Penn State head coach James Franklin, shown Sept. 8, 2018, has led the Nittany Lions to a 67-32 record since joining the school. File Photo by Archie Carpenter/UPI | License Photo
Nov. 23 (UPI) -- Penn State's James Franklin has agreed to a 10-year contract extension to remain as the Nittany Lions' head football coach through the 2031 season.
Under the new extension, Franklin will earn $7.5 million per season through base salary, supplemental pay and an annual retention bonus.
Franklin will receive an annual loan of $1 million for a life insurance policy through the duration of the contract. The pact also contains incentives, including $350,000 for winning the Big Ten championship game, $400,000 for reaching the College Football Playoff and $800,000 for winning a national title.
"We are excited to have James Franklin lead our football program for a long time," Penn State athletic director Sandy Barbour said in a statement Tuesday. "We will continue our collective efforts to constantly improve in all aspects of our program.
"We have made, and will need to continue to make, significant investment in our football program because we believe we have a very bright future under James. With this contract, we are signaling our sustained commitment to being one of the premier programs in the history of college football."
Franklin's buyout will start at $12 million before 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 2026-30.
Franklin has posted a 67-32 record as Penn State's head coach and won the Big Ten championship in 2016.
"Penn State's future is bright, and I'm honored to continue to serve as your head football coach," Franklin said. "Nine weeks ago, the administration approached me about making a long-term investment in our football program.
"This prompted numerous conversations outlining the resources needed to be competitive at a level that matches the expectations and history of Penn State. What's most evident from those conversations is the importance of our student-athletes' success both on and off the field."