The deal begins on July 1, 2023, and will run through the 2029-30 season.
The owner, Yean Ngan, faces 13 felony and 26 misdemeanor charges after allegedly withholding more than $600,000 in taxes dating back to 2017.
This marks the first time the Nittany Lions are left out of the preseason poll since 2016.
Talley is entering the portal before his first season with Penn State.
The bakery was previously located at the Nittany Mall.
