A Penn State Board of Trustees committee met Monday morning to finalize Matt Campbell’s status as the next head football coach.
The Committee on Equity and Human Resources voted unanimously to approve Campbell’s eight-year contract, the last step in a lengthy hiring process. He is set to meet with the media at noon on Monday for the first time since accepting the job on Friday.
“We are proud to welcome Coach Campbell into the Penn State family and know he will have a lasting impact on our student-athletes and community,” university president Neeli Bendapudi said in a release. “I want to thank and congratulate Pat Kraft on bringing this search to a successful conclusion. I know we both look forward to seeing the new heights Coach Campbell can achieve for Penn State Football.”
The contract starts out with $70.5 million in guaranteed compensation over the course of the eight years and has a host of other automatic payments and incentives that will further increase his pay.
Campbell has a guaranteed base salary and supplemental compensation averaging just over $8.8 million per year. The base will start at $8 million in 2026 and rise to $9.25 million in 2033:
2026: $8,000,000
2027: $8,250,000
2028: $8,500,000
2029: $9,000,000
2030: $9,000,000
2031: $9,250,000
2032: $9,250,000
2033: $9,250,000
He will also receive an automatic $1 million annual retention bonus. Each year he reaches the College Football Playoff as well as a one-year extension and $500,000 raise
Additionally, Campbell will earn a two-year extension and $1 million raise if he leads the Nittany Lions to a national championship. Other incentives include $100,000 for winning Big Ten Coach of the Year and $150,000 for National Coach of the Year. He’s set to make $250,000 for each Big Ten title game appearance and $350,000 for each win.
His contract also includes bonuses for academic success, with a maximum of $150,000 if the team maintains a grade-point average above 3.5.
His staff salary pool and NIL numbers weren’t included, though those figures are reportedly set at $17 million and $30 million respectively, among the highest in the nation.
Penn State also owes Iowa State $2 million as part of his buyout, with Campbell paying the rest himself.
Campbell previously earned $5 million a year plus bonuses at Iowa State.
He spent the previous decade in Ames, amassing a 72-55 record with the Cyclones, including producing several of the best seasons in program history. Prior to that, he spent five seasons with Toledo amassing a 35-15 record.
He arrived in State College Sunday afternoon, when he was met by athletic director Pat Kraft and a throng of fans at the airport.
“I am incredibly honored to join Penn State University as its next head football coach,” Campbell said in the release. “This is one of the blue bloods of college football, and this program’s history and tradition are unmatched. I look forward to building on that foundation by developing student-athletes on and off the field, competing for championships and continuing the legacy of excellence that defines Penn State.”
Monday’s board committee meeting was brief, with mostly perfunctory remarks welcoming Campbell and his family and congratulating Athletic Director Pat Kraft on the hire after a nearly two-month search following the firing of James Franklin.
Trustee and former Nittany Lion quarterback Matt McGloin was among those offering comments, voicing support for the hire and for keeping interim head coach Terry Smith on staff.
“I’m thrilled to welcome Matt Campbell as our next head coach,” McGloin said. “This is someone that I personally would have loved to have had the opportunity to play for, a tough, respected leader who really embodies the values of Penn State… As someone who has who’s worn this uniform and lived this program I’m so confident that we’re moving in the right direction and are united in the future
“I really just want to thank Pat once again for keeping Terry on staff. Terry’s somebody who has really been the heartbeat of this program a mentor and, someone who embodies everything that Penn State stands for and his impact on our players and our community is absolutely immeasurable. So I think we’d all agree that the future of Penn State football is very, very bright.”
