Penn State Complete multimillion dollar deal for most wanted B1G man

Penn State Complete multimillion dollar deal for most wanted B1G man

Penn State athletic director Pat Kraft has received a contract extension that runs through June 30, 2032, and will pay him an average of $2.26 million per year over the next eight years, the school announced Monday.

Kraft, who was entering Year 3 of a five-year deal, will have the opportunity for a performance-based bonus of up to $350,000 annually if he reaches specific goals, including “for academic and competitive excellence,” according to the school.

The extension was approved by the Penn State board of trustees and its committee on equity and human resources. The vote was unanimous.

“Pat is an extraordinary leader who brings valuable insight and strategic direction to athletics and the university, with a focus on both athletic and academic success for Penn State’s more than 800 student-athletes,” Penn State president Neeli Bendapudi said in a statement. “This new contract will help ensure Penn State continues to benefit from Pat’s leadership for years to come.”

According to a release, Penn State worked with consulting firm Segal to analyze Division I athletic directors’ compensation nationwide and determine a competitive salary.

Kraft joined Penn State from Boston College in July 2022. Under his leadership, Penn State has produced six individual NCAA champion student-athletes, 19 nationally ranked teams and the national champions in wrestling in 2023-24. In the 2022-23 season, Penn State recorded its highest Learfield Directors’ Cup finish since 2018-19, placing No. 15 in the ranking of school performance across sports.

Kraft created a mental health and wellness department within Penn State athletics and has invested significantly in nutrition, mental health support, recovery and travel programs. He led Penn State to a 93% graduation success rate, including 12 programs with 100% ratings, in the NCAA’s most recent report.

“I am deeply thankful to President Bendapudi and the Board of Trustees for their unwavering support of our intercollegiate athletics program and our leadership team,” Kraft said in a statement. “Penn State is a remarkable place, made so by its incredible people — our talented student-athletes, dedicated coaches and staff, passionate supporters and engaged community members. I am excited for us all to continue working together to elevate Penn State Athletics and the University as a whole. Betsy, our children, and I feel truly blessed to be a part of the Penn State and State College communities, and we cannot wait for what lies ahead.