Penn State’s Board of Trustees officially approved Matt Campbell’s contract to become the next head football coach on Monday morning.

His contract details were revealed, showing an eight-year deal running through 2033 with $70.5 million in guaranteed money.

His first-year base compensation is set at $8 million, with increases of $250,000 through 2031, reaching $9.25 million in the last three years of the contract.

Campbell will earn $1 million retention bonus each year. If Penn State makes the College Football Playoffs, Campbell will earn an automatic one-year extension and a compensation increase of no less than $500,000. If it wins the National Championship, he will receive an automatic two-year extension and compensation increase of no less than $1 million.

His contract includes 55 hours of private jet service per year and two vehicles during his time in Happy Valley.

Campbell’s contract also includes the following incentives:

• Win National Coach of the Year: $150,000
• Win Big Ten Coach of the Year: $100,000
• Win Big Ten Championship: $350,000
• Big Ten Championship game appearance: $250,000
• Win CFP Championship: $1 million
• Appear in CFP Championship game: $800,000
• Appear in CFP semifinal: $500,000
• Appear in CFP quarterfinal: $400,000
• Appear in CFP first round: $300,000
• Non-CFP bowl game appearance: $200,000

Campbell’s contract also mentions a binding agreement for his staff salary pool, player compensation, program reviews, and head and assistant coach recruiting charter budget, with details unreleased.

If Penn State fires Campbell, it will owe him 100% of his guaranteed compensation remaining, subject to mitigation. If he leaves on his own terms, he would owe Penn State $10 million after 2026, which would go down by $2 million each year through 2030. Campbell would owe $1 million if he leaves in 2031, 2032, or 2033.

Penn State will pay Iowa State $2 million for Campbell.