Penn State athletic director Pat Kraft has signed a contract extension through June 30, 2032, with an average annual salary of $2.26 million over the next eight years, as announced by the university on Monday.
Kraft, who was originally entering the third year of a five-year contract, will now have the opportunity to earn an additional performance-based bonus of up to $350,000 annually by achieving specific goals focused on academic and competitive success, according to the university.
The Penn State board of trustees and its committee on equity and human resources unanimously approved the extension.
“Pat is an extraordinary leader who brings valuable insight and strategic direction to our athletics and the university,” said Penn State president Neeli Bendapudi in a statement. “This new contract ensures that Penn State will continue to benefit from Pat’s leadership for years to come.”
The university also noted that they worked with the consulting firm Segal to assess the compensation of Division I athletic directors nationwide to determine a competitive salary for Kraft.
Kraft joined Penn State from Boston College in July 2022. Under his leadership, Penn State has seen six individual NCAA champion student-athletes, 19 nationally ranked teams, and the 2023-24 national champions in wrestling. The school also achieved its highest Learfield Directors’ Cup finish since 2018-19, ranking 15th overall.
Additionally, Kraft established a mental health and wellness department within Penn State athletics and made significant investments in nutrition, mental health support, recovery, and travel programs. The university recently recorded a 93% graduation success rate, with 12 programs achieving a perfect 100% rating, as reported by the NCAA.
In response to the extension, Kraft expressed his gratitude to President Bendapudi and the Board of Trustees, emphasizing the importance of the university’s people, including student-athletes, coaches, staff, supporters, and community members. He also shared his excitement about continuing to work together to elevate Penn State Athletics and the university as a whole, adding that his family feels blessed to be part of the Penn State community.
