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Conferences

The four Power 4 leagues (2026 membership) and Notre Dame, compared on money, football and wealth. FY2025 = the 2024-25 school year. Every figure is a sum or median of the per-school rows on the conference and school pages.

At a glance

SEC

16 schools · 15 public · FY2025
  • $3.45BAthletic revenue, all schools EADA
  • $204.9MMedian school’s revenue EADA
  • $1.65BFootball revenue (48% of total) EADA
  • $62.54BEndowments combined; 7 are system or foundation figures NACUBO

Big Ten

18 schools · 16 public · FY2025
  • $3.37BAthletic revenue, all schools EADA
  • $176.5MMedian school’s revenue EADA
  • $1.85BFootball revenue (55% of total) EADA
  • $110.03BEndowments combined; 8 are system or foundation figures NACUBO

ACC

17 schools · 10 public · FY2025
  • $2.75BAthletic revenue, all schools EADA
  • $151.6MMedian school’s revenue EADA
  • $1.06BFootball revenue (39% of total) EADA
  • $104.38BEndowments combined; 2 are system or foundation figures NACUBO

Big 12

16 schools · 13 public · FY2025
  • $2.13BAthletic revenue, all schools EADA
  • $130.7MMedian school’s revenue EADA
  • $792.2MFootball revenue (37% of total) EADA
  • $27.18BEndowments combined (15 of 16 schools); 4 are system or foundation figures NACUBO

Notre Dame

Independent in football · FY2025
  • $289.6MAthletic revenue EADA
  • $195.7MFootball revenue (68% of total) EADA
  • $20.09BEndowment NACUBO

Compare the leagues

Four short tables instead of one wide one. Click a column header to sort; the subtly shaded cell is the highest among the four leagues. Notre Dame is shown below a divider and isn’t ranked.

Revenue

What this means: how much money each league’s athletic departments brought in. The SEC and Big Ten are in a class of their own; the median school shows what a typical member takes in.

LeagueSchoolsTotal athletic revenueMedian schoolPublic schools’ revenue (Knight-Newhouse)
SEC16$3.45B$204.9M$3.36B (15 public)
Big Ten18$3.37B$176.5M$3.12B (16 public)
ACC17$2.75B$151.6M$1.49B (9 public)
Big 1216$2.13B$130.7M$1.73B (13 public)
Notre Dame (ind.)1$289.6M$289.6Mno public schools

Source: U.S. Dept. of Education, Equity in Athletics (EADA), FY2025 = 2024-25 (ope.ed.gov/athletics). Public-school column: Source: Knight-Newhouse College Athletics Database (knightnewhousedata.org), NCAA financial reports of public schools, FY2025.

Spending & football

What this means: what the departments spent, and how much of the money is football. A high football share means the rest of the department leans on one sport.

LeagueTotal spendingFootball revenueFootball spendingFootball share of revenue
SEC$3.33B$1.65B$926.3M48%
Big Ten$3.23B$1.85B$1.03B55%
ACC$2.73B$1.06B$832.3M39%
Big 12$2.09B$792.2M$611.7M37%
Notre Dame (ind.)$244.7M$195.7M$93.3M68%

Source: U.S. Dept. of Education, Equity in Athletics (EADA), FY2025 = 2024-25 (ope.ed.gov/athletics). Football share = football revenue ÷ total revenue (calc).

Who pays: subsidies and donors

What this means: money moved into athletics from the university budget and student fees (the “subsidy”) versus money from donors. Public schools only, because only they file these reports.

LeaguePublic schools reportingSubsidy from school & studentsMedian subsidy per schoolSubsidy as share of revenueDonor contributions
SEC15$148.5M$5.0M4.4%$981.5M
Big Ten16$164.5M$9.1M5.3%$576.7M
ACC9$218.0M$20.2M14.6%$342.8M
Big 1213$306.9M$14.8M17.7%$452.5M
Notre Dame (ind.)0private: no Knight-Newhouse report———

Source: Knight-Newhouse College Athletics Database (knightnewhousedata.org), NCAA financial reports of public schools, FY2025. Subsidy = institutional/government support + student fees (Knight’s definition; summed by us). Share = subsidy ÷ total athletic revenue (calc).

Wealth: endowments

What this means: the size of the universities’ investment funds, not athletics money. Some figures cover a whole state system or a foundation, so league totals mix scopes.

LeagueEndowments combinedMedian endowmentLargest endowmentSchools with an endowment figureSchools with a giving total
SEC$62.54B$2.14BTexas A&M University $22.23B16 of 16 (7 system/combined)13 of 16
Big Ten$110.03B$4.69BUniversity of Michigan $21.20B18 of 18 (8 system/combined)15 of 18
ACC$104.38B$2.54BStanford University $40.79B17 of 17 (2 system/combined)11 of 17
Big 12$27.18B$1.77BTexas Tech University $3.07B15 of 16 (4 system/combined)11 of 16
Notre Dame (ind.)$20.09B$20.09BUniversity of Notre Dame $20.09B1 of 10 of 1

Source: NACUBO-Commonfund Study of Endowments, FY2025 (NACUBO), as compiled in the conference research; giving totals are each school’s own report. Per-school figures and source links are on the school pages.

All dollars are nominal (not adjusted for inflation). Leagues use 2026 membership for every year, so history reflects today’s leagues. EADA covers all 68 schools; Knight-Newhouse covers public schools only. The two are never added together.

Revenue growth since 2007 (EADA)

Takeaway: Combined athletic revenue for the 68 schools roughly tripled, from $3.90B in FY2007 to $11.99B in FY2025 (+208%, nominal). Every league grew at a similar pace: the ACC grew fastest (×3.2) and the Big Ten slowest (×2.8).

Athletic revenue by league, FY2007–FY2025 (EADA, all schools)
Athletic revenue by league, FY2007–FY2025 (EADA, all schools)$0$1B$2B$3B$4BFY2007’09’11’13’15’17’19’21’23’25COVIDCOVIDSEC FY2007: $1.09BSEC FY2008: $1.18BSEC FY2009: $1.26BSEC FY2010: $1.38BSEC FY2011: $1.46BSEC FY2012: $1.50BSEC FY2013: $1.61BSEC FY2014: $1.67BSEC FY2015: $1.85BSEC FY2016: $2.03BSEC FY2017: $2.15BSEC FY2018: $2.25BSEC FY2019: $2.27BSEC FY2020: $2.24BSEC FY2021: $2.04BSEC FY2022: $2.59BSEC FY2023: $2.80BSEC FY2024: $3.14BSEC FY2025: $3.45BBig Ten FY2007: $1.19BBig Ten FY2008: $1.28BBig Ten FY2009: $1.31BBig Ten FY2010: $1.36BBig Ten FY2011: $1.46BBig Ten FY2012: $1.52BBig Ten FY2013: $1.63BBig Ten FY2014: $1.72BBig Ten FY2015: $1.82BBig Ten FY2016: $1.92BBig Ten FY2017: $2.06BBig Ten FY2018: $2.27BBig Ten FY2019: $2.34BBig Ten FY2020: $2.32BBig Ten FY2021: $1.80BBig Ten FY2022: $2.68BBig Ten FY2023: $2.91BBig Ten FY2024: $3.19BBig Ten FY2025: $3.37BACC FY2007: $859.1MACC FY2008: $906.3MACC FY2009: $1.00BACC FY2010: $1.02BACC FY2011: $1.07BACC FY2012: $1.17BACC FY2013: $1.24BACC FY2014: $1.30BACC FY2015: $1.40BACC FY2016: $1.47BACC FY2017: $1.57BACC FY2018: $1.72BACC FY2019: $1.85BACC FY2020: $1.80BACC FY2021: $1.58BACC FY2022: $2.06BACC FY2023: $2.29BACC FY2024: $2.48BACC FY2025: $2.75BBig 12 FY2007: $668.4MBig 12 FY2008: $756.3MBig 12 FY2009: $750.0MBig 12 FY2010: $793.4MBig 12 FY2011: $849.7MBig 12 FY2012: $963.0MBig 12 FY2013: $1.02BBig 12 FY2014: $1.12BBig 12 FY2015: $1.18BBig 12 FY2016: $1.22BBig 12 FY2017: $1.29BBig 12 FY2018: $1.43BBig 12 FY2019: $1.45BBig 12 FY2020: $1.39BBig 12 FY2021: $1.24BBig 12 FY2022: $1.60BBig 12 FY2023: $1.90BBig 12 FY2024: $2.00BBig 12 FY2025: $2.13BNotre Dame FY2007: $83.6MNotre Dame FY2008: $83.4MNotre Dame FY2009: $81.1MNotre Dame FY2010: $90.9MNotre Dame FY2011: $94.5MNotre Dame FY2012: $97.1MNotre Dame FY2013: $108.5MNotre Dame FY2014: $114.8MNotre Dame FY2015: $121.3MNotre Dame FY2016: $134.2MNotre Dame FY2017: $132.4MNotre Dame FY2018: $149.5MNotre Dame FY2019: $169.5MNotre Dame FY2020: $165.7MNotre Dame FY2021: $128.7MNotre Dame FY2022: $215.3MNotre Dame FY2023: $224.2MNotre Dame FY2024: $234.7MNotre Dame FY2025: $289.6MSEC $3.45BBig Ten $3.37BACC $2.75BBig 12 $2.13BNotre Dame $289.6M

Source: U.S. Dept. of Education, Equity in Athletics (EADA), FY2007–FY2025 (ope.ed.gov/athletics). League sums of per-school rows (calc).

Show the numbers
YearSECBig TenACCBig 12Notre Dame
FY2007$1.09B$1.19B$859.1M$668.4M$83.6M
FY2008$1.18B$1.28B$906.3M$756.3M$83.4M
FY2009$1.26B$1.31B$1.00B$750.0M$81.1M
FY2010$1.38B$1.36B$1.02B$793.4M$90.9M
FY2011$1.46B$1.46B$1.07B$849.7M$94.5M
FY2012$1.50B$1.52B$1.17B$963.0M$97.1M
FY2013$1.61B$1.63B$1.24B$1.02B$108.5M
FY2014$1.67B$1.72B$1.30B$1.12B$114.8M
FY2015$1.85B$1.82B$1.40B$1.18B$121.3M
FY2016$2.03B$1.92B$1.47B$1.22B$134.2M
FY2017$2.15B$2.06B$1.57B$1.29B$132.4M
FY2018$2.25B$2.27B$1.72B$1.43B$149.5M
FY2019$2.27B$2.34B$1.85B$1.45B$169.5M
FY2020$2.24B$2.32B$1.80B$1.39B$165.7M
FY2021$2.04B$1.80B$1.58B$1.24B$128.7M
FY2022$2.59B$2.68B$2.06B$1.60B$215.3M
FY2023$2.80B$2.91B$2.29B$1.90B$224.2M
FY2024$3.14B$3.19B$2.48B$2.00B$234.7M
FY2025$3.45B$3.37B$2.75B$2.13B$289.6M

Revenue at three points in time

What this means: the same league totals as the chart, at the start, middle and end of the series.

LeagueFY2007FY2016FY2025Change
SEC$1.09B$2.03B$3.45B+215%
Big Ten$1.19B$1.92B$3.37B+183%
ACC$859.1M$1.47B$2.75B+220%
Big 12$668.4M$1.22B$2.13B+219%
Notre Dame (ind.)$83.6M$134.2M$289.6M+246%
All 68 schools$3.90B$6.78B$11.99B+208%

Source: U.S. Dept. of Education, Equity in Athletics (EADA), nominal dollars (ope.ed.gov/athletics). (calc)

Football spending and recruiting growth (EADA)

Takeaway: Football spending grew faster than revenue: $954.5M to $3.49B across the 68 schools (+266%), and recruiting budgets went from $62.0M to $231.0M (+273%). Recruiting here is the whole department, not football alone.

Football spending by league, FY2007–FY2025 (EADA)
Football spending by league, FY2007–FY2025 (EADA)$0$300M$600M$900M$1.2BFY2007’09’11’13’15’17’19’21’23’25COVIDCOVIDSEC FY2007: $246.2MSEC FY2008: $253.5MSEC FY2009: $306.8MSEC FY2010: $315.1MSEC FY2011: $350.6MSEC FY2012: $345.3MSEC FY2013: $406.1MSEC FY2014: $445.2MSEC FY2015: $464.7MSEC FY2016: $505.3MSEC FY2017: $545.7MSEC FY2018: $609.9MSEC FY2019: $625.1MSEC FY2020: $628.8MSEC FY2021: $576.1MSEC FY2022: $765.0MSEC FY2023: $847.9MSEC FY2024: $951.8MSEC FY2025: $926.3MBig Ten FY2007: $287.4MBig Ten FY2008: $313.0MBig Ten FY2009: $318.5MBig Ten FY2010: $317.3MBig Ten FY2011: $344.8MBig Ten FY2012: $376.8MBig Ten FY2013: $381.4MBig Ten FY2014: $423.8MBig Ten FY2015: $451.3MBig Ten FY2016: $499.5MBig Ten FY2017: $552.5MBig Ten FY2018: $602.0MBig Ten FY2019: $628.9MBig Ten FY2020: $635.8MBig Ten FY2021: $487.1MBig Ten FY2022: $770.6MBig Ten FY2023: $864.2MBig Ten FY2024: $985.3MBig Ten FY2025: $1.03BACC FY2007: $233.3MACC FY2008: $239.5MACC FY2009: $271.2MACC FY2010: $261.6MACC FY2011: $285.5MACC FY2012: $317.1MACC FY2013: $339.7MACC FY2014: $363.6MACC FY2015: $365.7MACC FY2016: $411.4MACC FY2017: $442.6MACC FY2018: $479.8MACC FY2019: $571.2MACC FY2020: $560.5MACC FY2021: $433.8MACC FY2022: $627.7MACC FY2023: $699.3MACC FY2024: $740.4MACC FY2025: $832.3MBig 12 FY2007: $169.8MBig 12 FY2008: $187.9MBig 12 FY2009: $199.9MBig 12 FY2010: $211.1MBig 12 FY2011: $221.2MBig 12 FY2012: $273.8MBig 12 FY2013: $280.8MBig 12 FY2014: $308.0MBig 12 FY2015: $316.1MBig 12 FY2016: $328.5MBig 12 FY2017: $351.7MBig 12 FY2018: $393.1MBig 12 FY2019: $399.3MBig 12 FY2020: $400.2MBig 12 FY2021: $339.4MBig 12 FY2022: $456.1MBig 12 FY2023: $546.4MBig 12 FY2024: $544.6MBig 12 FY2025: $611.7MNotre Dame FY2007: $17.8MNotre Dame FY2008: $16.6MNotre Dame FY2009: $18.7MNotre Dame FY2010: $29.5MNotre Dame FY2011: $25.2MNotre Dame FY2012: $25.8MNotre Dame FY2013: $32.4MNotre Dame FY2014: $32.8MNotre Dame FY2015: $31.9MNotre Dame FY2016: $39.0MNotre Dame FY2017: $33.3MNotre Dame FY2018: $42.8MNotre Dame FY2019: $50.2MNotre Dame FY2020: $51.4MNotre Dame FY2021: $41.9MNotre Dame FY2022: $59.5MNotre Dame FY2023: $71.9MNotre Dame FY2024: $68.8MNotre Dame FY2025: $93.3MBig Ten $1.03BSEC $926.3MACC $832.3MBig 12 $611.7MNotre Dame $93.3M

Source: U.S. Dept. of Education, Equity in Athletics (EADA), FY2007–FY2025 (ope.ed.gov/athletics). Football expenses as reported by each school; league sums (calc).

Show the numbers
YearSECBig TenACCBig 12Notre Dame
FY2007$246.2M$287.4M$233.3M$169.8M$17.8M
FY2008$253.5M$313.0M$239.5M$187.9M$16.6M
FY2009$306.8M$318.5M$271.2M$199.9M$18.7M
FY2010$315.1M$317.3M$261.6M$211.1M$29.5M
FY2011$350.6M$344.8M$285.5M$221.2M$25.2M
FY2012$345.3M$376.8M$317.1M$273.8M$25.8M
FY2013$406.1M$381.4M$339.7M$280.8M$32.4M
FY2014$445.2M$423.8M$363.6M$308.0M$32.8M
FY2015$464.7M$451.3M$365.7M$316.1M$31.9M
FY2016$505.3M$499.5M$411.4M$328.5M$39.0M
FY2017$545.7M$552.5M$442.6M$351.7M$33.3M
FY2018$609.9M$602.0M$479.8M$393.1M$42.8M
FY2019$625.1M$628.9M$571.2M$399.3M$50.2M
FY2020$628.8M$635.8M$560.5M$400.2M$51.4M
FY2021$576.1M$487.1M$433.8M$339.4M$41.9M
FY2022$765.0M$770.6M$627.7M$456.1M$59.5M
FY2023$847.9M$864.2M$699.3M$546.4M$71.9M
FY2024$951.8M$985.3M$740.4M$544.6M$68.8M
FY2025$926.3M$1.03B$832.3M$611.7M$93.3M

Football spending and recruiting, first year vs latest

What this means: how much faster football and recruiting costs grew than the department as a whole.

LeagueFootball spending FY2007FY2025ChangeRecruiting FY2007FY2025Change
SEC$246.2M$926.3M+276%$17.1M$70.6M+313%
Big Ten$287.4M$1.03B+259%$16.5M$63.1M+283%
ACC$233.3M$832.3M+257%$14.4M$55.0M+283%
Big 12$169.8M$611.7M+260%$12.3M$38.6M+214%
Notre Dame (ind.)$17.8M$93.3M+423%$1.8M$3.7M+112%
All 68 schools$954.5M$3.49B+266%$62.0M$231.0M+273%

Source: U.S. Dept. of Education, Equity in Athletics (EADA), nominal dollars (ope.ed.gov/athletics). Recruiting = total recruiting expenses, all sports (calc).

Public-school finances, FY2005–FY2025 (Knight-Newhouse)

Takeaway: For the 53 public schools, revenue grew from $2.64B to $9.71B, but spending kept pace and passed it in FY2021, FY2024 and FY2025 (FY2021 was the COVID year). Since FY2015, subsidies from universities and students grew +183%, against revenue growth of +80%.

Public schools: total athletic revenue vs. expenses, FY2005–FY2025
Public schools: total athletic revenue vs. expenses, FY2005–FY2025$0$2.5B$5B$7.5B$10BFY2005’07’09’11’13’15’17’19’21’23’25COVIDCOVIDRevenue FY2005: $2.64BRevenue FY2006: $3.03BRevenue FY2007: $3.18BRevenue FY2008: $3.52BRevenue FY2009: $3.56BRevenue FY2010: $3.99BRevenue FY2011: $4.15BRevenue FY2012: $4.43BRevenue FY2013: $4.74BRevenue FY2014: $5.08BRevenue FY2015: $5.40BRevenue FY2016: $5.78BRevenue FY2017: $6.24BRevenue FY2018: $6.61BRevenue FY2019: $6.78BRevenue FY2020: $6.86BRevenue FY2021: $5.36BRevenue FY2022: $7.57BRevenue FY2023: $8.31BRevenue FY2024: $8.90BRevenue FY2025: $9.71BExpenses FY2005: $2.55BExpenses FY2006: $2.75BExpenses FY2007: $3.03BExpenses FY2008: $3.33BExpenses FY2009: $3.49BExpenses FY2010: $3.70BExpenses FY2011: $3.88BExpenses FY2012: $4.20BExpenses FY2013: $4.48BExpenses FY2014: $4.74BExpenses FY2015: $5.11BExpenses FY2016: $5.54BExpenses FY2017: $5.96BExpenses FY2018: $6.39BExpenses FY2019: $6.66BExpenses FY2020: $6.51BExpenses FY2021: $5.67BExpenses FY2022: $7.23BExpenses FY2023: $8.20BExpenses FY2024: $9.04BExpenses FY2025: $9.79BExpenses $9.79BRevenue $9.71B

Source: Knight-Newhouse College Athletics Database (knightnewhousedata.org), NCAA financial reports of public schools, FY2005–FY2025. Sums of the 53 public schools with data (calc); FY2006, FY2007, FY2008, FY2009 have 52 schools (Penn State missing). Revenues are net of transfers back to the institution.

Show the numbers
YearRevenueExpenses
FY2005$2.64B$2.55B
FY2006$3.03B$2.75B
FY2007$3.18B$3.03B
FY2008$3.52B$3.33B
FY2009$3.56B$3.49B
FY2010$3.99B$3.70B
FY2011$4.15B$3.88B
FY2012$4.43B$4.20B
FY2013$4.74B$4.48B
FY2014$5.08B$4.74B
FY2015$5.40B$5.11B
FY2016$5.78B$5.54B
FY2017$6.24B$5.96B
FY2018$6.61B$6.39B
FY2019$6.78B$6.66B
FY2020$6.86B$6.51B
FY2021$5.36B$5.67B
FY2022$7.57B$7.23B
FY2023$8.31B$8.20B
FY2024$8.90B$9.04B
FY2025$9.71B$9.79B
Subsidies (FY2005–FY2025) and football coaching salaries (FY2010–FY2025)
Subsidies (FY2005–FY2025) and football coaching salaries (FY2010–FY2025)$0$250M$500M$750M$1BFY2005’09’13’17’21’25Subsidy FY2005: $213.1MSubsidy FY2006: $234.0MSubsidy FY2007: $259.9MSubsidy FY2008: $285.7MSubsidy FY2009: $301.5MSubsidy FY2010: $302.7MSubsidy FY2011: $308.7MSubsidy FY2012: $317.3MSubsidy FY2013: $342.9MSubsidy FY2014: $326.9MSubsidy FY2015: $295.9MSubsidy FY2016: $301.8MSubsidy FY2017: $311.2MSubsidy FY2018: $321.1MSubsidy FY2019: $372.0MSubsidy FY2020: $373.8MSubsidy FY2021: $588.5MSubsidy FY2022: $496.9MSubsidy FY2023: $569.8MSubsidy FY2024: $708.5MSubsidy FY2025: $837.9MFB coach pay FY2010: $248.9MFB coach pay FY2011: $249.5MFB coach pay FY2012: $247.5MFB coach pay FY2013: $330.2MFB coach pay FY2014: $368.8MFB coach pay FY2015: $407.5MFB coach pay FY2016: $431.1MFB coach pay FY2017: $457.8MFB coach pay FY2018: $512.1MFB coach pay FY2019: $564.6MFB coach pay FY2020: $609.8MFB coach pay FY2021: $595.0MFB coach pay FY2022: $672.0MFB coach pay FY2023: $741.4MFB coach pay FY2024: $844.6MFB coach pay FY2025: $872.3MFB coach pay $872.3MSubsidy $837.9M

Source: Knight-Newhouse College Athletics Database (knightnewhousedata.org), NCAA financial reports of public schools, . Subsidy = institutional/government support + student fees. Coaching salaries start in FY2010 because many schools reported $0 for that line in earlier years.

Show the numbers
YearSubsidyFB coach pay
FY2005$213.1M—
FY2006$234.0M—
FY2007$259.9M—
FY2008$285.7M—
FY2009$301.5M—
FY2010$302.7M$248.9M
FY2011$308.7M$249.5M
FY2012$317.3M$247.5M
FY2013$342.9M$330.2M
FY2014$326.9M$368.8M
FY2015$295.9M$407.5M
FY2016$301.8M$431.1M
FY2017$311.2M$457.8M
FY2018$321.1M$512.1M
FY2019$372.0M$564.6M
FY2020$373.8M$609.8M
FY2021$588.5M$595.0M
FY2022$496.9M$672.0M
FY2023$569.8M$741.4M
FY2024$708.5M$844.6M
FY2025$837.9M$872.3M
Athletics debt outstanding, FY2015–FY2025 (public schools)
Athletics debt outstanding, FY2015–FY2025 (public schools)$0$2.5B$5B$7.5B$10BFY2015: $6.45B$6.45BFY15FY2016: $6.93B$6.93BFY16FY2017: $7.36B$7.36BFY17FY2018: $7.54B$7.54BFY18FY2019: $7.27B$7.27BFY19FY2020: $7.46B$7.46BFY20FY2021: $7.73B$7.73BFY21FY2022: $7.80B$7.80BFY22FY2023: $7.91B$7.91BFY23FY2024: $7.81B$7.81BFY24FY2025: $9.23B$9.23BFY25

Source: Knight-Newhouse College Athletics Database (knightnewhousedata.org), NCAA financial reports of public schools, . Starts in FY2015: earlier debt figures use a different NCAA definition and are not comparable.

Public-school totals in selected years

What this means: the gap column is revenue minus expenses; negative means the group spent more than it took in, even after counting subsidies as revenue.

YearRevenueExpensesRevenue minus expensesSubsidyFootball coaching salariesAthletics debt
FY2005$2.64B$2.55B$93.8M$213.1M——
FY2010$3.99B$3.70B$295.5M$302.7M$248.9M—
FY2015$5.40B$5.11B$282.2M$295.9M$407.5M$6.45B
FY2020$6.86B$6.51B$342.0M$373.8M$609.8M$7.46B
FY2024$8.90B$9.04B-$141.2M$708.5M$844.6M$7.81B
FY2025$9.71B$9.79B-$80.1M$837.9M$872.3M$9.23B

Source: Knight-Newhouse College Athletics Database (knightnewhousedata.org), NCAA financial reports of public schools, nominal dollars. Coaching salaries from FY2010 and debt from FY2015 only (see caveats). (calc)

The COVID dip

Takeaway: FY2021 (the 2020-21 season) is a visible hole. Football revenue across the 68 schools fell from $4.10B to $2.69B, and recruiting spending from $111.3M to $30.5M. Both bounced back past pre-COVID levels in FY2022 ($4.54B and $160.0M).

Football revenue, all 68 schools, FY2017–FY2024 (EADA)
Football revenue, all 68 schools, FY2017–FY2024 (EADA)$0$1.5B$3B$4.5B$6BFY2017: $3.62B$3.62BFY17FY2018: $3.92B$3.92BFY18FY2019: $4.03B$4.03BFY19FY2020: $4.10B$4.10BFY20FY2021: $2.69B$2.69BFY21FY2022: $4.54B$4.54BFY22FY2023: $4.91B$4.91BFY23FY2024: $5.16B$5.16BFY24

Source: U.S. Dept. of Education, Equity in Athletics (EADA), FY2017–FY2024 (ope.ed.gov/athletics). (calc). FY2021 in crimson.

Fastest and slowest growing schools

Takeaway: Mississippi State University grew its athletic revenue the most (×6.1); University of Florida grew the least (×1.8), starting from one of the ten largest budgets. Football spending grew fastest at University of Central Florida (×10.4).

Fastest revenue growth

What this means: starting small makes big multiples easier.

SchoolLeagueRevenue FY2007FY2025Growth
Mississippi State UniversitySEC$25.8M$157.3M×6.1
Southern Methodist UniversityACC$27.7M$150.2M×5.4
University of MississippiSEC$33.6M$171.1M×5.1
University of UtahBig 12$25.9M$125.2M×4.8
Brigham Young UniversityBig 12$32.1M$153.4M×4.8

Source: U.S. Dept. of Education, Equity in Athletics (EADA), nominal (ope.ed.gov/athletics). (calc)

Slowest revenue growth

What this means: 3 of these 5 already had a top-10 budget in FY2007, so their multiples are smaller.

SchoolLeagueRevenue FY2007FY2025Growth
University of FloridaSEC$107.8M$199.2M×1.8
Kansas State UniversityBig 12$48.3M$103.0M×2.1
Michigan State UniversityBig Ten$73.2M$160.7M×2.2
University of IowaBig Ten$80.2M$180.0M×2.2
University of Wisconsin-MadisonBig Ten$82.6M$190.5M×2.3

Source: U.S. Dept. of Education, Equity in Athletics (EADA), nominal (ope.ed.gov/athletics). (calc)

Fastest football spending growth

What this means: football budgets multiplied far faster than departments overall at these schools.

SchoolLeagueFootball spending FY2007FY2025Growth
University of Central FloridaBig 12$3.7M$38.7M×10.4
University of MississippiSEC$7.0M$61.8M×8.8
Florida State UniversityACC$9.9M$83.3M×8.4
Mississippi State UniversitySEC$6.4M$37.6M×5.9
Clemson UniversityACC$13.9M$81.1M×5.8

Source: U.S. Dept. of Education, Equity in Athletics (EADA), nominal (ope.ed.gov/athletics). (calc)

Membership (2026 season)

Data credit: Knight-Newhouse College Athletics Database, a joint project of the Knight Commission on Intercollegiate Athletics and the S.I. Newhouse School of Public Communications, Syracuse University.