STATE COLLEGE, Pa. (WHTM) — Penn State signs James Franklin to a new 10-year contract to remain head coach through 2031.

Franklin will make $7 million guaranteed each year of the contract with no pay increases through the entire 10-year term.

“Penn State’s future is bright, and I’m honored to continue to serve as your head football coach,” said Franklin. “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.”

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“With the support of President Barron, Sandy Barbour and the Board of Trustees we’ve been able to create a roadmap of the resources needed to address academic support, community outreach, Name, Image and Likeness (NIL), facility improvements, student-athlete housing, technology upgrades, recruiting, training table and more. This renewed commitment to our student-athletes, community and fans reinforces all the reasons I’ve been proud to serve as your head football coach for the last eight years and why my commitment to Penn State remains steadfast. Throughout this process I’ve kept our leadership council, recruits and staff updated on those conversations and I’m excited we’ve reached an agreement we can finally share with you.” 

Franklin previously signed a six-year contract extension in 2019 worth up to $38.2 million. He took over has head coach of the Nittany Lions in 2014.

The Penn State football head coach has been the focus of many college coaching rumors, including speculation for the LSU and USC jobs.

When asked to address the rumors and his commitment to Penn State, Franklin hasn’t answered head on throughout the season.

In October, Franklin gave one of his firmest answers on the subject:

“I think I have shown my loyalty to this team, to this program, to this community. I think I’ve been pretty consistent with that. There’s times that you’re put in challenging situations, and I just always want to be able, when I say something, it’s done, and it’s in stone. And when you’re talking about the future, that can be challenging at times.

“So I am fiercely loyal to Penn State. I am fiercely loyal, most importantly, to these players and the staff. But there’s a lot of moving parts with all of these things.”

After Saturday’s win over Rutgers in the final home game of the season, Franklin said he would be able to answer all coaching future questions in his weekly availability on Tuesday.

When Franklin met with the media over video conference at 12:30 p.m., he still had no answers.

The school’s board of trustees compensation subcommittee was set to meet about two hours after Franklin’s video conference ended.

Penn State is 7-4 this season, with three of the four losses against Top Six ranked teams at the time of meeting. Under Franklin as head coach, PSU ha a 67-32 record.