STATE COLLEGE — Penn State football coach James Franklin agreed to a new 10-year contract Tuesday that will guarantee him at least $75 million through 2031.

Franklin and Penn State’s Board of Trustees agreed to the terms, which include a yearly base salary of $7 million, retention bonuses of $500,000 each year and a $1 million annual loan for life insurance.

Franklin is 67-32 at Penn State with seven bowl appearances in his eight seasons. The Nittany Lions won the Big Ten championship in 2016.