Tucked inside a new 5-year contract that Fresno State athletic director Garrett Klassy signed last week are performance bonuses tied to revenue from fundraising, multimedia rights and external events, such as concerts and sports camps.

If Klassy were to meet his maximum revenue goals in the three areas, it would mean an extra $110,000 on top of his $480,000 salary for 2026-27. Klassy also has other nonrevenue goals that would trigger additional bonuses, according to the contract.

The bonus structure hints at high expectations for the Bulldogs with Fresno State’s move to the Pac-12 Conference this year, yet they are attainable. And with the guaranteed part of the contract worth $2.9 million over the life of the 5-year deal, Klassy has job security and juice on campus that his immediate predecessors did not enjoy when attempting to elevate the athletics department and its 18 sports programs.

“I can guarantee you, this extension doesn’t make me think, ‘Wow, we made it. We’re on easy street,’” he said. “It just makes me hungrier to prove that I’m going to earn every penny of that contract.

“I’ve said this from Day One, and I will tell anyone that wants to listen to me that in the new Pac-12, Fresno State has by far the largest upside both competitively and revenue generating-wise of any other school. I truly believe that,” he said.

Fresno State enters the Pac-12 with one of the lowest operating budgets in the conference. In 2025, it reported $61.8 million in athletics operating revenue on its NCAA revenue and expense report, seventh among the eight football-playing members in the conference. It also was well below the league average of $80.9 million.

But if Klassy were to hit his maximum possible bonus for revenue generation, the Bulldogs would move up considerably among its peers in athletics revenue, based on 2025 numbers.

Here’s a look at how the bonus system works

Fundraising revenue: Bonuses tied to fundraising revenue kick in at $10 million, $15 million and $20 million, topping out at a possible $25,000 bonus each year.

Fresno State is coming off a record year in 2025-26, raising $13.8 million, so a repeat performance would trigger a bonus.

Among the eight football-playing members of the Pac-12, San Diego State was at the top of the conference in 2025 and raised $25.1 million. Boise State also raised more than $20 million. The average across the conference was a little more than $14 million.

Multimedia rights revenue: Bonuses tied to gross multimedia rights revenue kick in at $8 million, $9 million and $10 million per year, with the highest available bonus $60,000 a year.

Fresno State in 2025 reported $4.4 million in revenue from sponsorships, advertising and licensing, ranking sixth among its football-playing peers in the Pac-12.

San Diego State and Oregon State were at the top of the conference at $13.5 million and $10.5 million, and the average among the football-playing schools in the Pac-12 was $6.7 million.

External event revenue: The university must hit $1.5 million to trigger a bonus, which likely would require a Shakira-sized concert. The performance bonus for external event revenue is $25,000.

Shakira played to a sold out crowd at Valley Children’s Stadium one year ago, generating $400,000 in revenue for the athletics department through concessions sales, parking and premium suites seating.

Klassy says he wants to make sure the Shakira concert was not a one-off event for a football venue that is not used a lot year-round. “I came here to build something special and time will tell if that happens or not, but we’re going to invest in the right ways, and we’re going to run this thing like a business,” he said. “We’re going to grow this thing.”

University president Saúl Jiménez-Sandoval, who initiated negotiations on the contract extension seven months ago, said he was confident in Klassy and the direction of an athletics department that has been stagnant for a number of years for a number of reasons, including spotty support from the university side of campus.

“Garrett has wholeheartedly dedicated himself in a very intentional way to Fresno State,” Jiménez-Sandoval told The Fresno Bee in an interview before the contract was signed.

“There are a lot of challenges in athletics. He is not daunted by that. He takes them head on. He has an impeccable work ethic, and he has a lot of really creative ideas on how to move ahead.”

Fresno State, Klassy said, is far from a finished product. But it can climb much closer to the top of the Pac-12, if revenue spikes in certain areas, including fundraising and multimedia rights.

There is a gap between Fresno State and the schools nearer the top of the Pac-12 in a number of key revenue sources, including ticket revenue, direct university support and student fees. But fundraising and revenue from royalties, licensing and sponsorships are among the largest gaps.

If Klassy were to max out all the bonuses in his contract, including those tied to team performance and budget maintenance, he could make an additional $333,000, which includes $150,000 if the Bulldogs were to win the College Football Playoff national championship.

“To me, having five more years gives us the continuity to keep building,” Klassy said. “I’m very fortunate I get to work every day with a transformational president who truly believes in not just building athletics as a key component of this university, but in how we get better in a lot of areas. To be able to work alongside him, and the rest of the cabinet, we have a chance.

“That’s pretty special. That doesn’t happen everywhere,” he said. “We have that, and so we have to take advantage of that while we have it.”

This story was originally published August 29, 2026 at 12:30 PM.