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 the third year of a five-year contract, will have the opportunity to receive a performance-based bonus of up to $350,000 a year if he meets specific goals, including “academic and competitive excellence,” according to the school.
Penn State's board of trustees and its equity and human resources committee approved the expansion. The vote was unanimous.
“Pat is an extraordinary leader who brings valuable perspective and strategic direction to athletics and the university, with a focus on the athletic and academic success of Penn State's more than 800 student-athletes,” Penn State President Neeli Bendapudi said in a statement. “This new contract will help ensure that Penn State continues to benefit from Pat's leadership for years to come.”
According to a statement, Penn State worked with the consulting firm Segal to analyze Division I athletic director compensation across the country and determine a competitive salary.
Kraft joined Penn State from Boston College in July 2022. Under his leadership, Penn State has produced six NCAA individual champion student-athletes, 19 nationally ranked teams, and 2023-24 national wrestling champions. In the 2022-23 season, Penn State recorded its best Learfield Directors' Cup finish since 2018-19, ranking 15th in school performance rankings across all sports.
Kraft created a mental health and wellness department within Penn State’s athletics department and has invested significantly in nutrition, mental health support, recovery programs and travel. He led Penn State to a 93% graduation success rate, including 12 programs with 100% ratings, according to the most recent NCAA report.
“I am deeply grateful 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 an extraordinary place, made that way by its incredible people: our talented student-athletes, dedicated coaches and staff, passionate fans and engaged community members. I am excited for all of us 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 to see what lies ahead.”
