Penn State's Franklin agrees to $75M, 10-year extension

Updated Nov. 23, 2021 5:25 p.m. ET

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STATE COLLEGE, Pa. (AP) — Penn State football coach James Franklin agreed to a new 10-year contract Tuesday that will guarantee him at least $75 million through 2031.

Franklin and Penn State’s Board of Trustees agreed to the terms, which include a yearly base salary of $7 million, retention bonuses of $500,000 each year and a $1 million annual loan for life insurance.

Franklin is 67-32 at Penn State with seven bowl appearances in his eight seasons. The Nittany Lions won the Big Ten championship in 2016.

A Pennsylvania native who called the Penn State gig his “dream job” when he was hired away from Vanderbilt in 2014 will coach his 100th game at Penn State when the Nittany Lions visit No. 12 Michigan State on Saturday.

Franklin previously signed a six-year deal in 2019. The terms of that contract would’ve had him earn $5.75 million next season with a $250,000 raise each remaining year.

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