The students argued an investment in Penn State by state government leaders was an investment in Pennsylvania.
Phelps came from leading Oklahoma's Michael F. Price College of Business.
Ott previously served as the interim director of the Huck Institutes of the Life Sciences.
The renovations would aim to create general purpose classrooms after the Palmer Museum was moved to the Arboretum.
Short, McGloin, and Nassib defeated Alvin de Levie and Steven Wagman.
"Where I'm at today in life and all that I have is because I had the opportunity to be a student-athlete at Penn State University. For me, this is how I give back to school that's given me so much."