Penn State wants James Franklin to land on his feet pronto.
The contract for Franklin, which Penn State compensated by purchasing it for $49 million, has a section requiring him to actively seek his subsequent employment, according to Front Office Sports.
The buyout is the second-largest in college football history, trailing only the $76 million Texas A&M paid Jimbo Fisher to part ways.
“Once terminated, Coach is obligated to diligently search for and make a good faith effort to obtain another position appropriate for his skill set (i.e., coaching, scouting and broadcasting only) and to provide the university upon request with evidence that he is seeking such employment,” the contract Franklin signed in November 2021 states, according to the report.
The contract further specifies that Franklin must “make good faith efforts to obtain the maximum reasonable salary” in his new role, as mentioned by Front Office Sports.
This provision is related to the standard offsetting pay clause in Franklin’s contract, which reduces the amount owed to him should he secure another position.
Even though there is a divide between the advantaged and disadvantaged in college football, and Penn State shows no signs of financial strain, any institution would prefer to sidestep paying such an immense sum.
The approximately $49 million figure that Penn State owes Franklin reportedly comprises the $8 million Franklin is entitled to each year through 2031, along with the remaining amount on his contract for the current season.
Penn State athletic director Patrick Kraft said the athletics branch — not the university — will be paying out what Franklin is owed.
“’Should Coach obtain such applicable employment prior to the date this Contract would otherwise have expired, the University’s obligation to make payments to Coach … will be offset by the total compensation earned by Coach from such applicable new position through the end of the otherwise unexpired term of this agreement,’” the contract stipulates, according to Front Office Sports.
Franklin, who turned around Vanderbilt and made Penn State a perennial top-10 program, should have no problem landing a job, provided he wants to get back into coaching.
There are some high-profile jobs open, including Arkansas, Oklahoma State, UCLA , Virginia Tech and Stanford, and Franklin has experience coaching in the SEC and Big Ten.
However, college coaches have begun transitioning to media roles amid the extra stress the new NIL rules bring, taking lesser-stress jobs with still comfortable paying jobs.
Ex-Alabama legend Nick Saban cited NIL as a reason for him exiting the coaching ranks.
