James Franklin's new Penn State contract worth up to $38.2M

Penn State coach James Franklin's new six-year contract with the school will pay him up to $38.2 million plus incentive bonuses, the school announced Wednesday.

Penn State initially announced a new six-year deal for Franklin in December but did not disclose terms.

Franklin will earn $5.4 million in base salary and supplemental pay in 2020. His total compensation increases to $5.5 million in 2021 and then by $250,000 in each remaining year of the contract. He will receive a $300,000 retention bonus on Dec. 31 and $500,000 on Dec. 31 of each remaining year of the contract.

Penn State also will pay an annual $1 million life insurance loan for every year of Franklin's deal.

Franklin, 48, is 56-23 in six seasons at Penn State with a Big Ten championship in 2016 and three top-10 finishes. In August 2017, Penn State announced a six-year, $34.7 million contract for Franklin.

The new agreement includes 50 hours per year of private aircraft use, a $10,000 annual automobile allowance and several incentive bonuses, including for a College Football Playoff appearance ($400,000), a national championship ($800,000), a Big Ten championship ($350,000) and national coach of the year ($150,000).

Franklin would owe Penn State $5 million if he chooses to leave for another college or NFL job in 2020. His buyout decreases by $1 million in each of the next four years, and he would not owe the school anything if he leaves in 2025. If Penn State terminates Franklin without cause, it would owe him his base salary, supplemental pay and annual life insurance loan multiplied by the number of years remaining on his contract.