Penn State's athletics-related debt reaches nearly $535 million in 2025, with renovations to Beaver Stadium costing $700 million. The school's debt has tripled from the previous year, surpassing Florida State's $437 million in athletics-related debt. Penn State's total operating expenses were $254.6 million, with $18.4 million allocated for institutional NIL revenue share. The Beaver Stadium renovations, set to be completed by 2027, will feature temporary seating during the 2026 season. Matt Campbell will take over as head football coach, replacing James Franklin, who led the Nittany Lions to a 7-6 record in 2025.
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