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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

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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

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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

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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