It looks like Penn State AD Pat Kraft will be around for a while.
PSU announced late Monday morning morning that Kraft, who the university hired in April 2022 and took over in July, has been extended through June 30, 2032.
Board Approves New Contract For Patrick Kraft
“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. Penn State is a remarkable place, made so by its incredible… pic.twitter.com/Yh9VbSGP4X
— Penn State Athletics (@GoPSUsports) August 26, 2024
Due to the PSU Board of Trustees’ bylaws, this extension had to be approved by the Committee on Equity and Human Resources, which it was unanimously.
In a statement, PSU president Neeli Bendapudi said Kraft 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.”
“This new contract will help ensure Penn State continues to benefit from Pat’s leadership for years to come,” she said.
Kraft said he’s “deeply thankful to President Bendapudi and the Board of Trustees for their unwavering support of our intercollegiate athletics program and our leadership team.”
“Penn State is a remarkable place,” Kraft said, “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.”
So what are the specifics of Kraft’s new contract?
Well, he’s slated to make 2.26 million annually over the next eight years and could make up to $350,000 per years if Penn State reaches certain academic and athletic goals.
Penn State reported that the school partnered with Segal, a leading consulting firm to determine Kraft’s composition based on that of other Division I ADs.
Under Kraft, Penn State’s had six individual athletes win national championships, 19 teams finish their season ranked and another championship for the wrestling team, all in the 2023-24 season. The previous season, Penn Satte finished No. 15 in the Learfield Directors’ Cup, its highest ranking since 2018-19.
