James Franklin is locked in to stick with Penn State for the lengthy haul.

Franklin signed a brand new 10-year contract on Tuesday that may assure him no less than $75 million by the 2031 faculty soccer season. The long-time coach and Penn State’s Board of Trustees agreed to the phrases that may pay him $7 million per 12 months, retention bonuses of $500,000 every season and a $1 million annual mortgage for all times insurance coverage.

Penn State head coach James Franklin walks alongside the sideline late within the fourth quarter of an NCAA faculty soccer recreation in opposition to 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 mentioned in an announcement. “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)

FILE – This file photograph from Oct. 26, 2019 reveals Penn State coach James Franklin as he watches the workforce heat earlier than an NCAA faculty soccer recreation in opposition to Michigan State, in East Lansing, Mich. A soccer participant who transferred from Penn State claims in a lawsuit filed Monday, Jan. 13, 2020, in opposition to the college, and head coach James Franklin, that different Nittany Lions gamers hazed him and different youthful teammates, together with allegations they imitated sexual acts within the bathe and invoked Jerry Sandusky’s identify. (AP Photo/Al Goldis, File)

In eight seasons as head coach of the Nittany Lions, Franklin has a 67-32 report with seven bowl appearances. In 2016, he led Penn State to the Big Ten championship. Franklin — who’s a Pennsylvania native — mentioned that referred to as it his “dream job” again in 2014 when he was employed away from Vanderbilt.

On Saturday, Franklin will coach his a centesimal recreation when the Nittany Lions go to No. 12 Michigan State.

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)

In this Saturday, Sept. 14, 2019 file photograph, Penn State head coach James Franklin leads his workforce onto the sphere for an NCAA faculty soccer recreation in opposition to Pittsburgh in State College, Pa. The Indiana Hoosiers took some large steps in rebranding their soccer program final season. Now they’re trying to construct on the momentum. Penn State coach James Franklin and others across the league have watched Indiana’s regular development. They consider a cadre of offensive playmakers coupled with an skilled protection may 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 mentioned. “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.