The athletic departments of the Big Ten’s 16 public universities generated nearly $2.84 billion in revenue during the 2024 fiscal year but collectively spent nearly $3 billion, according to financial data sent to the NCAA and obtained recently by through state open-records laws.

Of those athletic departments, half finished the 2024 fiscal year with a deficit, and four of those eight were at least $15 million in the hole. Most of the shortfalls were covered by department reserves, university loans or institutional support. Private universities Northwestern and USC aren’t required by law to release their documents and do not.

Of the 13 public universities collecting Big Ten funding during fiscal 2024, 11 secured around $50.8 million as part of the league’s media contract plus $11 million or so for other disbursals, including bowl revenue. Maryland and Rutgers received lower amounts as part of their payback process after borrowing during their six years of non-vested membership.

The 2024 fiscal year began July 1, 2023, and concluded June 30, 2024. Although UCLA, Oregon and Washington competed in the Pac-12 during that year, their data was included for this analysis of the financial situation faced by the membership of one of college sports’ richest conferences. Here are seven things that stood out after examining the 16 athletic departments’ financial data.

Revenues and expenses: Explaining Ohio State’s near-$38 million deficit

Perhaps the most jarring number within the data involved college football’s new national champions: Ohio State’s athletic department spent nearly $292.7 million in the 2023-24 school year, almost $38 million more than its $254.9 million in reported revenue. That’s an eye-popping deficit, there are reasons why the Buckeyes’ shortfall was exclusive to this particular year.

With five Big Ten road trips and a nonconference game at Notre Dame, Ohio State played only six home football games in 2023, down from eight during the 2022 season. That led to a $14.5 million drop in overall ticket sales from 2022. Ohio State also paid $9.2 million in severance and other benefits to former coaches and administrators. The department covered the shortfall with reserves. With an expected jump of about $15 million more from the Big Ten’s coffers — budgets call for $75 million for each vested member in the current fiscal year — and eight home games in 2024-25, Ohio State’s deficit is a one-time situation.

Four programs, however, extended a concerning five-year financial trend. UCLA, which joined the Big Ten this year, spent nearly $51.9 million more than it made. Over the past five fiscal years, the department’s losses now total $200.61 million. Rutgers and Maryland continue to struggle financially while they reimburse the Big Ten for money borrowed between 2014 and 2020. Rutgers reported a $41.5 million loss, which leaves its department more than $139 million in the red over the past five years. The deficit has grown each year.

Maryland’s financial track has improved despite a nearly $5 million deficit reported for 2023-24. The Terrapins borrowed more than $125 million from the Big Ten against future earnings in the six years before they became fully vested. Then the COVID-19 pandemic wreaked financial havoc on their first year as a full member. Maryland is on track to receive full Big Ten payments in 2027 but has accumulated $32.7 million in losses over the past five years.

Michigan State’s financial portfolio has fluctuated over the last half-decade, during which time the athletic department’s shortfall totaled $44.8 million. In fiscal year 2022, the Spartans reported a $16.35 million surplus, but that has been erased in the past two years of reports, including a $16.7 million loss in 2024. Football and men’s basketball ticket revenue grew by about $1 million for each sport from 2023 to 2024, but a 38 percent surge in administration and support staff salaries in the last two years ($22.93 million in 2022, $31.62 million in 2024) has contributed to the financial plummet. Perhaps that category was a market correction; the $31.62 million spent on salaries in 2024 still ranked just seventh in the Big Ten. Either way, the athletic department’s financial profile invites scrutiny.

The eight public schools that generated a surplus in 2024 averaged $3.72 million in revenues over expenses. Nebraska, long the Big Ten’s model for fiscal responsibility, led with a $6.7 million surplus.

Debt, debt service and whose universities provide the most support

Capital projects instantly become the greatest expense for any athletic department whenever they begin, whether the cost is covered by gifts or through state-issued bonds. The Big Ten’s 16 public schools reported a wide range of annual debt service from those with new or recently completed projects (Ohio State, $33.7 million; Nebraska, $30.5 million) to those without, such as Maryland and UCLA, which each spent less than $700,000.

Twelve athletic departments have total debt exceeding $90 million, and six are north of $225 million, led by Illinois ($312.5 million) and Ohio State ($286.7 million). Michigan ($252.8 million), Penn State ($246.9 million), Washington ($244.4 million) and Iowa ($227.8 million) are next in line.

Many — but not all — of the Big Ten’s athletic departments are considered self-supporting, meaning they receive no direct university funds. UCLA claims no athletic debt, and Maryland lists $8 million, so their universities scrub away their financial shortfalls. UCLA received $30 million in direct institutional support and another $1.5 million in student fees. Maryland picked up nearly $12 million in student fees and $6.1 million in direct support. Rutgers, which charts its athletic debt at $51.4 million, received more than $21 million in student fees and direct institutional support.

Five departments — Michigan, Ohio State, Penn State, Nebraska and Purdue — obtained no financial support through fees or direct university support. Wisconsin, Iowa and Oregon collected small amounts for shared facilities, utility usage or other purposes. Indiana accepted a $26 million loan to cover football costs following coach Tom Allen’s dismissal. Illinois, Minnesota, Michigan State and Washington received fees or direct support totaling between $4 million and $11 million each.

Football recruiting budgets rising

Football recruiting expenses have soared nearly 56 percent over a two-year period, with Big Ten schools combining to spend more than $30.1 million, up from $19.35 million in fiscal 2022.

In 2022, Michigan was the only program listing more than $2 million in football recruiting expenses. Last year, six eclipsed $2 million. Two years ago, only six spent more than $1.3 million. Now, all but one public institution’s athletic department hit at least $1.3 million.

Iowa continues to be the statistical outlier in this section, documenting $638,000 in football recruiting expenses. When asked for explanation, Iowa athletics chief financial officer Greg Davies said the school reports on-campus visits, coaches’ travel off-campus and gift-in-kind flights. Unlike other schools, Iowa shifts costs for recruiting software expenses into the “other” category, of which Iowa’s total ($3 million) is well beyond peer programs Wisconsin ($1.5 million) and Oregon ($900,000).

Both Penn State and Washington recorded $2.8 million in football recruiting expenses, which is nearly double their 2022 numbers. Minnesota and Nebraska each saw leaps exceeding $1 million, while Illinois and Purdue increased their recruiting efforts by more than $900,000. Michigan’s recruiting costs actually decreased from $2.24 million to $1.82 million.

Football coaching salaries

Although these numbers have changed significantly since the 2024 fiscal year concluded, there appears to be a correlation between football coaching salaries and on-field success. That’s especially true of the top five staffs.

Ohio State spent $28.5 million in 2024, which was nearly $8 million more than runner-up Penn State ($20.8 million). Oregon ($20.5 million) was third, slightly ahead of Michigan ($20.43 million) and Iowa ($19.2 million). All five programs won at least 10 games that season, and most have reinvested in their staffs in the last 19 months. Purdue by far spent the least ($10 million), with UCLA ($11.95 million) the next lowest. Their coaches from the 2024 fiscal year have both moved on.

Michigan’s championship run shows up in gate receipts

National champion Michigan generated more than $50.3 million in football ticket sales to lead the Big Ten in 2023-24. Despite its six-game home slate, Ohio State still exceeded $47.85 million, down from $64.3 million in 2022-23. Penn State was close behind at $44.45 million.

National runner-up Washington sold $31 million in football tickets to lead the next tier of schools. Oregon, Nebraska, Wisconsin and Iowa all earned between $24.25 million and $22.6 million, with Michigan State at $19.6 million.

Despite recording traditional sellouts throughout the 2023 football season, Nebraska reported by far its lowest football gate revenue (other than the COVID-19 season) since joining the Big Ten in 2011. In every fiscal year from 2014 through 2023, Nebraska generated at least $30 million from football tickets. In fiscal 2024, the Huskers earned $24.24 million, just ahead of Wisconsin ($24.08 million).

Four teams sold less than $10 million in football tickets, and the two lowest were UCLA ($8.35 million) and Maryland ($7.27 million).

Men’s basketball tickets

Indiana, which earned $10 million in football gate receipts, soared past the rest of the league with $15.2 million brought in from men’s basketball. Illinois was nearly even in football ($9.82 million) and men’s basketball ($9.36 million).

NCAA Tournament runner-up Purdue ($8.18 million), Michigan State ($7.79 million) and UCLA ($6.89 million) rounded out the top five in men’s basketball gate receipts but finished 11th, ninth and 15th, respectively, in football ticket sales. The top four basketball schools all saw revenue increases ranging from $2.9 million (Indiana) to $900,000 (Purdue). UCLA’s men’s basketball ticket revenue dipped by about $500,000.

Penn State, Washington and Oregon were Nos. 3-5 in football ticket sales but Nos. 16, 15 and 13, respectively, in men’s basketball ticket sales. All three saw year-over-year increases, however. Iowa fell to 12th with $2.96 million. Iowa’s once-proud men’s basketball program hasn’t hit $4 million in gate revenue since 2005 and was down more than $500,000 from fiscal year 2023. Five teams saw decreases, but UCLA and Iowa had the biggest revenue drops.

Non-revenue sports’ financial highlights

Only two other sports beyond football and men’s basketball recorded profits in fiscal year 2024: Minnesota men’s ice hockey and Nebraska women’s volleyball. The Gophers generated $7.84 million and featured a $1.82 million surplus. The Huskers earned $7.25 million in revenue and were $1.34 million in the black.

Several other programs had strong financial showings, but the lack of dedicated media rights contracts for their sport led to an overall deficit. With superstar Caitlin Clark, Iowa’s women’s basketball program sold $3.2 million in tickets, the third-most for any program outside of football or men’s basketball behind the men’s ice hockey programs at Minnesota ($3.98 million) and Wisconsin ($3.4 million). The Hawkeyes’ star power led to sellouts at every Big Ten road venue, and their nine road opponents combined to generate an additional $1.9 million in year-over-year ticket sales.

Among men’s sports, Michigan and Penn State’s ice hockey programs each sold more than $2.1 million at the gate, while Michigan State exceeded $1.4 million. Wrestling powers Iowa ($1.56 million) and national champion Penn State ($1.26 million) led the country in their sport’s ticket revenue. Nebraska baseball nearly hit $1 million in ticket sales.

Women’s volleyball Final Four teams Nebraska ($2.57 million) and Wisconsin ($1.65 million) were at the top in volleyball tickets sold, followed by Minnesota ($826,000). Indiana women’s basketball hit $1 million, with Ohio State ($953,000), Minnesota ($872,000) and Nebraska ($858,000) close behind.

This article originally appeared in The Athletic.

Maryland Terrapins, Indiana Hoosiers, Michigan State Spartans, Ohio State Buckeyes, Michigan Wolverines, Penn State Nittany Lions, Rutgers Scarlet Knights, Minnesota Golden Gophers, Illinois Fighting Illini, Wisconsin Badgers, Nebraska Cornhuskers, Northwestern Wildcats, Purdue Boilermakers, Iowa Hawkeyes, Oregon Ducks, Washington Huskies, UCLA Bruins, USC Trojans, Purdue Boilermakers, Michigan State Spartans, Iowa Hawkeyes, College Football, Men's College Basketball, Sports Business, Women's College Basketball, College Sports

2025 The Athletic Media Company