The Penn State Board of Trustees recently met to vote on and approve the contract extension of Penn State football's head coach James Franklin to keep him as the head coach through the 2031 season.
Here is a quick look at the details within the extension, including some of the final numbers and money guarantees.
BASE SALARY + SUPPLEMENTAL PAY: 10 year deal / $70 million
RETENTION BONUS: 10 years / $500,000 each season retained
LIFE INSURANCE: $1 million loan annually
INCENTIVES:
BIG TEN
Big Ten Championship winner: $350,000
Big Ten Championship appearance: $250,000
Wins/Ties division title, but doesn't participate in champ game: $150,000
BOWL GAMES:
CFP National Championship Game Victory: $800,000
CFP National Championship Game runner Up: $500,000
CFP FINAL FOUR APPEARANCE: $300,000
APPEARANCE IN ANY OTHER BOWL GAME: $200,000
COACH OF THE YEAR AWARDS
Big Ten Coach of the Year: $100,000
National Coach of the Year: $150,000
TERMINATION
2022: $12 million (prior to 4/1/22) / $8million (through 12/31/22)
2023: $6 million
2024: $2 million
2025: $2 million
2026: $1 million
2027: $1 million
2028: $1 million
2029: $1 million
2030: $1 million
2031: ------
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