Penn State’s place in college football’s roster-budget race is not where Pat Kraft said it would be.
After Kraft fired James Franklin last fall, the Penn State athletic director promised the next coach would have “elite resources” to work with. But a new report from The Athletic puts the Nittany Lions outside the top 20 nationally in football roster budget, with an estimated 2026 figure of $29 million to $32 million. That slots Penn State at No. 21, tied with Clemson, and seventh in the Big Ten.
The gap at the top is striking. Ohio State and Oregon were the national leaders in The Athletic’s estimates, each landing in the $49 million to $54 million range.
The Athletic also noted the obvious problem with trying to nail down these numbers: everyone involved has an incentive to shade them up or down. Administrators, coaches, athletes, agents and others all have reasons to massage the truth. Still, Penn State’s estimate lines up with other offseason valuations, including one from Mike Villagrana, executive director of the Penn State NIL collective Happy Valley United, on a recent episode of the BlueWhite Tailgate Pawcast.
Penn State’s budget picture gets more complicated when you look at how the roster was built. The Nittany Lions have 62 new players this season, and 40 of them arrived through the transfer portal. That meant first-year coach Matt Campbell had to balance the cost of bringing in newcomers with the cost of keeping key pieces from the 2025 roster.
Among the returning players Campbell had to prioritize were linebacker Tony Rojas, linemen Anthony Donkoh and Cooper Cousins, tight end Andrew Rappleyea and cornerbacks Audavion Collins and Daryus Dixson.
Derek Hoodjer, Penn State’s general manager, said earlier this year that the staff’s first step was figuring out which returning players fit what the program wanted.
"What we really prioritized when we got here was spending a lot of time getting to know the current roster, and we wanted to start with who on the Penn State team fits what we're trying to do from a character perspective, from a football perspective, from what they're looking for," Hoodjer said. "Does it align what we're looking for? And we felt really good about the players that we were able to retain here."
Campbell also got a budget break by bringing 24 players with him from Iowa State. That group included quarterback Rocco Becht, tight end Ben Brahmer, linebacker Kooper Ebel and safeties Jeremiah Cooper and Marcus Neal Jr.
Villagrana said on the podcast that Campbell’s existing relationships with those players mattered.
"That's a huge thing that I don't think a lot of people think about, but that was big: the culture that [Campbell] had and the relationships he had with those players that transferred," Villagrana said on the podcast. "Because I don't think we could get them if he didn't have [those relationships].
"But now moving forward to next year's salary, we're not going to have that equity with the players anymore. So the number's going to continue to go up until there's some guardrails."
For now, Penn State is trying to make the numbers work while also trying to keep pace in the Big Ten. The Nittany Lions, ranked No. 14, are 2-0 under Campbell and have outscored Marshall and Temple by a combined 72-9.
They host Buffalo on Saturday in their final non-conference game before opening Big Ten play against Wisconsin on Sept. 26.
Kraft has insisted the financial picture is stronger than the ranking suggests. He has pointed to Penn State’s revenue-generation approach, including the $700 million Beaver Stadium renovation, which he said will create more premium seating and more year-round event opportunities. Kraft also said this summer that Penn State has more than $1 billion in guaranteed future athletics revenue.
"The key is the guaranteed number," Kraft said. "It's the floor.
Now we have the opportunity, and we should continue to generate more revenue on top of that. But that gives us a baseline more than most any of our peers."
Campbell, meanwhile, said this summer that Penn State’s resource situation is far different from what he had at Iowa State.
"At the end of the day, that's an evolution, and that continues to grow as this world around us continues to grow, and we adapt," Campbell said. "But I will say this. I've been really appreciative of the effort and the conversations to be able to continue to keep up and move our program forward as everybody else around us continues to move their programs forward as well."
In Other News...
Buffalo Coach Sees One Clear Problem With Facing Penn State
Pete Lembo didnt need much time to make clear what stands out when he looks at Penn States roster ahead of a trip to Beaver Stadium. The Buffalo head coach went through the Nittany Lions with the kind of detail that comes from studying a team closely, pointing to linebacker Tony Rojas, a player he once recruited at South Carolina, and to middle linebacker Kooper Ebel as the sort of defensive leader who helps set the tone for the entire unit.
Lembo also had praise for Penn State quarterback Rocco Becht and for special teams coordinator Justin Lustig, giving Buffalo a broad view of the challenge waiting on Saturday. For a visiting coach, the problem is never just one star or one phase of the game, and Lembos breakdown suggested Penn State brings enough across the board to make every snap and every hidden-yardage situation matter. [Read more 🡒]
Penn State Fans Have Every Right To Ask About Quinton Martin
Penn State has put up 72 points through its first two games, and the offense has looked efficient enough through the air to keep things moving. Rocco Becht has completed 75 percent of his passes without an interception, which has helped mask some of the unevenness in the ground game, where Carson Hansen leads the team in rushing yards but the big plays have not yet shown up.
That is why Quinton Martin Jr. stands out as a talking point after he did not carry the ball against Temple, especially after flashing in earlier action. With the run game still searching for a true burst element and no carry going longer than 13 yards, it is fair for Penn State fans to wonder how Martin fits into the rotation and when he might get another chance to change the pace. [Read more 🡒]
Penn State Passing Game Suddenly Has A Ceiling Fans Will Notice
Rocco Becht has given Penn States passing game an early rhythm, completing 75.6 percent of his throws with seven touchdowns through two games while spreading the ball around to multiple receivers. Offensive coordinator Taylor Mouser has leaned into that balance, pointing to the chemistry in the room and the fact that no single pass catcher has separated himself as a concern, but as a strength that can make the offense harder to pin down.
Mousers confidence comes with a catch, though: the groups depth only matters if every skill player stays ready for the moment his number is called. He praised several players for what they bring to the offense, which is a sign Penn State likes the variety it has built into the passing game, but also a reminder that the ceiling for this unit may depend on whether someone eventually emerges as the clear go-to option. [Read more 🡒]