**James Franklin’s 2024 Salary and Contract Overview**
In November 2021, Franklin secured a 10-year contract extension that will keep him at Penn State through the 2031 season. As part of this agreement, the head coach is set to earn an annual salary of $8.5 million, with chances to raise this amount through various performance-based incentives.
Franklin’s compensation package is more intricate than a straightforward base salary, as is common in contemporary college football coaching contracts. He receives $7.5 million each year, which comprises his base salary, supplemental pay, and a retention bonus, the latter of which is estimated to be $500,000 of that total.
The remainder of Franklin’s total annual compensation stems from a $1 million loan provided yearly throughout the contract duration for a life insurance policy.
Upon Franklin’s hiring in 2021, Penn State athletic director Sandy Barbour remarked on the institution’s commitment to investing in the football program, indicating that the contract illustrates their determination to maintain prominence in college football.
Three years into the extension, Franklin has partially justified that investment by guiding the Nittany Lions to double-digit wins each season since the contract’s inception, including appearances in the Big Ten Championship Game and the College Football Playoff in 2024.
Despite these achievements, Penn State fans have expressed frustration over the team’s failure to win a conference title since 2016, particularly against rivals like the Michigan Wolverines and Ohio State Buckeyes, as well as setbacks against the Oregon Ducks in 2024.
Consequently, discussions regarding Franklin’s contract buyout frequently arise. Should Penn State decide to terminate his contract without cause, they would face substantial financial repercussions, needing to cover his current base salary and supplemental pay multiplied by the remaining years on his contract.
Franklin’s contract is notably advantageous for him, allowing for easier exit options to pursue other opportunities. If he chooses to leave in either 2024 or 2025, he would only owe a $2 million buyout, which then reduces to $1 million for any departure for the remainder of the contract period.
**Franklin’s Net Worth**
Based on his $8.5 million annual salary over the 10-year contract, Franklin’s net worth is projected to be around $85 million. This figure excludes earnings from his time at Penn State prior to the 2021 extension and from his previous coaching positions. Additionally, his contract does not account for any performance-related bonuses linked to athletic or academic achievements.
