By Julie Glass
Penn State has finally made public the terms of head football coach James Franklin’s new six-year contract, which calls for total guaranteed compensation of $35.4 million.
The announcement of the contract’s finances comes more than two months after the compensation committee of the university’s board of trustees approved the deal on Dec. 6.
Franklin, a Langhorne native who is entering his seventh season as Nittany Lions coach, will receive $5.4 million in the 2020 calendar year and $5.5 million in 2021. The contract then allows for raises of $250,000 in each of the next four years, to $6.5 million in 2025, the final year of the deal.
The 2020 compensation is actually less than the $5.65 million he earned last season, but it includes a $1 million annual loan for life insurance and a $300,000 retention bonus at the end of the year. A retention bonus of $500,000 is in effect for each of the next five years.