Penn State was prepared to pay a pretty penny in order to hire their next football coach after Bill O’Brien left for the NFL’s Houston Texans. Not only did the university shell out a nice contract for James Franklin, making him the second highest paid coach in the Big Ten behind Urban Meyer, but the university agreed to pay Vanderbilt $1.5 million to buy out Franklin’s contract.
According to a report by USA Today, Penn State confirmed the buyout price tag Friday night even though the university is not bound by law to disclose such information. In an effort to be more open, a philosophy embraced and acted on with more frequency since the dark days of November 2011, Penn State confirmed the buyout price to USA Today when asked to follow up on details seemingly missing from the initial contract details for Franklin.
It was previously reported Penn State will be paying Franklin $1.3 million for a base salary and a total of $4 million for the 2014 season with bonuses and pay increases kicking in every year on his six-year contract.
Penn State previously agreed to pay for a newspaper advertisement on behalf of Franklin, thanking Vanderbilt for the time he spent with the program. It was previously reported that Penn State paid the bill, but Franklin agreed to repay the school once the bill arrived.