Details for James Franklin’s contract extension have been released by Penn State. The coach just signed a 10-year extension to stay with Penn State until 2031. 

Penn State Athletics released a document detailing the specifics of his contract with the announcement. Franklin’s new deal is a 10-year extension that’ll pay him $8.5 million annually. Stewart Mandel of The Athletic broke it down on Twitter.

— $7M salary
— $500K retention bonus
— $1M life insurance loan

The school buyout is his full remaining salary + loan.

His buyout if he leaves this year is $12M, $8M next year, $6M in ’23.

This is his Jimbo contract.

— Stewart Mandel (@slmandel) November 23, 2021

The Nittany Lions rolled out the big bucks for this one. Franklin will now be earning $8.5 million over 10 years as head coach at Penn State. He’ll also earn a $350,000 bonus for winning the Big Ten championship and $800,000 for winning a national championship. The contract also includes a $10,000/year vehicle allowance and 55 hours of private jet usage.

The buyout is where it gets interesting. If Franklin decides to leave Penn State, he’d owe Penn State $12 million through April 2022, dropping to $8 million after through Dec. 31, 2022, then $6 million in 2023, $2 million in ’24 and ’25, and then just $1 million after.

If Franklin were to be fired by the university without cause, he’d be owed his current year’s salary multiplied by the number of years remaining on his contract. Franklin’s guaranteed at least $80 million.

How will this play out? Franklin has a 67-32 record with the Nittany Lions since his first season in 2014. He joins the likes of Texas A&M’s Jimbo Fisher, UTSA’s Jeff Traylor, and reportedly Michigan State’s Mel Tucker as coaches to receive 10-year commitments from their schools recently.