James Franklin became the Penn State Nittany Lions head coach in 2014 and has since ensured the program is a consistent force at the front of the Big Ten, even in an ever-changing college football landscape. After being rewarded with an extension in 2021, what is Franklin’s current salary, contract, and net worth?
James Franklin’s Salary and Contract in 2024
Franklin signed a 10-year contract extension in November 2021 that will keep him in Happy Valley through the 2031 season. Under the terms of that contract, the Penn State head coach will earn $8.5 million per year, with the opportunity to boost his salary with a range of performance-related incentives.
Like most head coach contracts in the modern college football era, Franklin’s salary is a little more complex than a simple base. The Nittany Lions leader earns $7.5 million annually through a combination of base salary, supplemental pay, and an annual retention bonus. The latter is thought to account for $500,000 of the $7.5 million figure listed above.
FOLLOW ALONG: Track Every Transfer Portal Entrant in our CFN Transfer Portal Tracker now!
The final amount of Franklin’s $8.5 million salary comes from a different source entirely. The Penn State head coach receives a $1 million loan every year of the 10-year contract for a life insurance policy.
When signing Franklin to the contract in 2021, Penn State athletic director Sandy Barbour explained, “We have made, and will need to continue to make, significant investment in our football program,” while adding that the deal signals “our sustained commitment to being one of the premier programs in the history of college football.”
Three years after that contract extension, Franklin delivered upon that investment to a degree. The Nittany Lions have won double-digit games every season since locking down their head coach to a 10-year deal, while reaching the Big Ten Championship Game and the College Football Playoff in 2024.
However, Penn State has yet to bring a conference crown back to Happy Valley since 2016, and fans have been vocal in their frustrations over the team’s inability to win in the biggest games. The Michigan Wolverines and Ohio State Buckeyes have been a consistent thorn in the side of Franklin’s tenure, while the addition of the Oregon Ducks thwarted their attempts in 2024.
As such, Franklin’s contract buyout is a frequent topic of conversation when discussing the Penn State head coach. If the Nittany Lions wanted to cut bait without cause, they’d have to pay his current base salary and supplemental pay, times by the number of contract years remaining. It’s a hefty sum of money.
In a deal heavily skewed toward the Penn State head coach, Franklin’s contract makes it far easier for him to get out of if he wanted to pursue opportunities away from Beaver Stadium. If he leaves in either 2024 or 2025, he will pay $2 million, which will decrease to $1 million for the remainder of the contract duration.
Franklin’s Net Worth
Franklin’s net worth, based on a 10-year contract where he earns $8.5 million a year, is $85 million. However, that doesn’t include salaries earned at Penn State before his 2021 contract extension or at previous coaching spots.
Furthermore, his contract doesn’t include any athletic or academic performance-related incentives. With the changes to the College Football Playoff, those bonuses were revised ahead of the 2024 college football season, with no specific details revealed as to the specific amendments.
Before the changes, Franklin’s contract offered the Penn State head coach the following opportunities to bolster his salary:
- Winning the College Football Playoff National Championship Game: $800,000
- Reaching the College Football Playoff National Championship Game: $500,000
- Reaching the College Football Playoff Semifinal: $400,000
- Appearing in a New Year’s Six Bowl Game (bonus now defunct): $300,000
- Winning the Big Ten Championship Game: $350,000
- Appearing in any other bowl game: $200,000
- Winning Big Ten Coach of the Year: $100,000
- Winning National Coach of the Year: $150,000
If Franklin can guide the Nittany Lions to the ultimate college football prize, he’ll be extremely well compensated. However, based on his career at Penn State to date, that’s a considerable if. Nonetheless, he remains one of the best-paid coaches in the sport.
College Football Network has you covered with the latest from the ACC, Big Ten, Big 12, SEC, and every Group of Five conference and FBS Independent program.