These Universities Profit the Most Off Their Student-Athletes
Major college athletics is big business, with millions of dollars in ticket sales, merchandise and television rights flowing into Division I universities every year. But in recent years, more Americans have grappled with the increasingly difficult reality of how schools manage to generate all of that revenue.
Sure, the student-athletes attracting everyone to the games typically receive scholarships worth tens of thousands of dollars, and many of the universities making money off those same athletes are public, nonprofit institutions. But this rationalization can only go so far when it’s clear that the entire system remains dependent on the nation’s finest young athletes essentially donating their labor — work that, for some of the more elite competitors, would be worth millions on the open market.
So, which universities currently benefit the most from this system? That’s what GOBankingRates sought to determine by digging into the budgets for the athletic departments of nearly 120 of the most prominent public colleges in the country. In many cases, these institutions are pulling down millions of dollars a year in profit after expenses ? all because they can recruit top talent and rely on them to perform unpaid work.
Last updated: Oct. 20, 2020
Eastern Michigan University
Conference: MAC
Revenue: $30,681,039
Expenses: $30,681,035
Profit: $4
University of Maine
Conference: America East
Revenue: $21,666,570
Expenses: $21,661,278
Profit: $5,292
McNeese State University
Conference: Southland
Revenue: $11,986,700
Expenses: $11,975,415
Profit: $11,285
Southeast Missouri State University
Conference: Ohio Valley
Revenue: $12,633,883
Expenses: $12,604,529
Profit: $29,354
Pictured: Cape Girardeau, Missouri
Northern Illinois University
Conference: MAC
Revenue: $25,856,400
Expenses: $25,821,426
Profit: $34,974
University of Arkansas at Little Rock
Conference: Sun Belt
Revenue: $12,160,285
Expenses: $12,096,940
Profit: $63,345
Lamar University
Conference: Southland
Revenue: $18,379,145
Expenses: $18,308,056
Profit: $71,089
State University of New York at Buffalo
Conference: MAC
Revenue: $40,834,648
Expenses: $40,763,071
Profit: $71,577
Utah Valley University
Conference: WAC
Revenue: $15,107,741
Expenses: $15,030,673
Profit: $77,068
University of Louisiana at Lafayette
Conference: Sun Belt
Revenue: $32,510,606
Expenses: $32,428,520
Profit: $82,086
Iowa State University
Conference: Big 12
Revenue: $88,753,664
Expenses: $88,670,048
Profit: $83,616
Appalachian State University
Conference: Sun Belt
Revenue: $36,940,867
Expenses: $36,853,981
Profit: $86,886
Wright State University
Conference: Horizon
Revenue: $12,007,969
Expenses: $11,909,489
Profit: $98,480
California State University, Long Beach
Conference: Big West
Revenue: $20,892,086
Expenses: $20,789,684
Profit: $102,402
Kennesaw State University
Conference: Atlantic Sun
Revenue: $25,982,350
Expenses: $25,868,226
Profit: $114,124
Read: Athletes With Major Business Empires Outside of Sports
University of Central Arkansas
Conference: Southland
Revenue: $14,222,167
Expenses: $14,104,967
Profit: $117,200
North Dakota State University
Conference: Summit
Revenue: $28,144,888
Expenses: $28,025,664
Profit: $119,224
Florida Atlantic University
Conference: C-USA
Revenue: $35,275,379
Expenses: $35,149,886
Profit: $125,493
University of Northern Iowa
Conference: Missouri Valley
Revenue: $19,983,624
Expenses: $19,802,570
Profit: $181,054
University of North Carolina at Asheville
Conference: Big South
Revenue: $8,868,914
Expenses: $8,682,200
Profit: $186,714
Towson University
Conference: CAA
Revenue: $24,982,355
Expenses: $24,795,399
Profit: $186,956
Ball State University
Conference: MAC
Revenue: $28,634,103
Expenses: $28,443,728
Profit: $190,375
University of Rhode Island
Conference: A-10
Revenue: $28,230,677
Expenses: $28,036,845
Profit: $193,832
University of New Hampshire
Conference: America East
Revenue: $32,545,442
Expenses: $32,347,692
Profit: $197,750
New Jersey Institute of Technology
Conference: Atlantic Sun
Revenue: $17,688,478
Expenses: $17,469,429
Profit: $219,049
Longwood University
Conference: Big South
Revenue: $12,163,488
Expenses: $11,924,508
Profit: $238,980
University of Arkansas at Pine Bluff
Conference: SWAC
Revenue: $8,759,179
Expenses: $8,507,080
Profit: $252,099
Central Connecticut State University
Conference: Northeast
Revenue: $16,805,088
Expenses: $16,544,219
Profit: $260,869
Boise State University
Conference: Mountain West
Revenue: $48,109,196
Expenses: $47,846,748
Profit: $262,448
Bowling Green State University
Conference: MAC
Revenue: $24,673,957
Expenses: $24,393,090
Profit: $280,867
University of Massachusetts-Lowell
Conference: America East
Revenue: $21,361,106
Expenses: $21,078,702
Profit: $282,404
Oklahoma State University
Conference: Big 12
Revenue: $88,516,367
Expenses: $88,228,667
Profit: $287,700
University of Texas-Rio Grande Valley
Conference: WAC
Revenue: $15,061,319
Expenses: $14,756,557
Profit: $304,762
Texas Tech University
Conference: Big 12
Revenue: $89,259,783
Expenses: $88,948,721
Profit: $311,062
Indiana State University
Conference: Missouri Valley
Revenue: $16,505,426
Expenses: $16,175,618
Profit: $329,808
University of North Carolina Wilmington
Conference: CAA
Revenue: $18,815,244
Expenses: $18,452,973
Profit: $362,271
Oakland University
Conference: Horizon
Revenue: $16,847,235
Expenses: $16,464,614
Profit: $382,621
Stephen F. Austin State University
Conference: Southland
Revenue: $17,486,183
Expenses: $17,102,778
Profit: $383,405
Montana State University
Conference: Big Sky
Revenue: $22,286,147
Expenses: $21,883,805
Profit: $402,342
Virginia Military Institute
Conference: Southern
Revenue: $14,356,990
Expenses: $13,937,418
Profit: $419,572
University at Albany, SUNY
Conference: America East
Revenue: $23,857,184
Expenses: $23,435,785
Profit: $421,399
Western Carolina University
Conference: Southern
Revenue: $14,720,226
Expenses: $14,291,807
Profit: $428,419
Nicholls State University
Conference: Southland
Revenue: $9,617,268
Expenses: $9,182,117
Profit: $435,151
Binghamton University
Conference: America East
Revenue: $17,709,758
Expenses: $17,239,683
Profit: $470,075
University of Maryland
Conference: Big Ten
Revenue: $98,294,571
Expenses: $97,819,892
Profit: $474,679
Florida Gulf Coast University
Conference: Atlantic Sun
Revenue: $16,297,752
Expenses: $15,808,445
Profit: $489,307
Georgia Southern University
Conference: Sun Belt
Revenue: $31,696,141
Expenses: $31,181,439
Profit: $514,702
Sam Houston State University
Conference: Southland
Revenue: $19,102,055
Expenses: $18,581,115
Profit: $520,940
North Carolina Central University
Conference: MEAC
Revenue: $13,861,765
Expenses: $13,323,995
Profit: $537,770
Check Out: 39 Athletes Spending Big and Speaking Out About Black Lives Matter
Northern Arizona University
Conference: Big Sky
Revenue: $19,178,924
Expenses: $18,626,542
Profit: $552,382
University of Nevada, Las Vegas
Conference: Mountain West
Revenue: $50,568,292
Expenses: $50,014,197
Profit: $554,095
North Carolina A&T University
Conference: MEAC
Revenue: $14,420,476
Expenses: $13,847,414
Profit: $573,062
Cleveland State University
Conference: Horizon
Revenue: $14,420,476
Expenses: $13,847,414
Profit: $573,062
University of Illinois at Chicago
Conference: Horizon
Revenue: $18,521,054
Expenses: $17,894,990
Profit: $626,064
New Mexico State University
Conference: WAC
Revenue: $26,320,230
Expenses: $25,693,309
Profit: $626,921
University of North Florida
Conference: Atlantic Sun
Revenue: $12,790,843
Expenses: $12,119,397
Profit: $671,446
Indiana University-Purdue University Indianapolis (IUPUI)
Conference: Horizon
Revenue: $10,882,809
Expenses: $10,203,286
Profit: $679,523
California State University, Northridge
Conference: Big West
Revenue: $18,500,309
Expenses: $17,799,986
Profit: $700,323
Murray State University
Conference: Ohio Valley
Revenue: $16,827,106
Expenses: $16,105,420
Profit: $721,686
The Citadel
Conference: Southern
Revenue: $18,401,833
Expenses: $17,658,688
Profit: $743,145
South Dakota State University
Conference: Summit
Revenue: $22,168,074
Expenses: $21,419,827
Profit: $748,247
San Diego State University
Conference: Mountain West
Revenue: $55,687,184
Expenses: $54,933,032
Profit: $754,152
University of Central Florida
Conference: AAC
Revenue: $61,968,057
Expenses: $61,118,971
Profit: $849,086
University of Nebraska-Omaha
Conference: Summit
Revenue: $20,882,801
Expenses: $19,938,433
Profit: $944,368
California Polytechnic State University
Conference: Big West
Revenue: $30,918,417
Expenses: $29,869,660
Profit: $1,048,757
Virginia Commonwealth University
Conference: A-10
Revenue: $35,798,825
Expenses: $34,608,626
Profit: $1,190,199
University of North Dakota
Conference: Summit
Revenue: $28,656,183
Expenses: $27,455,093
Profit: $1,201,090
North Carolina State University
Conference: ACC
Revenue: $87,976,532
Expenses: $86,756,449
Profit: $1,220,083
University of California, Davis
Conference: Big West
Revenue: $37,458,859
Expenses: $36,143,657
Profit: $1,315,202
Wichita State University
Conference: Missouri Valley
Revenue: $33,321,769
Expenses: $31,947,698
Profit: $1,374,071
University of Louisville
Conference: ACC
Revenue: $134,155,908
Expenses: $132,708,762
Profit: $1,447,146
University of Wisconsin-Green Bay
Conference: Horizon
Revenue: $10,728,044
Expenses: $9,234,942
Profit: $1,493,102
University of Massachusetts
Conference: A-10
Revenue: $48,081,784
Expenses: $46,438,521
Profit: $1,643,263
Portland State University
Conference: Big Sky
Revenue: $14,125,441
Expenses: $12,476,314
Profit: $1,649,127
Clemson University
Conference: ACC
Revenue: $120,532,975
Expenses: $118,847,123
Profit: $1,685,852
Ohio State University
Conference: Big Ten
Revenue: $205,556,663
Expenses: $203,809,715
Profit: $1,746,948
University of North Carolina at Charlotte
Conference: C-USA
Revenue: $37,919,619
Expenses: $36,160,236
Profit: $1,759,383
East Tennessee State University
Conference: Southern
Revenue: $24,780,474
Expenses: $22,991,268
Profit: $1,789,206
University of Wyoming
Conference: Mountain West
Revenue: $44,910,641
Expenses: $43,005,108
Profit: $1,905,533
University of North Carolina at Chapel Hill
Conference: ACC
Revenue: $104,571,404
Expenses: $102,430,558
Profit: $2,140,846
University of Wisconsin
Conference: Big Ten
Revenue: $151,966,795
Expenses: $149,798,158
Profit: $2,168,637
University of Kansas
Conference: Big 12
Revenue: $106,307,326
Expenses: $104,108,072
Profit: $2,199,254
Illinois State University
Conference: Missouri Valley
Revenue: $28,145,272
Expenses: $25,744,175
Profit: $2,401,097
Colorado State University
Conference: Mountain West
Revenue: $54,728,814
Expenses: $52,159,851
Profit: $2,568,963
Take a Look: College Football’s 25 Most Valuable Teams
University of Oregon
Conference: Pac-12
Revenue: $122,541,827
Expenses: $119,811,239
Profit: $2,730,588
University of Arkansas
Conference: SEC
Revenue: $130,126,110
Expenses: $127,369,722
Profit: $2,756,388
Texas State University
Conference: Sun Belt
Revenue: $37,267,758
Expenses: $34,470,226
Profit: $2,797,532
Georgia Institute of Technology
Conference: ACC
Revenue: $91,647,068
Expenses: $88,517,077
Profit: $3,129,991
University of Utah
Conference: Pac-12
Revenue: $91,386,593
Expenses: $87,578,834
Profit: $3,807,759
University of Washington
Conference: Pac-12
Revenue: $130,919,331
Expenses: $126,133,008
Profit: $4,786,323
Virginia Polytechnic and State University
Conference: ACC
Revenue: $98,485,395
Expenses: $93,588,260
Profit: $4,897,135
University of South Carolina
Conference: SEC
Revenue: $140,084,150
Expenses: $134,863,557
Profit: $5,220,593
University of Kentucky
Conference: SEC
Revenue: $134,154,614
Expenses: $128,875,582
Profit: $5,279,032
University of Illinois
Conference: Big Ten
Revenue: $115,132,186
Expenses: $108,696,540
Profit: $6,435,646
United States Air Force Academy
Conference: Mountain West
Revenue: $60,101,907
Expenses: $53,530,468
Profit: $6,571,439
University of Nebraska
Conference: Big Ten
Revenue: $142,223,226
Expenses: $135,627,283
Profit: $6,595,943
Indiana University
Conference: Big Ten
Revenue: $122,933,136
Expenses: $116,277,652
Profit: $6,655,484
Georgia State University
Conference: Sun Belt
Revenue: $39,546,233
Expenses: $32,629,661
Profit: $6,916,572
University of Iowa
Conference: Big Ten
Revenue: $137,093,027
Expenses: $130,117,820
Profit: $6,975,207
Central Michigan University
Conference: MAC
Revenue: $39,989,495
Expenses: $32,540,008
Profit: $7,449,487
Auburn University
Conference: SEC
Revenue: $147,620,569
Expenses: $139,798,191
Profit: $7,822,378
Purdue University
Conference: Big Ten
Revenue: $103,092,204
Expenses: $95,176,957
Profit: $7,915,247
Louisiana State University
Conference: SEC
Revenue: $145,422,796
Expenses: $137,451,520
Profit: $7,971,276
Michigan State University
Conference: Big Ten
Revenue: $145,640,289
Expenses: $137,416,056
Profit: $8,224,233
Kansas State University
Conference: Big 12
Revenue: $86,911,309
Expenses: $77,633,258
Profit: $9,278,051
University of Minnesota
Conference: Big Ten
Revenue: $124,847,642
Expenses: $115,090,006
Profit: $9,757,636
Florida State University
Conference: ACC
Revenue: $168,177,850
Expenses: $158,375,459
Profit: $9,802,391
Penn State University
Conference: Big Ten
Revenue: $165,373,214
Expenses: $155,184,697
Profit: $10,188,517
West Virginia University
Conference: Big 12
Revenue: $102,684,423
Expenses: $91,807,281
Profit: $10,877,142
University of Alabama
Conference: SEC
Revenue: $177,481,937
Expenses: $166,533,013
Profit: $10,948,924
University of Florida
Conference: SEC
Revenue: $161,183,765
Expenses: $149,144,376
Profit: $12,039,389
University of Michigan
Conference: Big Ten
Revenue: $195,769,104
Expenses: $183,414,032
Profit: $12,355,072
University of Texas at Austin
Conference: Big 12
Revenue: $219,402,579
Expenses: $206,554,432
Profit: $12,848,147
Mississippi State University
Conference: SEC
Revenue: $103,858,865
Expenses: $89,794,392
Profit: $14,064,473
University of Oklahoma
Conference: Big 12
Revenue: $175,325,500
Expenses: $152,674,475
Profit: $22,651,025
University of Georgia
Conference: SEC
Revenue: $176,699,893
Expenses: $133,941,585
Profit: $42,758,308
Texas A&M University
Conference: SEC
Revenue: $212,399,426
Expenses: $165,782,418
Profit: $46,617,008
More From GOBankingRates
Methodology: GOBankingRates used USA Today’s 2018 NCAA finances data to discover which Division I universities profit the most off their student-athletes. GOBankingRates looked at each university’s athletic department’s (1) overall revenue and (2) overall expenses. Based on these two figures, GOBankingRates found each university’s (3) profits. GOBankingRates ranked the athletic departments from most to least profitable for the 2018 fiscal year. Only public universities were included as they are the only universities in the U.S. required to publish this data. All data was collected and is up to date as of May 4, 2020.
This article originally appeared on GOBankingRates.com: These Universities Profit the Most Off Their Student-Athletes