Deficits, subsidies & debt
NIL & revenue sharing · Coach pay & buyouts · Media rights & conference revenue · Deficits, subsidies & debt · Donors & endowments · Sources
Deficits, subsidies and student fees
| Figure | Year | Source |
|---|---|---|
| D-I spent $20.8B and generated $13.1B (Power schools $10B of it) | FY2023-24 | GAO [S45] |
| 94% (330 of 352) of D-I programs spent more than they generated, incl. 49 of 69 Power schools | FY2023-24 | [S45][S46] |
| Median gap $20.6M (vs $12.3M in FY2015) | FY2023-24 | [S45] |
| College contributions to athletics $7.2B; average D-I institutional support $19.9M | FY2023-24 | [S45][S46] |
| Median contribution per undergraduate: $8,500 over four years (GAO estimate) | FY2023-24 | [S46] |
| Mandatory athletics fees at 87% of non-P4 and 48% of P4 schools | FY2023-24 | [S47] (citing GAO) |
| Only 14 of 53 public P4 departments covered expenses | FY2025 | [S47] (citing Knight-Newhouse) |
| General-fund support at power schools: $445M -> $1.2B | 2015-2024 | [S47] |
| JMU student fees $58.1M = 74% of athletics revenue; UC Davis $28.1M = 56% | 2025 | [S46] |
| Subsidy growth examples: South Carolina $0 -> $43.7M; Arizona State $9.4M -> $48.0M; UCLA $60K -> $30.06M | 2015 -> 2025 | [S47] |
| Median revenue: P5 $142.8M vs G5 $39.1M vs other D-I $17.6M; median share of revenue from student fees + institutional support: P5 3.5%, G5 59.1%, other D-I 75.4% | FY2022 | (calc) from [S49] |
| Only 19 FBS schools profitable (avg +$4.3M); 99 lost an average of $8.9M | FY2006 | [S58] (NCAA/Fulks) |
FBS public-school aggregate (Knight-Newhouse, FY2025, default page view)
| Revenue line | $ | Expense line | $ |
|---|---|---|---|
| Media rights / conference / NCAA / bowls | 3.548B | Facilities, debt service, equipment | 2.817B |
| Donor contributions | 2.746B | Coaches' compensation | 2.480B |
| Ticket sales | 1.942B | Non-coaching staff compensation | 2.148B |
| Institutional/government support | 1.886B | Scholarships and cost of attendance | 1.830B |
| Other | 1.035B | Game expenses and travel | 1.562B |
| Corporate sponsorship/licensing | 1.003B | Other | 1.357B |
| Student fees | 0.740B | Recruiting | 0.249B |
| Competition guarantees | 0.178B | Coaching severance | 0.121B |
| Total | 13.08B | Institutional NIL revenue share | 0.053B |
| Total | 13.03B |
Caveat: I read the year as FY2025 because the page's year selectors default to 2025. The site loads other years via scripts I could not query, so I have no 20-year Knight-Newhouse series.
Public-school totals by conference, FY2025 [S48]: SEC revenue $3.36B; Big Ten $3.12B; Big 12 $1.73B; ACC $1.49B; Mountain West $853M; American $680M; Sun Belt $639M; MAC $437M; C-USA $322M; Pac-12 (2 schools) $188M.
Source: [S48]
Where the money goes
Summary. The biggest cost lines for FBS public departments are facilities and debt ($2.82B), coaches ($2.48B), and non-coaching staff ($2.15B), per Knight-Newhouse FY2025 [S48]. Direct athlete payments are now layered on top. The facilities race has moved from locker rooms to revenue-generating premium seating. Over $7B in stadium projects are underway, led by Florida's $1.45B plan [S72]. That has pushed debt to records: Penn State $534.7M, Florida State $437M [S71]. The split between power and non-power schools keeps widening, in TV money, CFP shares, roster budgets, and reliance on subsidies.
| Category | Figure | Year | Source |
|---|---|---|---|
| Stadium projects underway/planned | >$7B | 2026 | [S72] |
| Florida, Ben Hill Griffin Stadium | $1.45B (early 2027-2029/30) | [S72] | |
| Northwestern, new Ryan Field | $850-870M (most expensive college stadium) | opened 2026 | [S72] |
| Penn State Beaver Stadium; Nebraska; Michigan State; Kansas; Oklahoma; Tennessee; Auburn; FSU; Missouri | $700M; $600M; $500M; $458M; $450M; $337M; $305M; $265M; $250M | [S72] | |
| Penn State athletics debt | $534.7M (from $163.1M in FY24) | FY2025 | [S71] |
| Florida State athletics debt | $437M | FY2025 | [S71] |
| Texas: facility debt service and rent | $94M; also $53M coaching, $50.3M support staff/admin, $35M marketing/fundraising | FY2025 | [S50] |
| Median P4 athletics debt | $120.3M (20% of schools at >= $219.6M) | FY2024 | [S47] |
| Cal stadium debt | ~$445M borrowed (94% of cost); payments run to 2112 | [S47] | |
| Coaching severance | see Section 3 (FY2024 >$120M; FY2026 obligations ~$225-270M) | [S42][S39] | |
| Admin pay | ADs up to $2.8M (Texas) | 2025 | [S73] |
| Power vs. G5, CFP | 29% each to SEC/Big Ten vs 9% for all G5 combined | 2026+ | [S54] |
| Power vs. G5, roster | ~$50M vs ~$10-11M at the top | 2026 | [S22] |
| Power vs. G5, subsidy reliance | P5 median 3.5% of revenue from fees/subsidies vs G5 59.1% | FY2022 | (calc) [S49] |
| Power vs. G5, rev-share pools | P4 $20.5M vs G6 $4.3M average | 2025-26 | [S19] |
| House damages burden | non-defendant schools cover 60% of the $1.6B withholding | 2025-35 | [S28] |
| Sports cut | >100 women's and Olympic programs eliminated since 2023 | 2023-26 | [S47] (advocacy source) |
Knight-Newhouse FBS public-school categories, FY2025 (exact values)
From the Knight-Newhouse FBS page chart data (https://knightnewhousedata.org/fbs, retrieved 2026-09-29). Shares are our arithmetic on these values. These category sums are the FBS FY2025 totals used across this site ($13.08B revenue, $13.03B expenses, the documented S48 headline). The conference table on the Media rights page prints a different FBS TOTAL; see About › Data problems.
| Side | Category | FY2025, all public FBS schools | Share (calc) |
|---|---|---|---|
| Total Expenses | Facilities, Debt Service, and Equipment | $2,817,140,092 | 21.6% |
| Total Expenses | Coaches Compensation | $2,479,938,066 | 19.0% |
| Total Expenses | Non-Coaching Athletics Staff Compensation | $2,148,117,235 | 16.5% |
| Total Expenses | Athlete Scholarships and Cost of Living Benefits | $1,830,136,535 | 14.0% |
| Total Expenses | Game Expenses and Travel | $1,561,692,937 | 12.0% |
| Total Expenses | Other Expenses | $1,356,767,050 | 10.4% |
| Total Expenses | Recruiting | $249,287,089 | 1.9% |
| Total Expenses | Competition Guarantees - Expenses | $208,335,123 | 1.6% |
| Total Expenses | Medical | $163,743,557 | 1.3% |
| Total Expenses | Total Coaching Severance | $121,355,481 | 0.9% |
| Total Expenses | Institutional NIL Revenue Share | $52,931,927 | 0.4% |
| Total Expenses | Excess Transfers Back | $38,954,805 | 0.3% |
| Total Expenses | Sum of categories | $13,028,399,897 | 100% |
| Total Revenues | Conference/NCAA Distributions, Media Rights, and Post-Season Football | $3,548,003,881 | 27.1% |
| Total Revenues | Donor Contributions | $2,746,152,722 | 21.0% |
| Total Revenues | Ticket Sales | $1,942,117,609 | 14.8% |
| Total Revenues | Institutional/Government Support | $1,886,479,266 | 14.4% |
| Total Revenues | Other Revenue | $1,034,547,071 | 7.9% |
| Total Revenues | Corporate Sponsorship, Advertising, Licensing | $1,003,113,783 | 7.7% |
| Total Revenues | Student Fees | $740,465,449 | 5.7% |
| Total Revenues | Competition Guarantees - Revenues | $177,510,318 | 1.4% |
| Total Revenues | Sum of categories | $13,078,390,099 | 100% |
Full table: public-school athletics finances, FY2022 (USA Today / Knight-Newhouse)
“Total allocated” = institutional and student-fee support as shown in the USA Today database (FY2021-22 data; page updated 2024-03-14). Asterisks are as shown by the source.
232 rows · Source: S49: USA TODAY / Knight-Newhouse (page updated 2024-03-14 (FY2021-22 data))
| fiscal_year | Rank | School | Conf. | Total Revenue | Total Expenses | Total Allocated | Percent Allocated |
|---|---|---|---|---|---|---|---|
| 2021-22 | 1 | Ohio State | Big 10 | $251,615,345 | $225,733,418 | $0* | 0.00% |
| 2021-22 | 2 | Texas | Big 12 | $239,290,648 | $225,153,011 | $0* | 0.00% |
| 2021-22 | 3 | Alabama | SEC | $214,365,357 | $195,881,911 | $11,378,871* | 5.31% |
| 2021-22 | 4 | Michigan | Big 10 | $210,652,287 | $193,559,375 | $153,059* | 0.07% |
| 2021-22 | 5 | Georgia | SEC | $203,048,566 | $169,026,503 | $3,530,802* | 1.74% |
| 2021-22 | 6 | LSU | SEC | $199,309,382 | $192,770,399 | $0* | 0.00% |
| 2021-22 | 7 | Texas A&M | SEC | $193,139,619 | $177,671,900 | $0 | 0.00% |
| 2021-22 | 8 | Florida | SEC | $190,417,139 | $174,365,070 | $2,706,111* | 1.42% |
| 2021-22 | 9 | Penn State | Big 10 | $181,227,448 | $170,542,050 | $0 | 0.00% |
| 2021-22 | 10 | Oklahoma | Big 12 | $177,320,217 | $175,997,457 | $0* | 0.00% |
| 2021-22 | 11 | Auburn | SEC | $174,568,442 | $151,590,763 | $15,561,411* | 8.91% |
| 2021-22 | 12 | Michigan State | Big 10 | $172,799,513 | $156,449,795 | $1,358,948* | 0.79% |
| 2021-22 | 13 | Indiana | Big 10 | $166,761,471 | $132,392,596 | $2,708,975 | 1.62% |
| 2021-22 | 14 | Virginia | ACC | $161,916,231 | $150,584,173 | $24,468,843 | 15.11% |
| 2021-22 | 15 | Florida State | ACC | $161,141,884 | $150,777,734 | $22,289,212 | 13.83% |
| 2021-22 | 16 | Kentucky | SEC | $159,079,024 | $153,621,183 | $0* | 0.00% |
| 2021-22 | 17 | Clemson | ACC | $158,283,618 | $143,356,820 | $6,387,497 | 4.04% |
| 2021-22 | 18 | Tennessee | SEC | $154,566,935 | $157,108,637 | $204,849* | 0.13% |
| 2021-22 | 19 | Oregon | Pac-12 | $153,510,555 | $140,565,297 | $530,816 | 0.35% |
| 2021-22 | 20 | Arkansas | SEC | $152,513,755 | $144,319,041 | $0* | 0.00% |
| 2021-22 | 21 | Iowa | Big 10 | $151,483,092 | $151,144,861 | $650,000 | 0.43% |
| 2021-22 | 22 | Wisconsin | Big 10 | $150,100,977 | $147,807,183 | $3,028,185* | 2.02% |
| 2021-22 | 23 | Louisville | ACC | $146,225,965 | $139,978,927 | $6,067,836 | 4.15% |
| 2021-22 | 24 | Illinois | Big 10 | $145,735,330 | $129,119,247 | $10,145,405* | 6.96% |
| 2021-22 | 25 | Washington | Pac-12 | $145,184,864 | $149,458,923 | $15,082,998 | 10.39% |
| 2021-22 | 26 | Nebraska | Big 10 | $143,423,944 | $131,181,951 | $0* | 0.00% |
| 2021-22 | 27 | South Carolina | SEC | $142,210,807 | $144,815,377 | $1,086,848* | 0.76% |
| 2021-22 | 28 | Missouri | SEC | $141,157,028 | $125,621,128 | $13,157,427 | 9.32% |
| 2021-22 | 29 | Minnesota | Big 10 | $135,198,272 | $130,285,463 | $7,986,732 | 5.91% |
| 2021-22 | 30 | Mississippi | SEC | $133,557,937 | $138,796,990 | $4,074,525* | 3.05% |
| 2021-22 | 31 | Arizona | Pac-12 | $124,353,539 | $124,944,926 | $31,112,818 | 25.02% |
| 2021-22 | 32 | North Carolina | ACC | $122,603,567 | $120,314,967 | $9,603,022 | 7.83% |
| 2021-22 | 33 | Arizona State | Pac-12 | $121,079,615 | $124,008,192 | $19,253,112* | 15.90% |
| 2021-22 | 34 | California | Pac-12 | $118,212,179 | $114,485,848 | $29,129,403* | 24.64% |
| 2021-22 | 35 | Kansas | Big 12 | $118,020,175 | $108,696,078 | $1,516,194 | 1.28% |
| 2021-22 | 36 | Utah | Pac-12 | $115,719,266 | $111,880,434 | $13,516,660 | 11.68% |
| 2021-22 | 37 | Purdue | Big 10 | $115,139,432 | $93,025,810 | $0 | 0.00% |
| 2021-22 | 38 | Virginia Tech | ACC | $113,000,052 | $117,777,441 | $14,193,159 | 12.56% |
| 2021-22 | 39 | Iowa State | Big 12 | $111,287,492 | $111,227,458 | $1,847,367 | 1.66% |
| 2021-22 | 40 | Mississippi State | SEC | $110,653,367 | $105,841,622 | $0* | 0.00% |
| 2021-22 | 41 | Texas Tech | Big 12 | $110,154,695 | $104,778,443 | $5,830,118 | 5.29% |
| 2021-22 | 42 | Rutgers | Big 10 | $109,601,529 | $138,439,077 | $24,034,296 | 21.93% |
| 2021-22 | 43 | Maryland | Big 10 | $107,526,374 | $114,385,462 | $15,252,530 | 14.18% |
| 2021-22 | 44 | Georgia Tech | ACC | $106,635,094 | $104,719,581 | $11,865,676 | 11.13% |
| 2021-22 | 45 | West Virginia | Big 12 | $105,193,311 | $97,067,706 | $8,887,649 | 8.45% |
| 2021-22 | 46 | Oklahoma State | Big 12 | $104,404,398 | $103,317,156 | $13,009,612 | 12.46% |
| 2021-22 | 47 | UCLA | Pac-12 | $103,061,344 | $131,106,913 | $2,577,213 | 2.50% |
| 2021-22 | 48 | North Carolina State | ACC | $102,387,569 | $100,991,410 | $7,011,627 | 6.85% |
| 2021-22 | 49 | Kansas State | Big 12 | $100,822,204 | $82,220,606 | $0 | 0.00% |
| 2021-22 | 50 | Connecticut | Big East | $99,041,960 | $96,742,518 | $55,341,505* | 55.88% |
| 2021-22 | 51 | Colorado | Pac-12 | $94,873,830 | $95,968,696 | $11,889,383 | 12.53% |
| 2021-22 | 52 | Central Florida | AAC | $89,228,205 | $69,099,289 | $48,795,899 | 54.69% |
| 2021-22 | 53 | Washington State | Pac-12 | $85,028,825 | $83,691,991 | $15,363,703 | 18.07% |
| 2021-22 | 54 | Oregon State | Pac-12 | $83,480,015 | $87,729,627 | $11,122,141 | 13.32% |
| 2021-22 | 55 | Cincinnati | AAC | $83,344,028 | $75,902,262 | $26,913,237 | 32.29% |
| 2021-22 | 56 | Houston | AAC | $78,088,086 | $73,806,404 | $48,451,950 | 62.05% |
| 2021-22 | 57 | Air Force | MWC | $76,587,462 | $67,422,052 | $51,798,077 | 67.63% |
| 2021-22 | 58 | San Diego State | MWC | $65,897,302 | $67,245,917 | $28,525,799 | 43.29% |
| 2021-22 | 59 | Nevada-Las Vegas | MWC | $64,243,413 | $62,644,050 | $24,656,056 | 38.38% |
| 2021-22 | 60 | Memphis | AAC | $62,174,875 | $62,174,875 | $29,872,328 | 48.05% |
| 2021-22 | 61 | Colorado State | MWC | $61,263,230 | $61,220,502 | $28,227,758 | 46.08% |
| 2021-22 | 62 | James Madison | SBC | $57,800,447 | $57,800,447 | $47,040,732 | 81.38% |
| 2021-22 | 63 | South Florida | AAC | $56,110,830 | $62,288,597 | $28,529,881 | 50.85% |
| 2021-22 | 64 | East Carolina | AAC | $54,964,121 | $54,133,021 | $24,215,366 | 44.06% |
| 2021-22 | 65 | Fresno State | MWC | $54,124,579 | $46,515,828 | $23,252,181* | 42.96% |
| 2021-22 | 66 | Massachusetts | A10 | $53,639,818 | $52,853,964 | $41,719,711 | 77.78% |
| 2021-22 | 67 | Old Dominion | SBC | $53,419,653 | $51,914,920 | $31,258,633 | 58.52% |
| 2021-22 | 68 | Boise State | MWC | $50,569,147 | $50,328,947 | $16,594,786 | 32.82% |
| 2021-22 | 69 | Wyoming | MWC | $50,255,884 | $47,146,999 | $20,672,209* | 41.13% |
| 2021-22 | 70 | Hawaii | BigWst | $49,422,827 | $48,029,141 | $29,364,270 | 59.41% |
| 2021-22 | 71 | Nevada | MWC | $47,946,637 | $45,228,707 | $23,209,325 | 48.41% |
| 2021-22 | 72 | Georgia State | SBC | $45,666,910 | $39,913,963 | $27,457,063 | 60.12% |
| 2021-22 | 73 | Coastal Carolina | SBC | $45,443,779 | $45,443,779 | $38,455,490 | 84.62% |
| 2021-22 | 74 | New Mexico | MWC | $44,881,065 | $44,865,758 | $18,641,600 | 41.54% |
| 2021-22 | 75 | North Texas | CUSA | $44,477,324 | $44,222,540 | $33,326,873 | 74.93% |
| 2021-22 | 76 | California-Davis | BigWst | $44,275,782 | $40,909,557 | $35,482,389 | 80.14% |
| 2021-22 | 77 | Virginia Commonwealth | A10 | $43,201,616 | $41,887,842 | $32,238,795 | 74.62% |
| 2021-22 | 78 | Utah State | MWC | $43,157,838 | $42,824,185 | $24,341,550 | 56.40% |
| 2021-22 | 79 | Charlotte | CUSA | $41,261,880 | $39,381,134 | $27,244,479 | 66.03% |
| 2021-22 | 80 | Florida International | CUSA | $41,043,885 | $39,433,624 | $29,961,971 | 73.00% |
| 2021-22 | 81 | Buffalo | MAC | $40,192,255 | $39,537,565 | $31,835,303 | 79.21% |
| 2021-22 | 82 | Marshall | SBC | $39,338,519 | $39,350,986 | $23,248,630 | 59.10% |
| 2021-22 | 83 | Florida Atlantic | CUSA | $39,201,524 | $38,132,721 | $22,884,788 | 58.38% |
| 2021-22 | 84 | Western Michigan | MAC | $39,162,014 | $34,422,527 | $26,309,236 | 67.18% |
| 2021-22 | 85 | South Alabama | SBC | $39,119,983 | $33,001,239 | $28,922,453 | 73.93% |
| 2021-22 | 86 | San Jose State | MWC | $39,030,222 | $39,030,022 | $23,620,166 | 60.52% |
| 2021-22 | 87 | Central Michigan | MAC | $39,002,244 | $34,284,909 | $27,739,345 | 71.12% |
| 2021-22 | 88 | Appalachian State | SBC | $38,542,661 | $38,565,701 | $18,639,762* | 48.36% |
| 2021-22 | 89 | Alabama at Birmingham | CUSA | $38,351,074 | $39,890,894 | $24,151,002 | 62.97% |
| 2021-22 | 90 | Texas-San Antonio | CUSA | $38,183,028 | $39,156,362 | $23,864,888 | 62.50% |
| 2021-22 | 91 | Miami (Ohio) | MAC | $38,076,046 | $37,880,709 | $25,993,771* | 68.27% |
| 2021-22 | 92 | Texas State | SBC | $37,288,587 | $37,853,450 | $27,402,513 | 73.49% |
| 2021-22 | 93 | California Polytechnic | BigWst | $37,134,737 | $35,998,471 | $27,346,027 | 73.64% |
| 2021-22 | 94 | Stony Brook | CAA | $37,027,808 | $38,944,967 | $31,682,489 | 85.56% |
| 2021-22 | 95 | Sacramento State | BigSky | $35,893,960 | $35,004,647 | $30,237,148* | 84.24% |
| 2021-22 | 96 | Middle Tennessee | CUSA | $35,614,512 | $35,614,512 | $23,654,687* | 66.42% |
| 2021-22 | 97 | Toledo | MAC | $35,602,789 | $35,602,789 | $21,780,790 | 61.18% |
| 2021-22 | 98 | George Mason | A10 | $35,162,841 | $30,290,482 | $27,432,512 | 78.02% |
| 2021-22 | 99 | Western Kentucky | CUSA | $35,142,710 | $35,142,710 | $22,141,424* | 63.00% |
| 2021-22 | 100 | Binghamton | AmEast | $34,835,289 | $23,851,280 | $21,148,772 | 60.71% |
| 2021-22 | 101 | Troy | SBC | $33,355,524 | $33,355,524 | $24,737,619 | 74.16% |
| 2021-22 | 102 | Texas-El Paso | CUSA | $33,131,210 | $34,370,528 | $19,552,006 | 59.01% |
| 2021-22 | 103 | New Hampshire | AmEast | $33,102,605 | $31,716,448 | $24,156,209* | 72.97% |
| 2021-22 | 104 | Eastern Michigan | MAC | $33,040,581 | $33,040,581 | $22,129,655 | 66.98% |
| 2021-22 | 105 | Louisiana-Lafayette | SBC | $33,021,554 | $38,364,254 | $17,821,395 | 53.97% |
| 2021-22 | 106 | Kennesaw State | Asun | $32,970,444 | $25,862,921 | $26,563,653 | 80.57% |
| 2021-22 | 107 | Arkansas State | SBC | $32,376,515 | $32,376,515 | $15,245,126 | 47.09% |
| 2021-22 | 108 | Rhode Island | A10 | $31,993,515 | $33,139,455 | $24,593,744 | 76.87% |
| 2021-22 | 109 | William & Mary | CAA | $30,941,310 | $30,727,683 | $16,939,865 | 54.75% |
| 2021-22 | 110 | North Dakota | Summit | $30,859,877 | $30,837,768 | $14,777,751 | 47.89% |
| 2021-22 | 111 | Georgia Southern | SBC | $30,700,262 | $30,700,262 | $19,272,029 | 62.77% |
| 2021-22 | 112 | Akron | MAC | $30,498,496 | $30,290,134 | $19,973,110 | 65.49% |
| 2021-22 | 113 | New Mexico State | WAC | $30,350,192 | $32,457,148 | $18,731,176* | 61.72% |
| 2021-22 | 114 | Missouri State | MVC | $29,915,772 | $29,915,772 | $18,340,650 | 61.31% |
| 2021-22 | 115 | Illinois State | MVC | $29,899,837 | $29,834,680 | $20,879,963 | 69.83% |
| 2021-22 | 116 | Ohio | MAC | $29,335,290 | $31,309,063 | $19,276,584 | 65.71% |
| 2021-22 | 117 | North Dakota State | Summit | $29,295,443 | $28,432,381 | $7,598,441* | 25.94% |
| 2021-22 | 118 | Montana | BigSky | $28,970,312 | $22,515,985 | $10,039,442* | 34.65% |
| 2021-22 | 119 | California-San Diego | BigWst | $28,899,588 | $24,652,947 | $26,946,504 | 93.24% |
| 2021-22 | 120 | Ball State | MAC | $28,804,851 | $28,526,892 | $19,993,730 | 69.41% |
| 2021-22 | 121 | Louisiana Tech | CUSA | $28,693,958 | $28,294,724 | $15,999,149 | 55.76% |
| 2021-22 | 122 | Wichita State | AAC | $28,611,561 | $25,668,918 | $9,415,986 | 32.91% |
| 2021-22 | 123 | Kent State | MAC | $28,605,618 | $29,613,870 | $16,858,135 | 58.93% |
| 2021-22 | 124 | Towson | CAA | $28,568,909 | $28,156,444 | $22,913,423* | 80.20% |
| 2021-22 | 125 | Southern Mississippi | SBC | $28,361,867 | $28,346,698 | $14,474,018 | 51.03% |
| 2021-22 | 126 | Albany | AmEast | $27,295,306 | $27,056,948 | $21,250,608 | 77.85% |
| 2021-22 | 127 | Montana State | BigSky | $26,410,575 | $26,119,361 | $11,972,150 | 45.33% |
| 2021-22 | 128 | Nebraska-Omaha | Summit | $25,890,688 | $21,502,666 | $16,065,567 | 62.05% |
| 2021-22 | 129 | Northern Arizona | BigSky | $25,750,579 | $25,388,969 | $21,118,498 | 82.01% |
| 2021-22 | 130 | Bowling Green | MAC | $25,573,967 | $25,353,769 | $13,760,180 | 53.81% |
| 2021-22 | 131 | South Dakota State | Summit | $25,570,541 | $23,399,570 | $12,267,251 | 47.97% |
| 2021-22 | 132 | Maine | AmEast | $25,063,461 | $24,291,873 | $19,247,506 | 76.80% |
| 2021-22 | 133 | California-Irvine | BigWst | $24,937,907 | $25,162,739 | $20,366,865 | 81.67% |
| 2021-22 | 134 | Maryland-Baltimore Cty | AmEast | $23,488,196 | $18,788,921 | $21,217,973* | 90.33% |
| 2021-22 | 135 | Wisconsin-Milwaukee | Hor | $23,311,589 | $14,415,250 | $20,822,707 | 89.32% |
| 2021-22 | 136 | Stephen F. Austin | WAC | $23,217,377 | $23,492,261 | $17,735,154 | 76.39% |
| 2021-22 | 137 | College of Charleston | CAA | $23,201,574 | $22,217,391 | $17,774,511 | 76.61% |
| 2021-22 | 138 | Vermont | AmEast | $23,196,348 | $23,169,941 | $17,170,000 | 74.02% |
| 2021-22 | 139 | Idaho | BigSky | $23,013,225 | $22,289,958 | $14,611,262 | 63.49% |
| 2021-22 | 140 | Massachusetts-Lowell | AmEast | $22,547,158 | $22,192,454 | $19,678,437 | 87.28% |
| 2021-22 | 141 | Northern Colorado | BigSky | $22,439,916 | $18,973,253 | $13,752,149* | 61.28% |
| 2021-22 | 142 | South Dakota | Summit | $22,184,268 | $22,446,314 | $13,796,533 | 62.19% |
| 2021-22 | 143 | Northern Illinois | MAC | $22,177,045 | $24,097,387 | $12,159,935 | 54.83% |
| 2021-22 | 144 | East Tennessee State | SoCon | $22,173,333 | $22,173,333 | $14,038,354* | 63.31% |
| 2021-22 | 145 | California State-Fullerton | BigWst | $21,983,747 | $21,983,747 | $19,564,478 | 89.00% |
| 2021-22 | 146 | California-Santa Barbara | BigWst | $21,720,136 | $24,902,464 | $17,227,883 | 79.32% |
| 2021-22 | 147 | Sam Houston State | WAC | $21,690,534 | $20,951,301 | $15,140,708 | 69.80% |
| 2021-22 | 148 | Long Beach State | BigWst | $21,434,487 | $25,797,936 | $16,796,176 | 78.36% |
| 2021-22 | 149 | California State-Northridge | BigWst | $21,090,545 | $20,101,511 | $19,744,945 | 93.62% |
| 2021-22 | 150 | Tennessee-Chattanooga | SoCon | $21,051,127 | $21,051,127 | $14,982,898 | 71.17% |
| 2021-22 | 151 | New Jersey Tech | AmEast | $20,660,097 | $20,064,224 | $19,195,963* | 92.91% |
| 2021-22 | 152 | Jacksonville State | Asun | $20,288,342 | $20,288,342 | $15,531,042 | 76.55% |
| 2021-22 | 153 | Eastern Kentucky | Asun | $19,440,010 | $19,440,010 | $15,403,393 | 79.24% |
| 2021-22 | 154 | Louisiana-Monroe | SBC | $19,119,368 | $20,527,424 | $10,179,185 | 53.24% |
| 2021-22 | 155 | Lamar | SthLnd | $18,882,235 | $18,854,203 | $13,585,383 | 71.95% |
| 2021-22 | 156 | Southern Illinois | MVC | $18,739,324 | $22,028,920 | $11,092,049 | 59.19% |
| 2021-22 | 157 | Indiana State | MVC | $18,656,224 | $17,903,701 | $13,240,127 | 70.97% |
| 2021-22 | 158 | Murray State | MVC | $18,597,756 | $19,210,384 | $12,857,020* | 69.13% |
| 2021-22 | 159 | North Carolina Greensboro | SoCon | $18,432,746 | $17,118,048 | $15,048,768 | 81.64% |
| 2021-22 | 160 | Tarleton State | WAC | $18,308,489 | $18,048,307 | $14,759,932 | 80.62% |
| 2021-22 | 161 | Citadel | SoCon | $18,209,217 | $18,019,405 | $10,855,111 | 59.61% |
| 2021-22 | 162 | Illinois-Chicago | MVC | $18,193,225 | $19,336,276 | $15,400,231 | 84.65% |
| 2021-22 | 163 | Southern | SWAC | $18,190,798 | $18,585,316 | $13,172,423 | 72.41% |
| 2021-22 | 164 | Texas-Arlington | WAC | $17,996,376 | $18,542,203 | $14,772,967 | 82.09% |
| 2021-22 | 165 | Utah Valley | WAC | $17,816,209 | $18,906,619 | $14,784,832 | 82.99% |
| 2021-22 | 166 | Youngstown State | Hor | $17,773,160 | $17,773,159 | $12,996,486 | 73.12% |
| 2021-22 | 167 | California-Riverside | BigWst | $17,692,802 | $16,789,734 | $16,043,635 | 90.68% |
| 2021-22 | 168 | Austin Peay | Asun | $17,641,703 | $17,644,953 | $13,072,545 | 74.10% |
| 2021-22 | 169 | Oakland | Hor | $17,619,216 | $17,325,703 | $13,556,681 | 76.94% |
| 2021-22 | 170 | Northern Iowa | MVC | $17,603,463 | $19,819,613 | $9,371,580 | 53.24% |
| 2021-22 | 171 | Florida Gulf Coast | Asun | $17,583,497 | $17,286,852 | $11,283,055 | 64.17% |
| 2021-22 | 172 | Tennessee Tech | OVC | $17,547,092 | $16,565,077 | $14,220,420 | 81.04% |
| 2021-22 | 173 | Central Arkansas | Asun | $17,502,833 | $17,096,473 | $13,572,734* | 77.55% |
| 2021-22 | 174 | Southern Utah | WAC | $17,259,008 | $16,254,960 | $13,094,521 | 75.87% |
| 2021-22 | 175 | California State-Bakersfield | BigWst | $17,216,224 | $17,053,029 | $14,771,342 | 85.80% |
| 2021-22 | 176 | Portland State | BigSky | $16,839,891 | $16,160,881 | $13,931,043 | 82.73% |
| 2021-22 | 177 | Northern Kentucky | Hor | $16,467,014 | $16,521,511 | $13,525,219 | 82.14% |
| 2021-22 | 178 | Western Carolina | SoCon | $16,396,597 | $17,040,389 | $11,355,000 | 69.25% |
| 2021-22 | 179 | North Carolina A&T | CAA | $16,372,030 | $15,829,584 | $12,770,399 | 78.00% |
| 2021-22 | 180 | Delaware State | MEAC | $16,211,290 | $16,211,290 | $14,947,002 | 92.20% |
| 2021-22 | 181 | Texas-Rio Grande Valley | WAC | $16,091,645 | $14,543,584 | $13,500,273 | 83.90% |
| 2021-22 | 182 | Central Connecticut | NEC | $16,043,570 | $16,043,570 | $13,589,462 | 84.70% |
| 2021-22 | 183 | North Carolina Wilmington | CAA | $15,989,714 | $15,141,319 | $11,694,838 | 73.14% |
| 2021-22 | 184 | VMI | SoCon | $15,960,931 | $16,114,012 | $7,216,829 | 45.22% |
| 2021-22 | 185 | Norfolk State | MEAC | $15,929,886 | $15,928,886 | $12,301,575 | 77.22% |
| 2021-22 | 186 | Tennessee State | OVC | $15,883,556 | $15,883,556 | $12,899,140 | 81.21% |
| 2021-22 | 187 | Radford | BigSou | $15,848,430 | $12,194,004 | $12,981,106 | 81.91% |
| 2021-22 | 188 | Weber State | BigSky | $15,842,365 | $16,447,647 | $10,221,299* | 64.52% |
| 2021-22 | 189 | Southeastern Louisiana | SthLnd | $14,876,169 | $14,775,594 | $8,114,007* | 54.54% |
| 2021-22 | 190 | North Florida | Asun | $14,783,497 | $14,456,960 | $9,553,475 | 64.62% |
| 2021-22 | 191 | Texas A&M-Corpus Christi | SthLnd | $14,616,970 | $14,968,202 | $11,834,539 | 80.96% |
| 2021-22 | 192 | Alabama State | SWAC | $14,550,273 | $17,892,138 | $9,439,916 | 64.88% |
| 2021-22 | 193 | Tennessee-Martin | OVC | $14,461,961 | $14,461,961 | $9,977,973 | 68.99% |
| 2021-22 | 194 | Utah Tech | WAC | $14,348,736 | $13,987,957 | $11,472,253 | 79.95% |
| 2021-22 | 195 | Prairie View A&M | SWAC | $14,322,177 | $18,821,203 | $10,870,710 | 75.90% |
| 2021-22 | 196 | Cleveland State | Hor | $14,140,486 | $14,145,508 | $11,726,254 | 82.93% |
| 2021-22 | 197 | Alabama A&M | SWAC | $14,006,086 | $14,189,129 | $12,660,512 | 90.39% |
| 2021-22 | 198 | North Alabama | Asun | $13,788,806 | $13,788,806 | $10,373,112 | 75.23% |
| 2021-22 | 199 | Arkansas-Little Rock | OVC | $13,734,051 | $13,928,945 | $10,073,398 | 73.35% |
| 2021-22 | 200 | McNeese State | SthLnd | $13,623,100 | $13,321,532 | $6,899,234 | 50.64% |
| 2021-22 | 201 | Northwestern State La | SthLnd | $13,505,438 | $13,234,261 | $9,203,843 | 68.15% |
| 2021-22 | 202 | Texas Southern | SWAC | $13,362,715 | $13,362,715 | $9,639,506 | 72.14% |
| 2021-22 | 203 | Purdue Fort Wayne | Hor | $13,300,194 | $13,062,826 | $10,887,276 | 81.86% |
| 2021-22 | 204 | South Carolina State | MEAC | $13,271,355 | $7,857,836 | $9,648,463 | 72.70% |
| 2021-22 | 205 | Florida A&M | SWAC | $13,172,315 | $12,049,059 | $7,880,718 | 59.83% |
| 2021-22 | 206 | Eastern Washington | BigSky | $12,886,340 | $16,032,290 | $8,994,686 | 69.80% |
| 2021-22 | 207 | Eastern Illinois | OVC | $12,837,153 | $14,551,286 | $8,752,715 | 68.18% |
| 2021-22 | 208 | Jackson State | SWAC | $12,821,652 | $12,637,183 | $5,047,840 | 39.37% |
| 2021-22 | 209 | Southeast Missouri State | OVC | $12,807,771 | $12,807,770 | $9,430,049* | 73.63% |
| 2021-22 | 210 | Missouri-Kansas City | Summit | $12,337,892 | $12,893,022 | $10,036,067 | 81.34% |
| 2021-22 | 211 | Longwood | BigSou | $12,319,728 | $12,023,800 | $10,048,141 | 81.56% |
| 2021-22 | 212 | Idaho State | BigSky | $12,137,163 | $15,447,714 | $8,137,219 | 67.04% |
| 2021-22 | 213 | Morehead State | OVC | $11,639,966 | $11,639,966 | $9,470,790 | 81.36% |
| 2021-22 | 214 | Winthrop | BigSou | $11,409,622 | $11,515,673 | $9,485,007 | 83.13% |
| 2021-22 | 215 | Grambling State | SWAC | $11,378,552 | $12,334,219 | $8,410,793 | 73.92% |
| 2021-22 | 216 | North Carolina Central | MEAC | $11,339,477 | $11,339,477 | $8,680,735 | 76.55% |
| 2021-22 | 217 | Southern Illinois Edwardsville | OVC | $11,204,485 | $11,106,055 | $8,456,207 | 75.47% |
| 2021-22 | 218 | Morgan State | MEAC | $11,126,282 | $14,924,648 | $9,182,589* | 82.53% |
| 2021-22 | 219 | Wright State | Hor | $11,046,655 | $10,698,961 | $8,508,660 | 77.02% |
| 2021-22 | 220 | Nicholls State | SthLnd | $10,961,304 | $11,164,752 | $6,619,997 | 60.39% |
| 2021-22 | 221 | Indiana-Purdue Indianapolis | Hor | $10,289,130 | $10,281,924 | $8,989,403* | 87.37% |
| 2021-22 | 222 | Western Illinois | Summit | $10,066,267 | $11,703,844 | $7,225,534 | 71.78% |
| 2021-22 | 223 | Wisconsin-Green Bay | Hor | $9,500,254 | $8,898,030 | $6,220,222* | 65.47% |
| 2021-22 | 224 | South Carolina Upstate | BigSou | $8,941,784 | $8,946,029 | $7,710,628 | 86.23% |
| 2021-22 | 225 | North Carolina Asheville | BigSou | $8,720,475 | $8,884,929 | $6,158,701 | 70.62% |
| 2021-22 | 226 | Arkansas-Pine Bluff | SWAC | $8,650,669 | $8,689,626 | $4,397,206 | 50.83% |
| 2021-22 | 227 | Chicago State | Ind | $8,001,394 | $8,398,712 | $7,468,157 | 93.34% |
| 2021-22 | 228 | Maryland-Eastern Shore | MEAC | $7,875,993 | $7,875,993 | $6,409,243 | 81.38% |
| 2021-22 | 229 | Alcorn State | SWAC | $6,159,503 | $6,863,951 | $3,241,371 | 52.62% |
| 2021-22 | 230 | Coppin State | MEAC | $4,091,289 | $5,254,060 | $2,365,932 | 57.83% |
| 2021-22 | 231 | Mississippi Valley State | SWAC | $4,040,925 | $4,040,925 | $2,399,030 | 59.37% |
| 2021-22 | 232 | New Orleans | SthLnd | $2,526,887 | $4,810,778 | $972,706* | 38.49% |
Sources cited on this page
- S19 · Opendorse, “NIL at Four: Monetizing the New Reality (PDF, saved in raw/)” (2025-07)
- S22 · USA TODAY (John Brice), “$50 million rosters. $5 million QBs. What it costs to build a college football contender” (2026-08-25)
- S28 · Knight Commission on Intercollegiate Athletics, “Knight Commission Brief: House v. NCAA (PDF, saved in raw/)” (2025 (pre-approval brief))
- S39 · The Athletic (NYT), “College football's 2025 coach buyouts had a $270 million price tag. The reality is more complex” (2026-03-03)
- S42 · Knight Commission / Knight-Newhouse, “FBS Football Coaching Severance: Symptom of Broken Financial Framework (PDF, raw/)” (2025-12-31)
- S45 · U.S. Government Accountability Office, “College Athletics: Most Programs Spend More Than They Generate in Revenue (GAO-26-108640)” (2026 (released early Aug 2026))
- S46 · Inside Higher Ed (Josh Moody), “GAO Report: Athletic Programs Bleed Money” (2026-08-07)
- S47 · Office of Sen. Maria Cantwell (advocacy document), “Unsustainable Growth in Spending for Sports... (snapshot, PDF, raw/)” (2026-09-15)
- S48 · Knight Commission / Syracuse Newhouse, “Knight-Newhouse College Athletics Database: FBS page (data in raw/)” (accessed 2026-09-29 (FY2025 data))
- S49 · USA TODAY / Knight-Newhouse, “NCAA Finances: Revenue & Expenses by School (CSV in raw/)” (page updated 2024-03-14 (FY2021-22 data))
- S50 · Sportico (Daniel Libit), “Texas Sets New College Sports Spending Mark With $376M Spree” (2026-01-22)
- S54 · CBS Sports (Shehan Jeyarajah), “College Football Playoff finalizes new TV rights contract through 2031 season” (2024-03-19)
- S58 · Birmingham News / al.com, “How the Southeastern Conference got rich” (2008-02-24)
- S71 · Sportico (Daniel Libit), “Penn State Athletics Debt Hit $535 Million Amid Stadium Rehab” (2026-02-05)
- S72 · Pollstar / VenuesNow, “$7 Billion Worth of Pomp And Pageantry: University Stadium Renovations Reach New Heights” (2026-08-20)
- S73 · Sportsnaut via Yahoo Sports, “Highest Paid Athletic Directors 2025” (2025-09-09)
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.