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James Franklin is locked in to stay with Penn State for the long haul.
Franklin signed a new 10-year contract on Tuesday that will guarantee him at least $75 million through the 2031 college football season. The long-time coach and Penn State’s Board of Trustees agreed to the terms that will pay him $7 million per year, retention bonuses of $500,000 each season and a $1 million annual loan for life insurance.
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Penn State head coach James Franklin walks along the sideline late in the fourth quarter of an NCAA college football game against Maryland in State College, Pa., Saturday, Nov. 7, 2020. (AP Photo/Barry Reeger)
"Nine weeks ago, the administration approached me about making a long-term investment in our football program," Franklin said in a statement. "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."
FILE - This file photo from Oct. 26, 2019 shows Penn State coach James Franklin as he watches the team warm before an NCAA college football game against Michigan State, in East Lansing, Mich. A football player who transferred from Penn State claims in a lawsuit filed Monday, Jan. 13, 2020, against the university, and head coach James Franklin, that other Nittany Lions players hazed him and other younger teammates, including allegations they imitated sexual acts in the shower and invoked Jerry Sandusky's name. (AP Photo/Al Goldis, File)
In eight seasons as head coach of the Nittany Lions, Franklin has a 67-32 record with seven bowl appearances. In 2016, he led Penn State to the Big Ten championship. Franklin — who is a Pennsylvania native — said that called it his "dream job" back in 2014 when he was hired away from Vanderbilt.
On Saturday, Franklin will coach his 100th game when the Nittany Lions visit No. 12 Michigan State.
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In this Saturday, Sept. 14, 2019 file photo, Penn State head coach James Franklin leads his team onto the field for an NCAA college football game against Pittsburgh in State College, Pa. The Indiana Hoosiers took some big steps in rebranding their football program last season. Now they're looking to build on the momentum. Penn State coach James Franklin and others around the league have watched Indiana's steady progression. They believe a cadre of offensive playmakers coupled with an experienced defense could put Indiana on the cusp of a breakthrough. (AP Photo/Barry Reeger, File)
"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," Penn State Athletic Director Sandy Barbour said. "With this contract, we are signaling our sustained commitment to being one of the premiere programs in the history of college football. Our goals and aspirations relating to football have never wavered and our investments today and in the future of our program will allow us to compete at the highest level."
The Associated Press contributed to this report.