In NCAA Division I athletics, the financial gap between the haves and have-nots has never been more pronounced. Recent data from 232 public Division I institutions paints a picture of an industry where financial resources are concentrated among a small group of elite programs.
Top Programs Tower Over the Rest
Ohio State University leads all programs with $251.6 million in athletic revenue for FY2022, followed closely by Texas ($239.3M) and Alabama ($214.4M). At the other end of the spectrum, University of New Orleans reported just $2.5 million — a 99.6x disparity. These extremes underscore the economic polarization within Division I sports.
Conference Affiliation Shapes Revenue Potential
Conference alignment has become a key determinant of financial strength. Schools in the SEC averaged $166.8 million in revenue, compared to just $11.4 million for schools in the MEAC — a 14.6x difference. Power 5 conferences (SEC, Big Ten, ACC, Big 12, Pac-12) now represent a distinct economic tier, with average athletic department revenues 432% higher than their non–Power 5 counterparts.
Financial Sustainability Varies Widely
Despite top-line revenue growth, sustainability remains an issue. Only 60% of Division I athletic departments operated in the black in FY2022. Approximately 40% spent more than they generated, even as media rights deals grew. These figures suggest that for many programs, long-term financial viability is tenuous.
Tiered Economic System Emerging Across Division I
The data reveals a clear three-tier stratification:
Top Tier: High-revenue programs with major football operations (e.g., Georgia, Michigan, Alabama).
Middle Tier: Competitive programs with moderate revenues that may profit in good years.
Lower Tier: Institutions where over 90% of athletic revenue comes from allocated sources, such as student fees and institutional support (see data).
Coaching Salaries Reflect Financial Priorities
High-revenue programs also invest heavily in coaching compensation. In football, Kirby Smart (Georgia) earned $13.3 million, while basketball’s top-paid coach, Bill Self (Kansas), received $8.8 million. These salaries reflect market-driven strategies, concentrated among schools with deep financial resources.
Implications for the Future of College Athletics
As policies around Name, Image, and Likeness (NIL) expand, and discussions around athlete compensation continue, financial disparities are likely to intensify. Meanwhile, most programs will continue to operate under a different economic model — one heavily reliant on institutional funds.
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