DONE DEAL: Penn State sign athletic to contract deal with agreement signed
Penn State Athletic Director Pat Kraft is set to stay in Happy Valley for an extended period, as he received a contract extension lasting through June 2032. The university announced the news Monday morning after the Penn State Board of Trustees, specifically the Committee on Equity and Human Resources, unanimously approved the extension.
Kraft’s new deal includes an average guaranteed compensation of $2.26 million per year over the next eight years, with the potential for an additional $350,000 annually in performance-based bonuses tied to academic and competitive achievements.
Kraft, who joined Penn State from Boston College in July 2022, has already made a significant impact. During the 2023-24 season, the Nittany Lions achieved six individual NCAA championships, 19 nationally-ranked teams, and an NCAA team title in wrestling. Kraft has also played a crucial role in fundraising, athlete support, and the Beaver Stadium renovation project.
Under his leadership, Penn State secured its second, third, and fourth-largest philanthropic gifts in history, including recent contributions of $25 million and $10 million towards the Beaver Stadium renovation.
Expressing his gratitude, Kraft said, “I am deeply thankful to President Bendapudi and the Board of Trustees for their unwavering support. Penn State is a remarkable place, thanks to its incredible people – our talented student-athletes, dedicated coaches and staff, passionate supporters, and engaged community members. My family and I feel truly blessed to be part of the Penn State and State College communities, and we’re excited for what lies ahead.”
Penn State President Neeli Bendapudi added, “Pat is an extraordinary leader who provides valuable insight and strategic direction for Athletics and the University, focusing on both athletic and academic success for our more than 800 student-athletes. This new contract ensures that Penn State will continue to benefit from Pat’s leadership for many years to come.”