Maturi graduated from University of Notre Dame in 1967 and started his career as a coach and administrator in high school sports, culminating in his induction to the Wisconsin Basketball Hall of Fame. Maturi was hired as the AD at Denver in 1996 after serving as associate athletic director at the University of Wisconsin–Madison from 1987 to 1996, and helped the Denver program transition to Division I from Division II. He was hired at Miami as AD in 1998 and held that post until hired by Minnesota on July 12, 2002.
At Minnesota, he has been expected to help the Minnesota Golden Gophers recover from the fallout from the Clem Haskins men's basketball scandal. Maturi played a crucial role in securing funding for an on campus stadium for the football team after years of wrangling with the state legislature. In 2007, Maturi hired Tubby Smith from the University of Kentucky to be the new men's basketball coach. He signed a three year contract extension through 2009 in late 2006. Maturi's teams have won several national championships in his tenure: wrestling (2007), men's golf (2002), men's hockey (2002, 2003), and women's hockey (2004, 2005, 2012).
On February 2, 2012, Maturi announced that he would be retiring as athletic director on June 30, 2012. Maturi said he would be remaining at the school as an assistant to school president Eric Kaler. On June 18, 2012, Norwood Teague succeeded him as athletics director.
In March 2013, Maturi accepted a position as a member of the NCAA infractions committee. Maturi is also known as the inspiration for Chris Farley's motivational speaker character Matt Foley. Maturi coached Chris and picked up the belt buckle adjustment and mannerisms that inspired the character on Saturday Night Live.