Riko's will offer thin-crust pizza, wings, salads, appetizers, deserts, and include a bar.
Updates for the change are expected closer to June.
Penn State is set to face Washington, Oregon, USC, and UCLA for the first time as in-conference competition.
"I was offered a big pay day too," Starocci wrote on Twitter. "I said go wipe your ass with that money. When it comes to money people switch like the weather. Not me."
Taylor wrestled for Penn State from 2009-14 and amassed a 134-3 record.
Fowler served as the student marshal at his graduation.