Penn State basketball announced that coach Pat Chambers and athletic director David Joyner will hold a press conference on Wednesday to reveal a “special announcement.”

It’s not often that a basketball press conference in August is huge news, but this has the potential to be big. Any time the AD joins the head coach, it’s safe to assume that something noteworthy is going to happen, and while everything is speculation at this point, there are several plausible things that could be announced.

The first one, obviously, is a contract extension for Chambers. While his record may not show that Penn State has been a superpower under his watch, the program is trending upward, fans love him and the team is being ultra aggressive in recruiting, especially in the Philadelphia area.

It’s entirely possible that the athletic department thinks that Chambers is worthy of an extension, and during a lull in the summer before they leave for their European tour, they may want to lock their head coach up for a few more years. He’s in year three of a five year deal, and if Penn State has a successful 2013-14 campaign, he could become a possible target for larger schools. Why not give him more years/money so he stays in Happy Valley?

The other possible big announcement is the long-rumored game in Rec Hall. The Bryce Jordan Center isn’t exactly a wildly popular venue for games, and it’s certainly not that intimidating of a place when it can hold over 15,000 people and half of that shows up for a game. Why not try to have a game or two in what used to be the team’s home from 1929-1996, as some idiot from Bleacher Report suggested a year and a half ago?

The venue certainly has a more “college” feel: it can’t fit a lot of people, it can get very loud, and students are practically on the floor harassing the opponent, as you can see in this clip. No, seriously, watch that video — wouldn’t that be awesome?

Regardless of what the announcement is (it could be one of those things, it could be something else, we have no idea), Onward State will keep you updated.