College sports is a multibillion-dollar business, but the money flows in wildly different ways from one campus to the next. We compiled NCAA MFRS financial filings — obtained through public records requests — for 80 Division I athletic departments to see who profits, who's propped up, and where the money goes.
Data compiled by College Sports Finance from NCAA MFRS filings obtained via public records (FOIA) requests and official athletic department disclosures. See the methodology page for full sourcing details. Last updated: 2026-06-22.
Total revenues reported to the NCAA, including ticket sales, media rights, conference distributions, and institutional support. This list covers only schools currently in our dataset — it is not exhaustive of all FBS programs.
| # | School | Fiscal Year | Total Revenue | Total Expenses | Net |
|---|---|---|---|---|---|
| 1 | University of Texas at Austin | FY2025 | $352,547,602 | $375,887,077 | -$23,339,475 |
| 2 | The Ohio State University | FY2025 | $336,077,887 | $320,394,965 | $15,682,922 |
| 3 | University of Tennessee, Knoxville | FY2025 | $304,117,549 | $288,186,290 | $15,931,259 |
| 4 | University of Michigan | FY2025 | $275,844,115 | $261,556,268 | $14,287,847 |
| 5 | Texas A&M University | FY2024 | $266,361,985 | $243,670,625 | $22,691,360 |
| 6 | Pennsylvania State University | FY2025 | $254,867,598 | $254,643,919 | $223,679 |
| 7 | University of Georgia | FY2025 | $233,526,965 | $240,135,282 | -$6,608,317 |
| 8 | Louisiana State University | FY2025 | $223,457,267 | $219,649,409 | $3,807,858 |
| 9 | University of Nebraska-Lincoln | FY2025 | $215,089,007 | $207,743,888 | $7,345,119 |
| 10 | Florida State University | FY2025 | $211,950,623 | $208,187,039 | $3,763,584 |
| 11 | University of Oklahoma | FY2025 | $205,670,266 | $249,408,268 | -$43,738,002 |
| 12 | University of South Carolina | FY2025 | $204,566,524 | $203,259,302 | $1,307,222 |
| 13 | University of Wisconsin-Madison | FY2025 | $197,927,246 | $193,630,009 | $4,297,237 |
| 14 | University of Arkansas, Fayetteville | FY2025 | $195,879,595 | $184,093,590 | $11,786,005 |
| 15 | University of Illinois Urbana-Champaign | FY2025 | $194,761,178 | $189,859,538 | $4,901,640 |
| 16 | University of Oregon | FY2025 | $185,420,897 | $183,033,958 | $2,386,939 |
| 17 | University of Kentucky | FY2025 | $185,082,823 | $188,535,293 | -$3,452,470 |
| 18 | University of Iowa | FY2025 | $179,978,091 | $173,379,699 | $6,598,392 |
| 19 | Michigan State University | FY2025 | $179,891,651 | $178,288,091 | $1,603,560 |
| 20 | University of Mississippi (Ole Miss) | FY2025 | $178,621,017 | $183,768,038 | -$5,147,021 |
| 21 | University of Washington | FY2025 | $178,473,117 | $184,354,672 | -$5,881,555 |
| 22 | University of North Carolina, Chapel Hill | FY2025 | $172,951,034 | $187,967,260 | -$15,016,226 |
| 23 | University of Missouri, Columbia | FY2024 | $168,000,978 | $183,167,871 | -$15,166,893 |
| 24 | University of Minnesota | FY2025 | $163,605,146 | $161,202,217 | $2,402,929 |
| 25 | University of Colorado Boulder | FY2025 | $161,672,258 | $161,512,069 | $160,189 |
| 26 | Virginia Polytechnic Institute and State University | FY2025 | $161,217,688 | $156,147,692 | $5,069,996 |
| 27 | University of California, Los Angeles | FY2025 | $151,797,241 | $173,429,394 | -$21,632,153 |
| 28 | Oklahoma State University | FY2025 | $150,779,379 | $156,061,076 | -$5,281,697 |
| 29 | Purdue University | FY2025 | $150,536,320 | $149,650,825 | $885,495 |
| 30 | University of California, Berkeley | FY2025 | $148,840,896 | $173,116,317 | -$24,275,421 |
| 31 | University of Louisville | FY2025 | $146,912,011 | $160,408,294 | -$13,496,283 |
| 32 | Texas Tech University | FY2025 | $145,302,530 | $144,420,153 | $882,377 |
| 33 | University of Kansas | FY2025 | $143,856,096 | $148,361,190 | -$4,505,094 |
| 34 | North Carolina State University | FY2025 | $141,549,444 | $134,541,641 | $7,007,803 |
| 35 | University of Utah | FY2025 | $140,252,864 | $135,560,135 | $4,692,729 |
| 36 | West Virginia University | FY2025 | $128,116,313 | $130,706,709 | -$2,590,396 |
| 37 | University of Maryland, College Park | FY2025 | $123,997,918 | $128,662,116 | -$4,664,198 |
| 38 | University of Cincinnati | FY2025 | $118,516,168 | $119,327,107 | -$810,939 |
| 39 | Iowa State University | FY2025 | $117,990,108 | $117,984,063 | $6,045 |
| 40 | University of Connecticut | FY2025 | $117,288,137 | $109,674,008 | $7,614,129 |
| 41 | Kansas State University | FY2025 | $116,289,549 | $103,671,290 | $12,618,259 |
| 42 | University of Central Florida | FY2025 | $108,885,089 | $103,615,446 | $5,269,643 |
| 43 | Oregon State University | FY2025 | $104,767,707 | $100,306,455 | $4,461,252 |
| 44 | University of South Florida | FY2024 | $103,549,435 | $101,933,843 | $1,615,592 |
| 45 | San Diego State University | FY2025 | $100,801,020 | $104,868,538 | -$4,067,518 |
| 46 | University of Houston | FY2025 | $92,759,096 | $98,864,678 | -$6,105,582 |
| 47 | Rutgers, The State University of New Jersey | FY2021 | $87,992,302 | $118,394,474 | -$30,402,172 |
| 48 | Washington State University | FY2025 | $83,454,950 | $80,749,746 | $2,705,204 |
| 49 | James Madison University | FY2025 | $78,640,115 | $78,640,115 | $0 |
| 50 | University of Nevada, Las Vegas | FY2025 | $77,274,710 | $74,767,676 | $2,507,034 |
| 51 | Utah State University | FY2025 | $75,442,527 | $64,576,877 | $10,865,650 |
| 52 | University of Massachusetts, Amherst | FY2025 | $74,220,923 | $71,240,391 | $2,980,532 |
| 53 | University of North Carolina at Charlotte | FY2025 | $62,709,814 | $58,583,488 | $4,126,326 |
| 54 | University of New Mexico | FY2025 | $61,595,289 | $56,978,562 | $4,616,727 |
| 55 | Old Dominion University | FY2025 | $58,464,225 | $60,855,261 | -$2,391,036 |
| 56 | Appalachian State University | FY2025 | $57,259,361 | $57,271,283 | -$11,922 |
| 57 | Florida Atlantic University | FY2024 | $56,213,887 | $50,213,094 | $6,000,793 |
| 58 | University of Wyoming | FY2025 | $55,619,167 | $51,007,390 | $4,611,777 |
| 59 | Texas State University | FY2025 | $50,528,819 | $55,517,565 | -$4,988,746 |
| 60 | University at Buffalo | FY2025 | $48,226,492 | $50,715,699 | -$2,489,207 |
| 61 | San Jose State University | FY2025 | $45,873,043 | $50,868,991 | -$4,995,948 |
| 62 | Georgia Southern University | FY2025 | $43,923,841 | $44,905,774 | -$981,933 |
| 63 | Florida International University | FY2024 | $43,424,078 | $46,752,549 | -$3,328,471 |
| 64 | Sam Houston State University | FY2025 | $43,342,352 | $42,266,867 | $1,075,485 |
| 65 | Kennesaw State University | FY2025 | $42,635,872 | $39,354,979 | $3,280,893 |
| 66 | Western Michigan University | FY2025 | $41,934,267 | $44,910,138 | -$2,975,871 |
| 67 | Miami University (Ohio) | FY2025 | $41,169,189 | $40,881,614 | $287,575 |
| 68 | Western Kentucky University | FY2025 | $40,028,339 | $40,028,339 | $0 |
| 69 | New Mexico State University | FY2025 | $39,627,724 | $39,700,707 | -$72,983 |
| 70 | Eastern Michigan University | FY2025 | $38,924,559 | $38,924,559 | $0 |
| 71 | Central Michigan University | FY2025 | $37,911,632 | $38,536,348 | -$624,716 |
| 72 | Ohio University | FY2025 | $36,543,823 | $36,036,982 | $506,841 |
| 73 | Bowling Green State University | FY2025 | $35,288,178 | $35,669,709 | -$381,531 |
| 74 | Ball State University | FY2025 | $34,744,305 | $34,771,799 | -$27,494 |
| 75 | University of Akron | FY2025 | $32,742,898 | $33,750,042 | -$1,007,144 |
| 76 | Kent State University | FY2025 | $32,190,567 | $34,410,161 | -$2,219,594 |
| 77 | Northern Illinois University | FY2025 | $31,290,147 | $37,950,764 | -$6,660,617 |
| 78 | University of Toledo | FY2025 | $26,013,481 | $39,498,139 | -$13,484,658 |
Schools in our dataset where total expenses exceeded total revenues in their most recent reporting year.
Total direct expenses attributed to football, summed across all MFRS expense categories (coaching salaries, student aid, travel, facilities, etc.).
| # | School | Fiscal Year | Football Expenses | Football Revenue |
|---|---|---|---|---|
| 1 | The Ohio State University | FY2025 | $92,359,308 | $160,571,621 |
| 2 | Texas A&M University | FY2024 | $90,797,514 | $118,450,098 |
| 3 | Florida State University | FY2025 | $85,376,878 | $90,570,551 |
| 4 | University of Washington | FY2025 | $80,545,285 | $121,018,946 |
| 5 | University of Tennessee, Knoxville | FY2025 | $74,017,787 | $151,409,128 |
| 6 | University of Texas at Austin | FY2025 | $73,881,569 | $180,831,072 |
| 7 | University of Nebraska-Lincoln | FY2025 | $72,691,842 | $124,203,814 |
| 8 | Pennsylvania State University | FY2025 | $72,255,957 | $146,779,834 |
| 9 | University of Georgia | FY2025 | $71,107,706 | $149,285,887 |
| 10 | University of Oklahoma | FY2025 | $63,821,802 | $125,489,578 |
| 11 | University of Mississippi (Ole Miss) | FY2025 | $61,881,227 | $90,743,125 |
| 12 | University of Michigan | FY2025 | $61,663,185 | $175,299,591 |
| 13 | University of Oregon | FY2025 | $60,847,474 | $119,584,907 |
| 14 | University of Arkansas, Fayetteville | FY2025 | $57,370,871 | $87,108,507 |
| 15 | University of South Carolina | FY2025 | $55,859,501 | $76,513,172 |
| 16 | University of California, Los Angeles | FY2025 | $55,205,072 | $76,886,471 |
| 17 | University of Missouri, Columbia | FY2024 | $52,836,720 | $56,307,996 |
| 18 | University of Utah | FY2025 | $51,792,175 | $101,799,480 |
| 19 | Texas Tech University | FY2025 | $51,314,926 | $81,731,341 |
| 20 | University of Iowa | FY2025 | $50,894,412 | $105,190,203 |
| 21 | Louisiana State University | FY2025 | $50,738,588 | $117,563,889 |
| 22 | Michigan State University | FY2025 | $49,998,836 | $97,849,914 |
| 23 | University of Illinois Urbana-Champaign | FY2025 | $49,268,450 | $87,939,659 |
| 24 | University of North Carolina, Chapel Hill | FY2025 | $49,145,748 | $63,337,093 |
| 25 | University of Minnesota | FY2025 | $47,576,976 | $101,726,085 |
| 26 | University of California, Berkeley | FY2025 | $46,721,911 | $63,999,055 |
| 27 | Virginia Polytechnic Institute and State University | FY2025 | $44,460,860 | $76,830,371 |
| 28 | University of Colorado Boulder | FY2025 | $42,805,018 | $69,306,236 |
| 29 | University of Kentucky | FY2025 | $42,016,170 | $61,460,101 |
| 30 | University of Wisconsin-Madison | FY2025 | $41,495,307 | $113,577,937 |
| 31 | University of Central Florida | FY2025 | $38,103,096 | $60,153,630 |
| 32 | North Carolina State University | FY2025 | $38,032,491 | $68,608,941 |
| 33 | Purdue University | FY2025 | $37,193,229 | $83,144,029 |
| 34 | University of Maryland, College Park | FY2025 | $35,502,618 | $59,106,290 |
| 35 | University of Kansas | FY2025 | $34,516,494 | $37,110,397 |
| 36 | West Virginia University | FY2025 | $34,153,489 | $52,816,079 |
| 37 | Iowa State University | FY2025 | $33,289,781 | $53,144,404 |
| 38 | Rutgers, The State University of New Jersey | FY2021 | $33,122,635 | $5,671,544 |
| 39 | Oklahoma State University | FY2025 | $32,309,161 | $56,992,244 |
| 40 | University of Louisville | FY2025 | $31,710,311 | $57,740,634 |
| 41 | University of South Florida | FY2024 | $31,067,489 | $13,179,892 |
| 42 | University of Cincinnati | FY2025 | $30,199,813 | $13,486,498 |
| 43 | Kansas State University | FY2025 | $27,762,499 | $38,177,213 |
| 44 | University of Houston | FY2025 | $26,395,604 | $16,225,445 |
| 45 | Oregon State University | FY2025 | $23,847,864 | $31,096,301 |
| 46 | Texas State University | FY2025 | $23,116,059 | $6,980,967 |
| 47 | Washington State University | FY2025 | $22,896,017 | $38,831,530 |
| 48 | San Diego State University | FY2025 | $22,274,018 | $28,592,174 |
| 49 | University of Nevada, Las Vegas | FY2025 | $21,767,260 | $14,571,259 |
| 50 | Utah State University | FY2025 | $21,765,893 | $9,615,336 |
| 51 | University of Connecticut | FY2025 | $20,651,432 | $6,062,795 |
| 52 | University of North Carolina at Charlotte | FY2025 | $17,371,211 | $10,991,923 |
| 53 | James Madison University | FY2025 | $16,951,555 | $6,363,117 |
| 54 | Florida Atlantic University | FY2024 | $16,688,417 | $8,090,592 |
| 55 | San Jose State University | FY2025 | $16,017,209 | $8,621,279 |
| 56 | University of Massachusetts, Amherst | FY2025 | $15,945,233 | $4,382,151 |
| 57 | Appalachian State University | FY2025 | $15,673,553 | $9,923,002 |
| 58 | University of New Mexico | FY2025 | $15,386,871 | $5,971,767 |
| 59 | Old Dominion University | FY2025 | $15,094,472 | $11,675,999 |
| 60 | Northern Illinois University | FY2025 | $13,269,400 | $5,739,252 |
| 61 | University of Wyoming | FY2025 | $13,091,900 | $16,630,620 |
| 62 | University of Toledo | FY2025 | $13,024,382 | $3,887,288 |
| 63 | Georgia Southern University | FY2025 | $12,433,448 | $4,687,286 |
| 64 | New Mexico State University | FY2025 | $12,172,663 | $7,143,952 |
| 65 | Bowling Green State University | FY2025 | $11,872,056 | $4,520,281 |
| 66 | Western Michigan University | FY2025 | $11,795,493 | $6,218,580 |
| 67 | Ohio University | FY2025 | $11,777,856 | $12,421,908 |
| 68 | Florida International University | FY2024 | $11,654,599 | $3,239,288 |
| 69 | Central Michigan University | FY2025 | $11,608,429 | $3,072,955 |
| 70 | Western Kentucky University | FY2025 | $11,369,674 | $11,410,990 |
| 71 | Eastern Michigan University | FY2025 | $11,077,016 | $11,077,016 |
| 72 | Miami University (Ohio) | FY2025 | $11,017,434 | $11,017,434 |
| 73 | Kennesaw State University | FY2025 | $10,606,298 | $3,003,468 |
| 74 | Sam Houston State University | FY2025 | $9,740,022 | $6,837,047 |
| 75 | Kent State University | FY2025 | $9,724,373 | $4,280,081 |
| 76 | Ball State University | FY2025 | $9,485,095 | $3,218,285 |
| 77 | University of Akron | FY2025 | $8,206,772 | $3,836,238 |
80 institutions currently covered, with data spanning FY2010–FY2025 depending on availability.