James Franklin is staying put.
Franklin and Penn State have agreed to a contract extension through 2031 as announced following the Board of Trustees' compensation subcommittee meeting on Tuesday.
The $70 million contract is evenly spread across 10 years, making his yearly net pay $7 million.
"Penn State's future is bright, and I'm honored to continue to serve as your head football coach," Franklin said in a statement.
The eighth-year head man in Happy Valley had rumors swirling around his name for weeks, including ties to coaching vacancies at both USC and LSU.
After dancing around questions regarding his commitment to Penn State for much of the season, a report surfaced last week that he told members of the State College Quarterback Club “I’m not going anywhere.”
Franklin addressed the comments following Penn State’s win over Rutgers Saturday and during Tuesday’s press conference, but he said he “thought something was going to happen a little sooner.”