The Nittany Lions appear to have their head coach for the foreseeable future.
After months of speculation, we finally have an answer.
The Penn State Board of Trustees' Subcommittee on Compensation met on Tuesday afternoon and approved a 10-year contract, $70M extension for head football coach,James Franklin that runs through 2031.
"Penn State's future is bright, and I'm honored to continue to serve as your head football coach," Franklin said in a press release from the university. "Nine weeks ago, the administration approached me about making a long-term investment in our football program. This prompted numerous conversations outlining the resources needed to be competitive at a level that matches the expectations and history of Penn State. What's most evident from those conversations is the importance of our student-athletes' success both on and off the field..
Franklin's job status has been front and center in Penn State and national news cycles the last two months. First, he was the subject of job searches by LSU and USC following the firings of Ed Orgeron and Clay Helton and a 5-0 start for the Nittany Lions, which landed them at No. 3 in the AP Top 25. Then, as Penn State limped to a brutal back half of the season that has seen it drop to 7-4 and out of the rankings, he's been the subject of much ire from fans who are unsure whether he's the man to lead the program forward.
Finer points of the deal have still yet to be announced, but the 10-year term comes with a $12M buyout on Franklin's side until April, an $8M buyout through the end of 2022, a $6M buyout in 2023 and then $2M in 2024 and 2025 before dropping to $1M through the rest of the deal. If Penn State should end up in a situation where it needs to buy out Franklin, the number sits at $8.5M for each year remaining on the contract. In addition to the increase in salary, which puts Franklin among the nation's elite, the deal is expected to include an improved salary pool for assistants and administrative staff as well as assurances on planed facility and program infrastructure upgrades.
When asked about those improvements during Tuesday's weekly media availability, Franklin said that "we keep talking about facilities, but it's about much more than that. Everything matters."
He went on to mention that Penn State needs to be willing and able to compete with other programs year-round, both on and off the field.
The full press release from Penn State Athletics can be found here.
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