Franklin joined the company of four other head coaching legends after winning his third New Year's Six Bowl at the helm of the Nittany Lions.
The redshirt senior has one year of eligibility remaining as a grad transfer.
The game will kick off at 2 p.m. on Saturday, April 15.
As per tradition, Penn State football's early enrollees sought to #SetTheStandard on the first day of classes.
Jacobs joins defensive end Adisa Isaac as the latest impact defender to announce their return for next season.
The Nittany Lions are ranked as high as No. 4 in the country in some "way too early" top 25 polls.