$2.5 million will go to Invent Penn State, while $500,000 will go to stadium renovations.
During the NFL season, Rinaldi can frequently be seen delivering news from the sidelines during America's Game of the Week on FOX.
Sanders was released by the Panthers earlier this week.
For a minimum capital contribution of $50,000, folks can enjoy premium and exclusive gameday experiences.
Two Penn Staters are on the cover after there were none in last year's cover.
Several trustees who voted against Monday's measure said Penn State could have gotten a better deal elsewhere.