $10,000 annual car allowance and up to 50 hours per year of personal use of a private jet.

2014: Franklin signed a six-year contract that guaranteed him $25.5 million. It all started with a $4 million salary in 2014, which increased by $100,000 annually through the 2019 season. This also includes $2.25 in annual retention bonuses payable on December 31 of each year and up to $1 million in annual performance bonuses. The contract also included an annual car allowance of $10,000 and up to 35 hours per year of personal use of a private jet.

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