Saturday's matchup at Beaver Stadium topped out at 8.7 million viewers on ABC.
The transfer from Temple joins fellow defensive stalwarts Jesse Luketa and Jaquan Brisker.
"When we we look at the sports legacy that we have in Centre County, we believe it's past time."
Schreyer and her husband, William, helped rebrand and officially name Penn State's honors college in 1997 thanks to a $30 million gift.
The ordinance was previously set to expire on November 22.
Brisker opted to use his extra year of eligibility to return to Happy Valley, and it's paid off immensely so far.