Matt Campbell officially named Penn State's new coach, inking 8-year, $70.5-million deal

Penn State officially has its next football coach in Matt Campbell.

On Monday morning, Penn State’s board of trustees approved Campbell’s contract, rubber-stamping his arrival in Happy Valley after news surfaced Friday that athletic director Pat Kraft had lured him from Iowa State, where Campbell had coached the past 10 years.

According to PennLive, Campbell inked an eight-year deal through 2033 worth $70.5 million guaranteed that will begin paying him $8 million in 2026, with $250,000 raises the following two years. Campbell will make $9 million from 2029-30 and $9.25 million from 2031-33, with multiple incentives attached to earn more.

He was introduced as Penn State’s 17th head coach at a news conference Monday.

Officially official.

Welcome to Happy Valley, Coach Campbell!#WeAre pic.twitter.com/tz3nbMXVMq

— Penn State Football (@PennStateFball) December 8, 2025

“From the start of our search, our mission was to find a proven leader who reflects Penn State’s integrity, toughness and championship expectations,” Kraft said in a statement. “We also sought someone who has a demonstrated a record of elite player evaluation and development, as well as the ability to retain top talent and assemble a strong staff. We found all that and more in Matt Campbell.

“For several years, Matt has been one of the most sought-after coaches for a reason, and we are fortunate that he is now our coach. In our discussions, it is clear that Matt understands and appreciates our storied history, our tradition and our high expectations.”

Campbell’s contract includes a $1 million retention bonus per contract year and he’ll automatically be extended a year with a minimum $500,000 raise if Penn State qualifies for the College Football Playoff.

Were Penn State to win a national title, Campbell would be automatically extended two years and receive a raise of no less than $1 million.

Campbell’s buyout, were Penn State to fire him, would be 100% of the guaranteed compensation remaining on his contract. If he decides to depart, Campbell would be on the hook for $10 million after 2026, decreasing by $2 million through 2030.

From 2031-33, Campbell would owe Penn State $1 million in the event of his willing departure.

Additional incentives for Campbell include $800,000 for appearing in the CFP national championship game; $500,000 for a CFP semifinals appearance; $400,000 for making the quarterfinals; and $300,000 for a first-round appearance.

A national coach of the year award would net him an extra $150,000 while winning Big Ten Coach of the Year would activate a $100,00 incentive.

Campbell would receive $350,000 if Penn State wins the Big Ten title game and $250,000 for making it to the league championship.

“I am incredibly honored to join Penn State University as its next head football coach,” Campbell said in a statement. “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.

“I want to thank President (Neeli) Bendapudi and Pat Kraft for their trust and support throughout this process. I also want to express my deep gratitude to Iowa State University, its football program and the entire Cyclone community for the incredible memories and experiences my family and I have shared there. We will always cherish our time in Ames. My family and I are eager to become part of the Penn State community and get to work with the student-athletes, staff and fans who make this place so special.”

The 46-year-old Campbell succeeds James Franklin, who was fired Oct. 12.

His arrival concludes a lengthy search by Kraft, who targeted a diverse array of candidates including BYU’s Kalani Sitake, Indiana’s Curt Cignetti, Nebraska’ Matt Rhule, Missouri’s Eli Drinkwitz, Vanderbilt’s Clark Lea and Louisville’s Jeff Brohm over a 54-day span.

All of those coaches ultimately stayed put, inking long-term extensions with their current employers.

Campbell guided Iowa State to a 72-55 (50-40 Big 12) record over his 10 years in Ames.

While there, he was a three-time Big 12 Coach of the Year winner (2017, 2018, 2020).

The Cyclones won a school-record 11 games in 2024, appearing in the Big 12 championship game before winning the Pop-Tarts Bowl and finishing as the No. 15 team in the nation.

This year, Iowa State went 8-4 (5-4), opting out of all postseason bowl invitations.

Previously, Campbell coached at Toledo from 2012-15 and for one game as interim coach in 2011, going 35-15.

A native of Massillon, Ohio, Campbell played his first year of college football at Pitt in 1998 before transferring to Mount Union from 1999-2002.

Previous coaching stops include Bowling Green (2003-04), Mount Union (2005-06) and Toledo as an assistant from 2009-11.