The athletic department ran this event, correct? They did it in conjunction with an outside agency who was probably mostly responsible for procuring the talent and providing guidance. What concert events have the athletic department run before? Remember, the concerts at the BJC are not run by the athletic department. They don't own, nor even run, that facility. I'm sure they were able to draw on some of that expertise, although those employees don't work for athletics, but you're talking apples and oranges. The BJC was built for concerts. The infrastructure needed for lighting, power for sound, stages, seating, dressing rooms, etc. are all in place, along with a set of procedures for organizing it, handling the talent, etc. None of that was at the stadium, and the employees that run the BJC are presumedly well versed in doing things at that facility, but not necessarily in other facilities, especially ones not built to hold major concerts, let alone having ever hosted a single concert. There were probably costs incurred this time around that won't have to be incurred in the future if they do it again.
I'm sure their profit target was don't lose any money. How's that? I have no doubt athletics wanted to make money on the event. But I doubt they budgeted for it, or were considering it a source of revenue this year that they were counting on.
If Sandy hired consultants to study the feasibility of holding concerts in the stadium, you'd probably be complaining about that expenditure. So this was a real life expenditure to gather the same knowledge, with ticket sales to offset it.
I can't imagine the business you run if you never venture out and try new things, take risks, or do anything that you don't have down 97-98% before you attempt it.
You don't run something like this yourself, you hire someone. In Penn State's case, they hired Basis Entertainment (actually, a more accurate description of the deal probably would be that Basis Entertainment paid PSU a fee to rent the stadium). Basis would have handled most of the effort not PSU.