James Franklin will be staying at Penn State, after all, and possibly for a long time to come.
… Beginning Jan. 1, Franklin will be scheduled to make $8.5 million annually, including a $500,000 retention bonus each Dec. 31, according to a term sheet released by the school. That amount includes $1 million in the form of loans to be used to pay the premiums on a life insurance policy. Pennsylvania open-records law does not require Penn State to make employment contracts public, but the school likely will be entitled to reimbursement of the loans from the insurance policy’s death benefit.
The deal’s guaranteed value is $80 million – all the money involved except the annual retention payments. That will give Franklin the second-largest guaranteed amount of any public-school sports coach, behind the $95 million that Texas A&M will be guaranteeing football coach Jimbo Fisher as of Jan. 1, according to information obtained by USA TODAY Sports.
What a coincidence, eh?
Franklin is 67-32 at Penn State — certainly not awful. He’s even got a win over Ohio State along the way to go with a conference title. He recruits well, too. For that, though, to be worthy of a 10-year contract to go with a top-five salary tells you that the market for head coaches is changing again, largely (I suspect) driven by the anticipated money coming in from new TV deals for the Big Ten and the CFP. And Jimmy Sexton’s shrewd enough to read which way the wind is blowing.
Jimbo. Mel Tucker. And now Franklin. It’s the new normal, peeps.
Can’t wait to see what Kirby’s new deal looks like. You know it’s coming. After all, who’s his agent?