Penn State wants James Franklin to land on his feet pronto.
Franklin’s contract, which Penn State bought out for $49 million, includes a clause that calls for him to be diligent in searching for his next job, 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 also notably calls for Franklin “to make good faith efforts to obtain the maximum reasonable salary” at his new job, per Front Office Sports.
That note is tied to the normal offsetting pay clause that Franklin’s contract has, which lessens the amount Franklin is owed should he land another job.
While there are haves and have-nots in college football, and there are no indications that Penn State is struggling financially, any school would love to avoid paying such a hefty bill.
The roughly $49 million figure Penn State owes Franklin reportedly consists of the $8 million Franklin is owed each season through 2031, plus the amount remaining on his contract for this 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.
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