Penn State Football Generated Record Revenue During Playoff Run

The Nittany Lions' athletic department grew to a $254 million enterprise in fiscal year 2024-25, lifted by rising football revenues and rising costs associated with the Beaver Stadium renovation, NIL and revenue sharing.

Feb. 5, 2026 at 5:47pm

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Penn State's football program generated a record $146.8 million in operating revenue during its 2024 College Football Playoff run, but football ticket sales still lagged significantly behind Big Ten counterparts Ohio State and Michigan. Penn State Athletics grew to a $254 million enterprise in fiscal year 2024-25, with the football team producing a surplus of $57.6 million.

Why it matters

Penn State's financial report provides insight into the growing revenue and expenses associated with major college football programs, including the impact of the College Football Playoff, facility upgrades, and the new NIL revenue sharing model.

The details

Penn State reported operating expenses of about $254.6 million, generating a net surplus of $223,679. The athletic department spent $7 million on postseason expenses and $4.1 million on postseason compensation and bonuses. Penn State also received $5.3 million in reimbursements for postseason football expenses. The $700 million renovation of Beaver Stadium contributed to nearly $7 million more in debt service and fees over the previous fiscal year.

  • Penn State's FY 2024-25 report covers the period from July 2024 to June 2025, which includes the 2024 football season.
  • Penn State went 13-3, hosted a home College Football Playoff game and made two other postseason bowl playoff appearances in the 2024 season.

The players

Penn State Athletics

Penn State's athletic department, which grew to a $254 million enterprise in fiscal year 2024-25.

James Franklin

Penn State's former football coach, who received $4.1 million in postseason compensation and bonuses.

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What’s next

Penn State will look to build on its successful 2024 season and continue to invest in its football program and facilities to remain competitive in the Big Ten and nationally.

The takeaway

Penn State's financial report highlights the growing revenue and expenses associated with major college football programs, including the impact of postseason success, facility upgrades, and the new NIL revenue sharing model. The report provides valuable insights into the business of college sports and the challenges facing athletic departments as they navigate the evolving landscape.