The Penn State Board of Trustees is moving forward on a major renovation to Beaver Stadium.

For the past several years, the university has been wrestling with whether to build a new stadium or modernize its current 106,592-seat home.

PSU confirmed its intentions following last week’s Board of Trustees meeting, and we think Penn State is making the right call.

Plans are still being finalized and will be presented to the board for a vote in the “near future,” PSU said.

The football program is a major source of price to this region and certainly an economic engine for Penn State, Centre County and surrounding communities, including our own.

Fans here build their fall schedules around the Nittany Lions, and just as that has been a tradition seemingly forever, so, too, is Beaver Stadium itself. That’s why we favor a renovation, rather than building a new stadium.

College football is big business.

Penn State reported $181.2 million in revenue for the 2021-22 fiscal year. It also spent $170.5 million. Both are all-time highs, according to the school’s annual financial report.

Penn State’s football program supports practically the entire athletic department by itself. Of its 31 sports, other than football, only men’s basketball and men’s ice hockey teams are profitable.

Anyone who has attended games at Beaver Stadium is well aware the facility needs significant upgrades — particularly in its outdated concourses, concession areas, walkways, bleachers and, most importantly, its restrooms.

Launching a renovation plan now makes sense as the football program is riding momentum with four New Year’s Six Bowl appearances in the last six years, including a win in this year’s Rose Bowl.

The Nittany Lions finished last season ranked No. 7 by the Associated Press and are poised to challenge for the Big Ten championship and a berth in their first College Football Playoff as soon as next season.

The program is in good hands with James Franklin and his coaching staff, and optimism is high.

It’s notable that the leaders of this project — new president Neeli Bendapudi and athletic director Pat Kraft — have been at Penn State less than a year, but both quickly recognized and supported the renovation.

The time is right.