How Penn State Spent Its Record 2025 Financial Payout From the Big Ten

The conference distributed a record $1.37 billion to its teams during the 2024-25 fiscal year.

A digital rendering of the renovated West Side of Penn State's Beaver Stadium, scheduled for completion in 2027. | Courtesy of Penn State Athletics

Penn State cashed a huge check from the Big Ten Conference following during its 2024 run to the College Football Playoff semifinals, receiving $88.9 million from the conference. So where did all the money go? The Beaver Stadium renovation, of course, along with significantly more spending on football and the first year of recorded Name, Image and Likeness payments to athletes.

The Big Ten on Friday announced that it generated a record $1.47 billion in revenue for the 2024-25 fiscal year, a $540 increase over its previous high. The conference also distributed a record $1.37 billion in revenue payments to its 18 conference members for the fiscal year, a $490 increase over the previous year.

That meant big money for Penn State. According to the Big Ten tax return obtained by ESPN, Penn State received $88.92 million in revenue distribution, just behind Ohio State, which received $91.55 million after winning the college football national championship. Penn State made the Big Ten Championship game and the CFP semifinals in winning a school-record 13 games that season.

That $88.9 million payout was essential to funding the largest athletics budget in Penn State history. The athletic department spent $254,643,919 during the fiscal year and took in $254,867,598, according to its most recent financial report. Penn State nearly zeroed out its budget for the year, reporting a surplus of $223,679.

Where did Penn State spend its money?

Fireworks are seen over an announced crowd of 111,015 during the White Out game between the Penn State Nittany Lions and the Oregon Ducks at Beaver Stadium. | Matthew O'Haren-Imagn Images

Penn State's most important new budget line item fo the 2024-25 athletic year was for its "Institutional NIL Revenue Share." Few schools nationwide made public how they distributed NIL money on their most athletic budgets, but Penn State reported a total spend of nearly $18.4 million.

Penn State's NIL allocations for the fiscal year represented "direct institutional payments or additional benefits to student-athletes and/or student-athletes’ families not currently permitted or permitted prior to the House settlement approval," which took effect July 1, 2025.

What did Penn State's NIL spending look like? Football, men's basketball and wrestling received most of the money, while six other programs shared the rest.

Sport	NIL Distribution
Football	$13,338,959
Men's Basketball	$3,004,666
Wrestling	$1,449,766
Baseball	$300,000
Women's Basketball	$110,000
Men's Ice Hockey	$95,000
Men's Lacrosse	$50,000
Men's Tennis	$10,000
Women's Volleyball	$10,000
Total	$18,368,391

Overall, Penn State football generated nearly $146.8 million of the operating revenue for Penn State athletics, with the Big Ten distribution accounting for a significant part of that. The football program produced a net revenue total of $57.6 million after spending about $89.2 million on expenses, including hosting a College Football first-round playoff game and traveling to the Fiesta Bowl and Orange Bowl.

Beave Stadium renovation impacts budget

A rendering of the proposed $700 million renovation of Penn State's Beaver Stadium, which is scheduled to be completed in 2027. | Courtesy Penn State Athletics

Penn State's 2024-25 financial report included this important note about debt. The athletic department reported a total of $534.6 million in debt, a significant increase over the previous year ($163.1 million). That was primarily due to Penn State's $700 million renovation of Beaver Stadium, which entered its primary construction phase after the CFP home game vs. SMU.

Penn State also reported a total of $24.2 million for facilities debt service, leases and rental fees in FY 2024-25, a $7 million increase over the previous year. The Penn State athletic department intends to pay for the renovation without using university tuition dollars or student fees. The Beaver Stadium renovation is scheduled to be completed before the 2027 Nittany Lion football season.

“We are sure that we have enough revenue sources from the athletics budget and also the new incremental revenues to ensure that we could pay back as much as $700 million, even though that's not what we're intending,” Sara Thorndike, Penn State senior vice president for finance & business/treasurer, said in a 2024 interview.

Making room for more history. 🏗️ pic.twitter.com/UABvGQ12ue

— Penn State Football (@PennStateFball) April 17, 2026

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