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Well, I know at least 14 businesses that aren’t hurting (yet) from COVID-19. The Equity in Athletics Data Analysis dump is here, and we have gross and net revenue figures for Big Ten football programs for the fiscal year 07/01/18 to 06/31/19. As always, that means these numbers reflect the football season before last – not last season. In this case, it’s the 2018 football season and its aftermath through the spring of ‘19.
Included within each school’s capsule are a note or two on surplus or deficit. These are arrived at by subtracting expenses from revenues. They are balances of football programs only, not entire athletic departments. As such, the figures do not include television network revenue and annual conference TV payouts. Those are separate from these budgets.
Football almost always pays the freight for all the Olympic sports in any program. I’ve made some notes of more interesting such data as the list ascends toward the richest programs. They have more money to throw around and so the anomalies can be noteworthy.
As you’ll see, the class discrepancy is wide between the haves and have-nots, even in a conference as collectively well-to-do as the B1G. Here they are then, bottom to top, ranked by gross revenue.
#14 Rutgers $26.7 million
This is the only school in the Big Ten, and for that matter all 65 in the Power Five conferences, that cooks its books to reflect a balanced budget rather than the football program deficit that surely is present. Revenues and expenses are listed as the exact same figure – $26,698,913. That’s also true of both men’s and women’s basketball, identical numbers for inflow and outlay. It’s pretty well established that recently hired AD Pat Hobbs is in the midst of scrubbing an athletic Superfund site. Maybe once RU reaches black ink, we’ll see some real data.
#13 Maryland $46.6 million
Along with Rutgers, the other newest member of the league has dealt with one dysfunction after another within its football program. This was the year of Jordan McNair’s death and the subsequent chaos exacerbated by the school’s shameless board of trustees and its insane handling of it, finally ending with D.J. Durkin’s firing on Halloween. The football season, in which interim coach Matt Canada did an admirable job and should have been kept, was anything but dull with a home upset of Texas and very nearly another over Ohio State (52-51 loss). UMD football’s revenue jumped almost 35% and cleared $18.1M in profit. I doubt you’ll see those sorts of figures next year on 2019.
#12 Indiana $52.6 million
Even with a 2-7 Big Ten record, Hoosier football raised revenue incrementally, and cleared $28.3M after expenses. That was more than IU basketball’s gross ($27.1M). The football gross was virtually flat from the previous year in Tom Allen’s 2nd season, a 5-7 (2-7) campaign that preceded 2019’s breakthrough to a decent bowl.
#11 Purdue $54.8 million
This is an amazing example of what one good hire can do. This represents Jeff Brohm’s 2nd season in West Lafayette after the disastrous Darrell Hazell regime. It that included not only the seismic 49-20 rout of Ohio State (OSU’s only loss of the season) but a home schedule with 2 P5 visitors (Missouri, Boston College) and West division heavyweights Wisconsin, Iowa and Northwestern – all of which were terrific games. The gross revenue and profits ($27.5M) both skyrocketed from previous years when the Boilermakers sat at the league’s very bottom in each ($25.8M revenue, $1.4M deficit after expenses in 2017-18).
#10 Illinois $58.2 million
This represents the 3rd year of Lovie Smith’s tenure. Scant improvement was in evidence on the field but at least attendance was up incrementally (into the 30Ks) over the disastrous 4-year reign of Tim Beckman (2012-14) and diligent interim Bill Cubit (2015). Illini football registered a $33.8M profit, not bad considering Smith’s 4-23 conference record to that point.
#9 Minnesota $63.0 million
The Gophers nudged up gross revenue by $1.4M, but the $30.6M in profit in P.J. Fleck’s 2nd season was down a notch, possibly because the team on the field (3-6 in B1G) didn’t look a hell of a lot different from the prior mediocre edition. We’ll expect to see a healthy jump next year at this time, reflecting Minnesota’s breakthrough 2019 season in which it beat Penn State, started 9-0, contended for the West title and whipped Auburn in the bowl.
#8 Northwestern $63.2 million
It was a very big year for Pat Fitzgerald’s first B1G division champion, winning the West by 3 games, the only team in the league to go unbeaten in true-road games. It was reflected in gross revenue – a 27% leap over the previous fiscal year. Profits catapulted by $12.4M from 2017 to $31.1M.
#7 Michigan State $75.5 million
Here’s a window into how much more college football commonly earns than basketball, even when the hoop team is of elite heritage. Mark Dantonio’s mediocre 7-6 outfit that finished a drab 13th in scoring in the league, cleared $41.6M after expenses while Tom Izzo’s basketball program that won the B1G and made the Final Four managed a mere $9.4M profit.
#6 Iowa $81.0 million
Kirk Ferentz’s program remained flush and healthy, gaining $5M in gross revenue and $1.3M in profit, up to $44.2M. The Hawkeyes did this with only 4 B1G home dates, 2 of them in November, but at least a more prolific offense than usual. Iowa remained in the national top 20 in gross revenue.
#5 Wisconsin $89.9 million
UW football represents the most efficient operation in the Big Ten with almost $90M in gross revenue gathered with just 31.7M in expenses – a .647 profit margin. Paul Chryst’s operation did it with only 4 conference home games and no Power Five non-con opponents. Didn’t matter to Bucky fans who showed up at 96% capacity to Camp Randall Stadium in 2018.
#4 Nebraska $94.3 million
In Scott Frost’s inaugural season after being hired away from Central Florida, Nebraska was the 2nd-most efficient operation in the league, reaping $59.8M in profit with one of the lowest expense totals among the heavy-hitters ($34.5M). As you’ll recall, that 2018 season was a frustrating one with the opener canceled by thunderstorms and a subsequent 0-6 start. But Big Red fans remained loyal, not to mention excited in the favorite son returning home.
#3 Penn State $100.1 million
This was the 9-4 season that ended with the loss to Kentucky in the Citrus Bowl. PSU football’s gross revenue was virtually identical to 2017. Profit was slightly off – $51.6M from $54.5M in 2017. Men’s basketball made almost exactly $4M profit on gross revenue of $11.3M – a tiny tick upward from 2017-18 in both cases. Women’s basketball ran up expenses of $6.2M and returned only $1.1M in revenue to net a $5.1M shortfall. Both expenses and deficit were by far largest among women’s hoop programs in the Big Ten.
#2 Ohio State $115.1 million
This was the Buckeye football season of wife-assaulting assistant Zach Smith’s firing and Urban Meyer’s suspension after lying about knowing Smith’s record, then the head coach’s eventual resignation. Ryan Day took over and the Buckeyes won every game except for that 49-20 rout at Purdue which ended up nixing their chance at the CFP. After expenses of $60.1M, the program cleared $55M in profit – a 14% decline from the $64.3M of 2017-18.
#1 Michigan $122.3 million
After year upon year of mushrooming revenue gains, U-of-M finally plateaued, actually dropping $2.6M in gross from 2017-18. Profit after expenses also slid from $81.4M in the prior fiscal to $74.9M – an 8% drop. Michigan still is the most obscenely profitable in the league and comfortably remains the cash cow of the 2nd-most affluent league in the nation, second only to the SEC.
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