The contract is worth $66 million with $45 million guaranteed.
West Shore Home, a home remodeling business based out of Pennsylvania, is owned by a Penn Stater and has previously financially supported Penn State Athletics.
This deal makes Barkley the highest-paid running back in NFL history.
Out of the five Nittany Lions that attended the combine, Jaylen Reed was the only one to participate in on-field drills.
"I want to take the time to thoroughly evaluate my options and ensure that the school I choose aligns with the values my family and I hold."
Carter's agent said he still believes the former Penn State star will be the No. 1 overall pick in the NFL Draft.