Penn State coach James Franklin receives his retention bonus today; here's how much he made total in 2021
Penn State coach James Franklin receives his retention bonus today.
The university owes its now eighth-year head coach $500,000 on Friday since he continues to lead its football program. Prior to this year, he had picked up an extra $300,000 on every Dec. 31 he was employed by the school. The bump-up was found in the contract he signed two years ago.
Franklin, of course, signed a massive new 10-year deal earlier this year that can keep him in State College through 2031. The terms of that agreement do not take effect, however, until Jan. 1, 2022.
In other words, this retention bonus is the final thing left to deal with from the six-year term sheet that he agreed to in December of 2019.
How much did Franklin make at Penn State in 2021?
Let’s break it down.
Franklin’s total guaranteed compensation was $5,500,000 in 2021. He also received the $500,000 retention bonus in addition to a $200,000 postseason bonus because the Lions earned an invitation to the Outback Bowl after a 7-5 regular season.
That total compensation adds up to $6.2 million in 2021. It is a mark that is toward the back half of the top-10 nationally.
Franklin also receives a $1 million annual loan from Penn State for life insurance and a $10,000 per year automobile allowance or a vehicle through what Penn State calls a Dealer Car Program.
What will James Franklin make in 2022?
As noted above, Franklin’s latest Penn State contract takes effect on Sun., Jan. 1.
In 2022, Franklin’s total guaranteed compensation is $7 million. He will also receive a retention bonus of $500,000 if he is employed by the Nittany Lions on Dec. 31, 2022.
On the bonuses front, Franklin can earn anywhere between $150,000 and $350,000 extra depending on where his team finishes in the Big Ten. Then, there is a bowl game bonus. That structure ranges from $200,000 for just making any bowl game to $800,000 if Penn State would win the College Football Playoff. There is a Big Ten and national coach of the year bonus possibility, as well.
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On Thursday, Penn State Vice President for Intercollegiate Athletics Sandy Barbour explained why the school locked in Franklin with the 10-year agreement.
“I think, obviously, there’s a lot going on in the college football environment,” Barbour said. “James is now completing his eighth season. If you look at the body of work, you look at what we’ve seen from James as it relates to who he is, what his values are, what his fit is for us, how he’s developed student-athletes, and then oh, by the way, we’ve also won a lot of football games. That ’16 ’17 ’18 ’19 four-year period was as good as we’ve been in about 35 or 40 years. So I think his body of work really spoke to me and spoke to the leadership of campus.
“We wanted to send a signal to him. And, we wanted to send a signal to everybody else, how much he’s appreciated. He’s our guy. Penn State’s a place where we like to, [and] we feel very comfortable with, leadership over long, sustained periods of time. Certainly, as a follower and a student of leadership, sustained, consistent leadership, when you’ve got a good one, is really, really positive. Penn State has historically benefitted from that.”
