The Nittany Lions stay ranked despite being swept by Minnesota and winning a five-setter over Ohio State.
Franklin's original buyout was around $49 million.
The Nittany Lions went 15-16 last season and won the EIVA Tournament.
The Nittany Lions will play 53 regular season games this spring.
These are the first weekly honors Penn State has won this season.
Franklin recruited the DMV and Mid-Atlantic regions as consistently as anyone during his time at Penn State.