James Franklin has agreed to a 10-year contract extension to remain as Penn State’s head football coach through the 2031 season.
The school announced the extension on Tuesday, as it made a long-term commitment to keep Franklin in Happy Valley.
Under the new contract, Franklin will make $7.5 million through base salary, supplemental pay and an annual retention bonus. Franklin will also receive an annual loan of $1 million for a life insurance policy through the entirety of the contract.
He will have built-in incentives throughout to add additional income, including $350,000 for winning the Big Ten championship game, $400,000 for making the College Football Playoff and $800,000 for winning a national championship.
Franklin’s buyout will start at $12 million prior to April 1, 2022. It will reduce to $8 million through Dec. 31, 2022, $6 million in 2023, $2 million in 2024 and 2025 and $1 million from calendar year 2026 to 2030.
Franklin is 67-32 as Penn State’s head coach and won the Big Ten championship in 2016, when the team went 10-2 and beat Wisconsin for the conference title.