We calculate the $N^*$ contributions to the generalized polarizabilities of the proton in virtual Compton scattering. The following nucleon excitations are included: $N^*(1535)$, $N^*(1650)$, $N^*(1520)$, $N^*(1700)$, $Delta(1232)$, $Delta^*(1620)$ and $Delta^*(1700)$. The relationship between nucleon structure parameters, $N^*$ properties and the generalized polarizabilities of the proton is illustrated.