Bristol Palin will be making the big bucks for Teen Mom OG!

Palin, 27, who confirmed she’d be joining the cast on Friday, July 20, will be earning $250,000 for the first season with an option for a second and third year, a source exclusively tells Us Weekly. She will also receive an additional $50,000 for each option exercised.

“She could be making $350,000 in three years,” the insider adds.

According to the source, the impressive figure wasn’t quite as much as Palin had hoped for. “Bristol came in hoping for a very big payday, and really thought she could and would get $500,000. None of the Teen Mom’s, even Farrah, made close to that when they first started or even now.”

Former cast member Abraham spoke out about Palin’s new gig in a statement to Us on Thursday, July 19: “Who cares! … I don’t care as there’s no replacement for me, as we all know,” she said at the time. Abraham quit the show in March after she was given an ultimatum by executive producer Morgan J. Freeman to quit the adult entertainment industry or cease to appear on the show. She later sued MTV with claims of wrongful termination before reaching a $5 million settlement.

Palin, meanwhile, is mom of son Tripp, now 9, who she had at 17 with ex-fiancé Levi Johnston. She also shares daughters Sailor, 2 and Atlee, 14 months, with husband Dakota Meyer.

The source tells Us that fans can expect her parents, Todd Palin and former Alaska governor Sarah Palin, to make an appearance on the show.

Sarah confirmed the news to TMZ. “Whatever Bristol needs, whatever she wants,” she said on Friday, July 20. She also spoke about her daughter’s upcoming role: “Bristol’s gonna be a great messenger for kind of overcoming a little bit of challenge and doing well in life.”

The politician continued: “My daughters have been telling me who all the characters are. I’m kind of trying to catch up, but my daughters Bristol and Willow and Piper, they all have great respect for some of the girls who have really overcome some obstacles and done well with their children.”

Bristol is already filming for the show. On Friday, she shared a photo of her kids with cameramen. “I am excited to join MTV’s ‘Teen Mom OG,’ she wrote. “I look forward to sharing my experiences and hope that I can help others on their journey.”