Penn State announces contract terms, bonus details, and more for new athletic director Pat Kraft
Penn State Athletics announced Friday morning the appointment of Pat Kraft as the university’s new Athletic Director on a five-year contract.
Kraft will take over from retiring Vice President for Intercollegiate Athletics Sandy Barbour on July 1.
Kraft arrives from Boston College, which required a buyout of $2.85 million for his services. Of that, Penn State will pay $1.9 million, while loaning the remaining balance to Kraft.
Kraft’s annual base salary will be $750,000.
He will also receive additional compensation in each of his five years:
- $500,000 in year one
- $535,000 in year two
- $575,000 in year three
- $615,000 in year four
- $660,000 in year five
Kraft is also eligible for up to $250,000 in incentives annually.
A sampling of those incentives is below:
- $100,000 if football appears in a CFP semifinal
- $50,000 if football appears in an NY6 Bowl
- $35,000 if football appears in a conference title game
- $20,000 if men’s or women’s basketball plays in the NCAA Tournament
- $25,000 for each program that wins a national title outside of football and basketball
Click here to see the full contract terms.
What they’re saying about Penn State’s announcement
Several prominent Penn State figures released prepared statements in response to the announcement:
New university president Neeli Bendapudi:
“I am thrilled to welcome Pat Kraft and his family — Betsy, Annabelle and Joseph — to the Penn State family. He is an exceptional and inspiring leader with the vision, experience and drive to excel in this role and to build upon our tradition of intercollegiate athletic success.
“Along with having a bold vision for excellence and an impressive record of achievement, Pat values teamwork and cares above all about the success and development of student-athletes and coaches on and off the field. With Pat at the helm of our athletics department, the possibilities of what we can accomplish ahead are unlimited.
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New Penn State AD Pat Kraft
“This is a special opportunity, and I am incredibly honored to join Penn State’s best-in-class athletics program. I am appreciative of President-elect Bendapudi for her support and invitation to come back to Pennsylvania to be part of the Penn State family.
“In the coming months, I am so excited to meet the community and to begin to work alongside Penn State’s talented student-athletes and dedicated coaches and staff to uphold and advance excellence for Penn State. The University is world-class, rich with tradition and has passionate fan support, and we will never stray from what has made the program great. My focus will be to provide the best experience for our student-athletes and staff, continue to grow our sports programs, and to enhance the best atmosphere in the Big Ten for our community and fans.”
PSU head football coach James Franklin
“In the ever-changing landscape of college athletics, Pat has proven to be a bold leader, whose mindset and ability to adapt is as important as ever. It is clear to me that Pat embraces the proud tradition of Penn State and our 31 athletic programs. Pat’s background as a Big Ten college football player has helped mold his understanding of how impactful a successful football program can be for the entire University and community.”
