Penn State Says it Has Guaranteed More Than $1 Billion in Future Athletics Revenue
Penn State Says it Has Guaranteed More Than $1 Billion in Future Athletics Revenue
Athletic Director Pat Kraft says Penn State has "one of the strongest financial foundations in college athletics."Mark Wogenrich|
In this story:
Penn State Nittany LionsPenn State has developed new business and marketing partnerships generating more than $1 billion in future athletics revenue, according to Athletic Director Pat Kraft. It also has one of the largest debt services in college athletics, the product of an ongoing $700 million renovation of Beaver Stadium.
In a letter to Penn State fans recapping the 2025-26 athletics season, Kraft said that Penn State saw record attendance, fundraising and ticket sales during the year. Penn State generated record revenue during the 2024-25 fiscal year, topping $250 million in gross athletics revenue for the first time in school history. Figures for the 2025-26 fiscal year will be available early next year.
Penn State also spent more than $250 million for the first time, largely due to increasing NIL payments and the Beaver Stadium renovation. Penn State reported total athletics-related debt of $534.6 million, one of the nation's highest athletics deficits.
Still, Kraft in his letter painted a positive outlook of Penn State's total athletics health.
"Together, we’ve built one of the strongest financial foundations in college athletics, securing more than $1 billion in guaranteed future revenue while dramatically increasing philanthropic support for our student-athletes and programs," Kraft wrote. "Those aren’t simply milestones. They’re investments in championships. They’re investments in people. And they’re investments in the future of Penn State Athletics."
One chapter closes, another begins. Here's to what's next.#WeAre | A letter from Pat Kraft: https://t.co/z3QVD7RGGU pic.twitter.com/WV2rcLiSvi
— Penn State Athletics (@GoPSUsports) June 30, 2026
Kraft's letter marked not only the begininng of Penn State's 2026-27 athletics year and budget but also his fifth year in charge of the department. Kraft has made sweeping changes during his Penn State term, including the new 10-year apparrel deal with adidas that took effect July 1.
Kraft said the deal, whose total value could reach $300 million over its lifespan, would set an "industry standard" in college athletics. Penn State on Wednesday unveiled its new adidas football uniforms and opened a campus pop-up shop featuring adidas merchandise.
Kraft has conducted a significant overhaul of Penn State's athletics department since becoming athletic director in 2022. He negotiated a 15-year, $50 million deal for the naming rights to the field at Beaver Stadium and signed contracts with a new media rights partner and a new ticketing partner, among many others. The adidas deal represents Kraft's most consequential change.
Penn State also reached a milestone in the Beaver Stadium construction, holding a "topping out" ceremony in June that placed the last beam atop the new West Tower. When complete, the tower will reach a peak of 195 feet.
"Every day, the future of West Shore Home Field at Beaver Stadium becomes more visible," Kraft wrote in the letter. "After more than 750,000 labor hours, thousands of tons of steel and the topping out of the final beam this June, we’re creating a game day experience worthy of the greatest fans in college sports.
'Expanded concourses, modern amenities, upgraded premium spaces, enhanced technology and improved accessibility will ensure Beaver Stadium remains one of the most iconic and intimidating venues in America for decades to come."
Built for the loudest crowd in college football. 🔊
— Beaver Stadium (@beaver_stadium) June 30, 2026
The new west side is on the way, and we already know the atmosphere is going to be next level.#WeAre pic.twitter.com/liDjE6PpJ3
Penn State also opened its new Jeffrey Field soccer complex last year as well as the bubble training facility that relieves scheduling pressure on Holuba Hall, which multiple programs shared with Penn State football.
"These investments aren’t simply about buildings," Kraft wrote. "They’re about creating an environment where the best coaches want to coach, the best student-athletes want to compete and where every member of our department has the resources to pursue excellence. They reflect
our belief that when you invest in people, extraordinary things happen."
On the field, Penn State finished 23rd in the Learfield Directors' Cup, the annual all-sports award of college athletics. Having publicly suggested Penn State could win four NCAA titles last season, Kraft setteld for one: the fifth straight NCAA team title for Penn State wrestling.
"As proud as we are of what we’ve accomplished together, we’re even more excited about what’s ahead," Kraft wrote. "The future of college athletics is being written today, and Penn State intends to help write it. We have extraordinary student-athletes. Outstanding coaches. Incredible staff. Unmatched facilities. And the greatest fans in college athletics.
"Most importantly, we have a community that believes in something bigger than itself. Thank you for believing in our vision. Thank you for believing in our student-athletes. And thank you for believing in Penn State. The momentum is real. The future is bright. And we’re just getting started."
We Are—and will always be...Penn State.#WeAre \\\ @adidas pic.twitter.com/FBl7qxTuwT
— Penn State Athletics (@GoPSUsports) July 1, 2026
Sign up to our free Penn State Nittany Lions newsletter and follow us on social media.
Published 25 minutes ago
Mark Wogenrich is the editor and publisher of Penn State on SI, the site for Nittany Lions sports on the Sports Illustrated network. He has covered Penn State sports for more than two decades across three coaching staffs, three Rose Bowls and one College Football Playoff appearance.
Follow MarkWogenrichHome/Football
AI Adoption Rate Across Corporate America Accelerates
AI Adoption Rate Across Corporate America Accelerates
In its latest analysis of AI adoption, available to pro subscribers, Goldman analysts write that AI adoption in corporate America currently stands around 20.6%, with the rate expected to jump to about 24% over the next six months.
The surge in the AI adoption rate comes as white-collar job losses are already appearing in US labor market data, particularly in information and financial jobs, where exposure to automation is highest, according to Bloomberg.
Instant Grade: Magic Get Creative With Jonathan Isaac Signing
Instant Grade: Magic Get Creative With Jonathan Isaac Signing
Jonathan Isaac is back with the Orlando Magic just days after being waived by the only franchise he's ever played for.Jeremy Brener|
In this story:
Orlando MagicOrlando Magic forward Jonathan Isaac is going through the revolving door after being waived by the team earlier in the week and coming back just a few days later.
Orlando Sentinel reporter Jason Beede was the first to report the news.
"Breaking News: The #Magic are signing Jonathan Isaac to a one-year deal, a league source tells the @orlandosentinel," Beede tweeted.
Breaking News: The #Magic are signing Jonathan Isaac to a one-year deal, a league source tells the @orlandosentinel.
— Jason Beede (@therealBeede) July 1, 2026
Jonathan Isaac Returns to Magic on Discount
The Magic wanted Isaac back in the fold, but not at the $14.5 million price tag he was owed on his contract. Cutting him saved Orlando $8 million, but some of that will be used to likely sign a new minimum contract.
Therefore, the Magic keep Isaac as a reliable backup power forward and defensive-minded big man, but at a price that aligns more with how much he's expected to play. Isaac isn't going to play much for the Magic and he likely won't be in Sean Sweeney's 10-man rotation, but he can step up and slide in whenever he's needed.
This is a smart move from president of basketball operations Jeff Weltman and the rest of the front office, keeping a familiar face in Isaac while getting him on a discount. Waiving him is a sign that the Magic may have regretted giving him the long-term deal to begin with, but Orlando doesn't like to think too far ahead in terms of these contracts.
The Magic gave themselves several chances to opt out of the Isaac deal, but their loyalty to him is part of why Orlando is willing to give him another deal on a smaller price tag. The Magic were right to move on from their original deal with Isaac because he wasn't playing enough or have the same impact to warrant the contract he once had.
The Magic could have signed another player with this contract, but these roles should be given out to veterans who can build the team more off of the court than on it. Isaac is a good locker room guy to have, especially at this minimum salary.
It's a good move for both sides as the Magic save some money and give themselves flexibility for the future while Isaac gets to remain with the only franchise he's ever played for and he gets to keep his family in the City Beautiful for another year.
Orlando now has 14 roster spots filled with the 15th possibly going to rookie second-round pick Izaiyah Nelson.
Published 28 minutes ago
JEREMY BRENERJeremy Brener is an editor and writer for Orlando Magic On SI. He has been a credentialed member of the media for the Orlando Magic since 2022. He graduated from the University of Central Florida with a Bachelor's degree in Broadcast Journalism minoring in Sport Business Management. Brener can be followed on Twitter @JeremyBrener.
Follow JeremyBrenerHome/News
3 Free Agents Knicks Must Now Target to Replace Mitchell Robinson
3 Free Agents Knicks Must Now Target to Replace Mitchell Robinson
Kento Kato|
In this story:
New York KnicksWith James Dolan's mandate to stay below the second apron, Mitchell Robinson's departure was expected, if not a foregone conclusion. That doesn't make it any easier for Knicks fans to contextualize having to say goodbye a fan favorite who was also the longest-tenured Knick.
The front office doesn't have time to dwell, though. With both Robinson and third-string center Ariel Hukporti gone, Karl-Anthony Towns becomes the only center on the roster. So who are the most realistic free agent targets to replace Robinson?
1. Kevon Looney
I wrote about Kevon Looney as a likely option just a few days ago, and still think that he's a very likely option. Looney isn't the explosive athlete or lob threat that Robinson is. But he's still a solid backup center.
The former Warrior played in just 21 games as a Pelican last season, though he's been much more healthy than Robinson in the years prior. He also logged a 62.5% contested offensive rebounding percentage while averaging 5.6 offensive rebounds and 1.2 blockers per 36 minutes this past campaign.
All those numbers are below Robinson's. But what Looney gives up in those areas, he makes up for with his passing.
The veteran big man isn't a primary playmaker, though he is a better connective passer than Robinson ever was or will be. Looney averaged an impressive four assists per 36 minutes in two of his last three seasons. His added passing could be a weapon off the bench for for Mike Brown, who was an assistant coach of Looney's in Golden State.
With the Pelicans looking to shed salary and stay young, it's unlikely they bring Looney back. If the Knicks want him, they can likely convince him to take a minimum to compete for a ring and play for his former assistant coach. That being said, New York could be concerned about his mobility and health, so he's not the only guy they should bring in.
2. Andre Drummond
Andre Drummond will now likely be available with Philadelphia having signed Hukporti Wednesday morning.
Drummond is a flawed player, who can leave fanbases pulling their hair out and scratching their heads. As Knicks fans saw this past postseason, his defense, especially when asked to switch or play drop coverage, can be abysmal. But he does one thing incredibly well. And it happens to be the thing they'll miss the most from Robinson.
Even as he ages, Drummond remains an elite offensive rebounder. In fact, he's still one of the best in the league. He had a 72% contested offensive rebounding percentage, which was just slightly lower than Robinson's. And he was third in the league in offensive rebounds per 36 minutes.
Robinson is the better offensive rebounder at this point in their careers, and he's a significantly better defender overall as well. But if the Knicks want to continue having offensive rebounding be an important part of what they do, Drummond may be their best option.
3. Nick Richards
Nick Richards has some offensive skills and a softer touch than many of the remaining free agent centers. So there is some offensive upside there. But that's about it.
He is not a great defender, struggles with making quick decisions, and doesn't make connective plays often. Richards also lacks physicality—something the Knicks have prided themselves on over the last few seasons.
But, the Knicks have reportedly been interested in him for a while now. With their options quickly thinning, they may take a flyer on the former first-round pick and hope that he can develop into a tougher rebounder and a more willing defender.
Given Brown's work in helping Towns become a true menace, there's a chance he could have similar success with Richards, especially given the latter would receive plenty of attention as the main backup. Playing in a championship environment surrounded by leaders like Towns and Jalen Brunson could also see Richards embrace the challenge and improve on the defensive end.
Published 35 minutes ago