Penn State Football Generated Record Revenue During Playoff Run

Penn State's athletic department made, and spent, more than $250 million during the 2024-25 Fiscal Year.

Penn State Nittany Lions fans cheer during the first half against the SMU Mustangs during the College Football Playoff game at Beaver Stadium. | Vincent Carchietta-Imagn Images

The Penn State football program generated a record $146.8 million in operating revenue during its 2024 College Football Playoff run, but revenue from football tickets 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, lifted by rising football revenues and rising costs associated with the Beaver Stadium renovation, NIL and revenue sharing.

In its latest NCAA financial report, Penn State showed significant increases in athletics revenue and expenses over the previous year. Penn State Athletics generated $254.9 million in operating revenue, $34.1 million more than in FY 2023-24.

Penn State Athletics also spent nearly every dollar of that revenue. Penn State reported operating expenses of about $254.6 million, generating a net surplus of $223,679. That's with the football team producing a surplus of $57.6 million. The athletic department reported a $5.6 million surplus for FY 2023-24.

Costs certainly changed between operating budgets and circumstances. 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. The athletic year also include two NCAA championships (in wrestling and women's volleyball) and Penn State's first Frozen Four appearance.

The financial report further includes a new line item among expenses: Institutional NIL Revenue Share. According to the report, Penn State spent nearly $18.4 million on revenue sharing, with about $13.3 going to football. It's unclear exactly how those funds were directed, since revenue sharing took effect July 1, 2025, but Penn State listed nine teams that received NIL distributions.

Here's a look at some leading numbers of the 2025 and 2024 financial reports.

Budget Item	2025	2024
Total Operating Revenue	$254,867,598	$220,758,927
Total Operating Expenses	$254,643,919	$215,108,075
Football Revenue	$146,779,834	$113,178,468
Football Expenses	$89,186,987	$64,463,970
Football Ticket Revenue	$44,260,703	$44,452,134
Media Rights Revenue	$49,725,008	$35,815,296
Big Ten Football Distribution	$20,530,530	$12,140,167
Football Coaching Salaries	$21,200,534	$20,841,845
Athletic Facilities Debt Service, Leases, Rental Fee	$24,204,901	$17,313,270

Some more notes from Penn State's 2024-25 financial report:

Football ticket revenues lag behind Michigan, Ohio State

A general view of Beaver Stadium prior to the College Football Playoff game between the Penn State Nittany Lions and the SMU Mustangs. | Matthew O'Haren-Imagn Images

Penn State reported $44.2 million in football ticket sales for the 2024 season, about the same as it did the previous season. However, that trailed Michigan and Ohio State significantly.

According to Sportico, Michigan reported $67.6 million in football ticket sales, surpassing Ohio State's $67 million. Penn State also trailed Texas ($62.8 million) and Texas A&M ($53.9 million) and was on par with LSU ($43.6 million).

How Penn State spent its initial NIL pool

Penn State Nittany Lions fans are seen during the first half of a White Out game against the Oregon Ducks at Beaver Stadium. | James Lang-Imagn Images

According to the report, Penn State allocated institutional NIL payments to nine teams during the fiscal year, which ended June 30, 2025. Two of those teams, wrestling and women's volleyball, won NCAA championships. The men's hockey team reached its first Frozen Four.

This does not include what are known as enhanced educational benefits, which totaled an additional $4.9 million across the athletic department, $4 million of which went to athletes outside of football, men's basketball and women's basketball.

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

What Penn State spent and made on the College Football Playoff run

Penn State Nittany Lions defensive end Dvon J-Thomas celebrates the team's 31-14 win over the Boise State Broncos in the 2024 Fiesta Bowl. | Joe Rondone/The Republic / USA TODAY NETWORK via Imagn Images

The 2024-25 postseason added multiple line items to Penn State's financial report. The athletic department spent $7 million on postseason expenses and $4.1 million postseason compensation and bonuses for former coach James Franklin and his staff. Penn State incurred $2.5 million in expenses to host the first-round game vs. SMU.

But Penn State also generated significant revenue from the run. In addition to the $20.5 million distribution from the Big Ten, Penn State received $5.3 million in reimbursements for postseason football expenses.

How the Beaver Stadium renovation impacted Penn State

A general view of the renovation project of Beaver Stadium prior to the Penn State Blue-White spring game in 2025. | Matthew O'Haren-Imagn Images

The financial report does not detail specific expenses related to the Penn State's $700 million renovation of Beaver Stadium. However, Penn State reported nearly $7 million more in debt service and fees over the previous fiscal year. The total for facilities debt service, leases and rental fees was $24.2 million.

Penn State also reported a 27 percent increase in contributions, from $50.5 million to $64.5 million. Penn State defined contributions as the following:

• Money received from individuals, corporations, associations,
  foundations, clubs or other organizations for athletics operations.

• Money from outside contributors to pay for debt service, lease payments or rental fee expenses for athletic facilities.

Penn State received multiple donations for naming rights at Beaver Stadium, including the March 2025 deal with West Shore Home for the naming rights to the stadium's field.

In addition, Penn State reported contribution figures for individual teams. The football team received $17.5 million in contributions, while the NCAA-champion wrestling team was next with $3.8 million.

Men's basketball received $2.8 million in contributions, men's lacrosse received $1.3 million and baseball received $1.1 million. Among women's teams, soccer received $827,686, ice hockey received $763,119 and gymnastics received $651,911. The women's volleyball team, which won the 2024 NCAA championship, received $537.235.

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