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Penn State paid Vandy $1.5M to buy out Franklin’s deal

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Source: USA TODAY

In addition to giving new coach James Franklin one of college football’s most lucrative contracts, Penn State agreed to pay $1.5 million that Franklin owed Vanderbilt for early termination of his deal there, Penn State disclosed Friday night.

The buyout payment, which Penn State provided in response to an inquiry from USA TODAY Sports, was not listed among the financial terms the university distributed Jan. 11 when it announced Franklin’s hiring.

As a private institution, Vanderbilt is not required to make its employment contracts public. This fall it declined a request from USA TODAY Sports for a copy of that agreement.

Under Pennsylvania’s open-records law, Penn State, Pittsburgh and Temple are not required to provide contracts or detailed breakdowns of compensation terms. But in the wake of the Jerry Sandusky scandal, Penn State has disclosed contracts for former football coach Bill O’Brien and terms for athletics director Dave Joyner, as well as for Franklin.

According to Franklin’s term sheet he received a six-year contract that will pay him $4 million for the 2014 season, plus another $300,000 as a retention bonus that would become payable if he is Penn State’s coach on Dec. 31, 2014. His annual guaranteed pay is schedule to increase by $100,000 each year and he has retention bonuses, as well as performance incentives each year.

Copyright © 2014 USA TODAY, a division of Gannett Co. Inc.


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