Penn State is not one of college football’s big spenders, and that is the story. The Nittany Lions carry a 2026 roster budget estimated at $29 to $32 million, which places them 21st nationally and seventh in their own conference, roughly $20 million behind Ohio State and Oregon.
| Program | Estimated 2026 roster budget |
|---|---|
| Ohio State and Oregon | $49M to $54M |
| Texas Tech | $38M to $42M |
| USC | $37M to $40M |
| Indiana and Michigan | $36M to $40M |
| Nebraska | $31M to $35M |
| Penn State | $29M to $32M |
| Wisconsin | $27M to $31M |
| UCLA | $26M to $30M |
Estimates published by The Athletic in September 2026. Roster budgets are not disclosed, and the outlet noted that everyone involved has reason to overstate or understate them.
The Estimate Has Local Support
Unusually for a number like this, someone inside the program has effectively confirmed it. Mike Villagrana, executive director of the Penn State NIL collective Happy Valley United, gave a figure on a local podcast that aligns with the $29 to $32 million range, which is more corroboration than most roster budget estimates get.
The gap with the top of the Big Ten is the part that matters competitively. Ohio State and Oregon are estimated at $49 to $54 million, meaning both operate with something close to 60 percent more money than Penn State. Michigan and Indiana are also ahead.
Who Penn State Lost
The clearest illustration of the gap is where former Nittany Lions ended up. Tennessee, whose budget is reported above $40 million, signed three of them: edge rusher Chaz Coleman on a reported $2 million deal, linebacker Amare Campbell and defensive tackle Xavier Gilliam. Coleman was later medically disqualified and never played for the Vols.
One thing worth understanding when comparing these numbers: On3 changed its valuation model on July 1, 2026, moving from an algorithm that estimated marketing potential to one that tracks actual contract value. Figures published before and after that date are measuring different things, which is part of why sources disagree so often. Our explainer on NIL valuation versus actual earnings covers the distinction, and Tennessee NIL shows the other side of this particular story.
The Bottom Line
Penn State’s roster budget is estimated at $29 to $32 million, tied with Clemson for 21st nationally and seventh in the Big Ten, with Ohio State and Oregon operating at nearly double that.