4:42 PM
Penn State's head coach James Franklin has agreed to a 10-year contract extension.
The school made a long-term commitment to keep Franklin in Happy Valley, as they announced the extension on Tuesday.
James Franklin will be the leader of the football program for a long time. Sandy Barbour, Penn State athletic director, said that they will continue to improve. We have made a lot of investment in our football program and we believe we have a bright future under James. We are signaling our commitment to being one of the premiere programs in the history of college football with this contract.
Franklin will make $7.5 million through base salary, supplemental pay and an annual retention bonus. Franklin will get an annual loan of $1 million for a life insurance policy through the entire contract.
He will have incentives built into his contract to add additional income, such as $350,000 for winning the Big Ten Championship game, $400,000 for making the College Football Playoff and $800,000 for winning a national championship.
Franklin's buyout will start at $12 million. It will be reduced to $8 million by the end of the year.
The team went 10-2 in Franklin's first year and beat Wisconsin for the Big Ten title.
Penn State's future is bright, and I'm honored to continue to serve as your head football coach. Franklin said the administration approached him nine weeks ago about making a long-term investment in the football program. The resources needed to be competitive at a level that matches the expectations and history of Penn State were the subject of numerous conversations. The importance of our student-athletes' success both on and off the field is most evident from those conversations.
