Home and home 2 game series.  1st game will be played at Heinz Field on September 10th, 2016 and September 16th, 2017 they will play at Beaver Stadium.

http://sports.espn.go.com/ncf/news/story?id=6661401

The two teams have played 96 times, but haven't faced each other since 2000, when Pittsburgh beat Penn State 12-0 at Three Rivers Stadium.

"The tremendous history of this rivalry is well documented and the passion that fans have for this game is enormous," Pitt athletic director Steve Pederson said in a prepared statement. "We are very pleased that this two-game series is now in place and a new generation of fans can experience the excitement of a Pitt-Penn State football game beginning in 2016."

Penn State AD Tom Curley said the Nittany Lions are also excited about renewing the rivalry.

"The Penn State-Pitt game was one that football fans across the Commonwealth have been passionate about," he said. "There have been many memorable Penn State-Pitt games, featuring outstanding players and coaches, and we look forward to playing the Panthers again. "

Pitt coach Todd Graham said as a young football fan in Texas, he looked forward to watching Penn State vs. Pittsburgh every fall.

"The games were intense and featured some of the greatest players in the history of college football. The resumption of this series is great for the two schools and football fans everywhere," he said.

Penn State leads the series 50-42-4 in the series, which began in 1893 and was played yearly from 1900-31, 1935-92 and 1997-2000.

Hopefully this will end the nonsense argument that the Pitt-Penn State game hasn't been played because Paterno harbors some mythical grudge against Pitt for the ill-fated Eastern Conference idea.  As many here have repeatedly said, it's all about maintaining out of conference scheduling flexibility on PSUs part and a long term agreement (which Pitt had wanted for years) just doesn't make sense for PSU (or Pitt now for that matter with the expansion of the BE).  Personally I'm all in favor of Pitt-PSU playing each other home-home like this once every decade.