Conference Members 2026-27 2025-26
Illinois Big Ten Big Ten
Indiana Big Ten Big Ten
Iowa Big Ten Big Ten
Maryland Big Ten Big Ten
Michigan Big Ten Big Ten
Michigan State Big Ten Big Ten
Minnesota Big Ten Big Ten
Nebraska Big Ten Big Ten
Northwestern Big Ten Big Ten
Ohio State Big Ten Big Ten
Oregon Big Ten Big Ten
Penn State Big Ten Big Ten
Purdue Big Ten Big Ten
Rutgers Big Ten Big Ten
Southern Cal Big Ten Big Ten
UCLA Big Ten Big Ten
Washington Big Ten Big Ten
Wisconsin Big Ten Big Ten
Total Members 18 18
2025 Financial Results: Big Ten Schools
Big Ten schools averaged over $ 48 million in net operating losses last year. These losses were funded by booster contributions averaging $ 36 million per school, combined school support and student fees averaging $ 9 million per school and endowment/investment income averaging $ 3 million per school:
2025 Operating Losses ($) Big Ten Public Schools * | Operating Revenue | Operating Expenses | Operating Loss 2025 | Contributions | Student Fees & School Support | Endowment & Investment | Surplus (Deficit) |
|---|---|---|---|---|---|---|---|
| Illinois | 129,511,596 | 189,859,538 | -60,347,942 | 50,720,205 | 11,490,052 | 3,039,325 | 4,901,640 |
| Indiana | 129,055,001 | 173,020,646 | -43,965,645 | 26,431,033 | 27,946,488 | - | 10,411,876 |
| Iowa | 137,331,725 | 173,379,699 | -36,047,974 | 35,071,275 | 2,848,923 | 4,726,168 | 6,598,392 |
| Maryland | 92,608,681 | 128,662,116 | -36,053,435 | 11,311,080 | 18,659,414 | 1,418,743 | -4,664,198 |
| Michigan | 214,138,899 | 261,556,268 | -47,417,369 | 50,362,101 | 196,545 | 11,146,570 | 14,287,847 |
| Michigan State | 131,075,123 | 178,288,091 | -47,212,968 | 36,980,159 | 7,693,718 | 4,142,651 | 1,603,560 |
| Minnesota | 127,741,577 | 161,202,217 | -33,460,640 | 22,376,553 | 11,657,831 | 1,829,185 | 2,402,929 |
| Nebraska | 165,504,684 | 207,743,888 | -42,239,204 | 48,407,981 | - | 1,176,342 | 7,345,119 |
| Ohio State | 259,634,646 | 320,394,965 | -60,760,319 | 68,955,032 | - | 7,488,209 | 15,682,922 |
| Oregon | 151,180,370 | 182,702,378 | -31,522,008 | 33,164,614 | 589,167 | 486,753 | 2,718,526 |
| Penn State ** | 186,599,369 | 236,275,528 | -49,676,159 | 64,557,754 | - | 3,710,475 | 18,592,070 |
| Purdue | 119,659,133 | 149,650,825 | -29,991,692 | 27,693,151 | - | 3,184,036 | 885,495 |
| Rutgers | 105,321,274 | 193,831,838 | -88,510,564 | 8,122,577 | 30,870,544 | 2,323,671 | -47,193,772 |
| UCLA | 114,487,557 | 173,429,394 | -58,941,837 | 13,478,195 | 21,060,000 | 2,771,489 | -21,632,153 |
| Washington | 110,425,099 | 184,354,672 | -73,929,573 | 52,876,796 | 10,781,975 | 4,389,247 | -5,881,555 |
| Wisconsin | 162,395,226 | 193,630,009 | -31,234,783 | 26,219,033 | 3,176,379 | 6,136,608 | 4,297,237 |
| Average per School ($) | 146,041,873 | 194,248,880 | -48,207,007 | 36,045,471 | 9,185,690 | 3,623,092 | 647,246 |
And these losses are before Revenue Sharing adds another $ 25 million or more in additional costs this year. Consequently, schools such as Rutgers and Washington (which receives only a half-share of the current media contract) could be looking at eye popping net operating losses of around $ 100 million this year. Additionally, operating costs do not include NIL compensation paid to athletes by third-parties, some of which is funded by boosters and sponsors. So the true operating losses are likely even larger than reported.
The bottom line is a school has to come up with money from somewhere to pay for all this red ink. Historically, deficits have been funded by a combination of athletic department contributions, student fees and direct school support. However, these traditional sources of support are unlikely to keep pace with skyrocketing athletics operating costs. Despite the hard sell by many athletic departments, there are indications that booster fatigue is increasing. And it’s not a good look for schools to ratchet up student fees paid by middle-income families in order to pay teen-age football and basketball players millions of dollars. This is the reason why many schools and conferences are looking at alternate sources of funding, including private equity arrangements and a so-caller super league. It’s why the current NIL era is most likely not sustainable in its present structure.
* Data available for Big Ten public schools only, results for Northwestern & Southern Cal are not included.
** Operating expenses for Penn State do not include revenue sharing payments reported on 2025 NCAA filing.
2025 Operating Revenues: Big Ten Schools
Operating Revenues ($) Big Ten Schools 2025 * | Total Revenue | Ticket Sales | Media Rights | Post Season Distributions | NCAA Payments | Bowl Game Revenues | Licenses & Sponsorships | Game Day & Concessions | Game Guarantees | Other Revenue |
|---|---|---|---|---|---|---|---|---|---|---|
| Illinois | 129,511,596 | 29,973,328 | 66,801,333 | 12,756,572 | 3,585,360 | 588,415 | 8,725,169 | 3,141,447 | 421,944 | 3,518,028 |
| Indiana | 129,055,001 | 29,573,521 | 62,890,811 | 10,666,688 | 4,068,864 | 3,000,000 | 11,283,870 | 5,093,288 | 98,000 | 2,379,959 |
| Iowa | 137,331,725 | 33,104,198 | 64,500,009 | 10,665,018 | 4,179,459 | 1,765,759 | 13,142,787 | 4,476,365 | 862,963 | 4,635,167 |
| Maryland ** | 92,608,681 | 12,806,716 | 48,326,058 | 10,665,018 | 3,917,822 | - | 7,906,346 | 1,968,554 | - | 7,018,167 |
| Michigan | 214,138,899 | 75,862,287 | 62,790,811 | 10,665,018 | 5,047,954 | 2,118,900 | 35,556,501 | 10,663,667 | 572,005 | 10,861,756 |
| Michigan State | 131,075,123 | 30,640,116 | 63,000,009 | 10,665,018 | 4,668,907 | - | 14,240,446 | 2,127,756 | 1,178,377 | 4,554,494 |
| Minnesota | 127,741,577 | 19,598,839 | 63,000,043 | 11,588,717 | 3,880,887 | 2,091,030 | 13,006,804 | 6,892,048 | 109,000 | 7,574,209 |
| Nebraska | 165,504,684 | 40,677,611 | 75,871,641 | 10,665,018 | 4,327,693 | 2,486,548 | 17,941,341 | 9,598,199 | 43,828 | 3,892,805 |
| Ohio State | 259,634,646 | 81,650,892 | 64,917,009 | 10,665,018 | 4,804,969 | 17,452,406 | 42,770,263 | 12,385,572 | 556,466 | 24,432,051 |
| Oregon ** | 151,180,370 | 34,920,016 | 49,117,548 | 12,704,289 | 3,468,669 | 3,920,830 | 26,607,027 | 12,868,680 | 516,000 | 7,057,311 |
| Penn State | 186,599,369 | 50,362,976 | 64,500,009 | 14,818,587 | 4,915,069 | 5,349,583 | 25,114,673 | 10,221,823 | - | 11,316,649 |
| Purdue | 119,659,133 | 23,576,258 | 62,890,811 | 10,665,018 | 4,160,077 | - | 9,176,973 | 4,624,125 | 200,000 | 4,365,871 |
| Rutgers | 105,321,274 | 15,846,777 | 61,258,372 | 10,665,018 | 4,060,773 | 2,483,080 | 2,679,994 | 3,256,182 | 226,845 | 4,844,233 |
| UCLA | 114,487,557 | 18,313,824 | 61,258,372 | 10,665,018 | 5,339,900 | - | 10,589,277 | 1,305,901 | 1,688,568 | 5,326,697 |
| Washington ** | 110,425,099 | 31,138,233 | 30,000,000 | 12,254,289 | 3,663,271 | 1,944,090 | 21,732,337 | 3,977,750 | 1,874,713 | 3,840,416 |
| Wisconsin | 162,395,226 | 38,384,715 | 62,890,811 | 10,665,018 | 4,365,118 | - | 24,757,630 | 7,359,777 | 205,000 | 13,767,157 |
| Average per School ($) | 146,041,873 | 35,401,894 | 60,250,853 | 11,339,958 | 4,278,425 | 2,700,040 | 17,826,965 | 6,247,571 | 534,607 | 7,461,561 |
* Data available for Big Ten public schools only, results for Northwestern & Southern Cal are not included.
** Maryland, Oregon & Washington currently do not receive a full share of the Big Ten Media Contract
2025 Operating Expenses: Big Ten Schools
Operating Expenses ($) Big Ten Schools 2025 * | Total Expenses | Coaching Salaries | Admin Salaries | Athletic Scholarships | Game Guarantees | Severance Payments | Recruiting | Team Travel | Uniforms & Equipment | Game Day Expenses | Marketing & Fundraising | Athletic facility debt service, rents & leases | Athletic facility operating costs | Athlete Medical | Athlete Meals | Post-season Expenses | Alston & other Educ benefits | Overhead & Administration | Other Oper Expenses |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Illinois | 189,859,538 | 35,517,131 | 31,963,461 | 13,337,620 | 2,767,250 | 546,909 | 3,563,849 | 8,863,220 | 2,585,157 | 4,488,756 | 21,888,016 | 17,770,740 | 7,954,285 | 2,258,590 | 4,459,569 | 5,809,330 | 2,567,061 | 15,533,515 | 7,985,079 |
| Indiana | 173,020,646 | 35,989,378 | 21,574,653 | 18,375,869 | 4,504,134 | 8,520,811 | 2,598,898 | 11,760,441 | 5,420,808 | 9,336,603 | 1,403,112 | 12,352,199 | 4,824,632 | 766,083 | 3,675,564 | 3,832,648 | 1,725,191 | 21,698,371 | 4,661,251 |
| Iowa | 173,379,699 | 36,967,412 | 25,842,710 | 14,867,866 | 3,207,449 | 492,563 | 2,304,738 | 10,067,427 | 3,535,892 | 6,594,812 | 5,316,435 | 22,499,593 | 7,838,209 | 2,266,973 | 5,193,750 | 5,124,731 | 2,815,335 | 7,375,820 | 11,067,984 |
| Maryland | 128,662,116 | 30,951,059 | 26,422,341 | 19,021,511 | 1,834,013 | 661,024 | 2,722,746 | 10,372,043 | 4,728,958 | 5,124,679 | 1,295,094 | 183,522 | 5,965,803 | 2,508,220 | 3,885,597 | 1,787,271 | 1,787,332 | 3,405,423 | 6,005,480 |
| Michigan | 261,556,268 | 39,552,637 | 47,636,208 | 31,832,324 | 5,343,227 | 586,081 | 6,105,020 | 13,741,922 | 6,384,157 | 7,279,518 | 1,015,661 | 17,467,360 | 35,326,446 | 1,968,898 | 7,115,908 | 6,667,176 | 3,871,169 | 11,872,403 | 17,790,153 |
| Michigan State | 178,288,091 | 36,683,526 | 31,338,032 | 19,670,805 | 3,434,938 | 1,421,891 | 2,908,033 | 11,971,848 | 5,563,045 | 8,050,068 | 3,303,471 | 16,356,742 | 3,330,459 | 1,914,304 | 3,983,538 | 2,622,237 | 2,574,235 | 12,562,445 | 10,598,474 |
| Minnesota | 161,202,217 | 33,705,036 | 28,250,650 | 16,825,663 | 3,255,046 | 911,372 | 3,287,687 | 8,597,875 | 3,486,264 | 5,742,602 | 3,476,207 | 7,939,461 | 12,234,371 | 2,018,036 | 4,519,917 | 3,854,104 | 2,196,250 | 15,194,107 | 5,707,569 |
| Nebraska | 207,743,888 | 34,960,374 | 35,930,464 | 12,695,377 | 3,602,682 | 2,952,083 | 3,172,140 | 11,526,960 | 6,803,461 | 7,032,550 | 2,402,307 | 1,339,752 | 9,912,834 | 1,284,496 | 11,649,457 | 6,254,828 | 3,136,510 | 40,238,244 | 12,849,369 |
| Ohio State | 320,394,965 | 54,207,127 | 51,849,996 | 24,930,964 | 4,615,680 | 11,732 | 4,110,006 | 14,565,602 | 5,945,294 | 10,883,177 | 28,369,123 | 29,710,677 | 14,176,024 | 4,438,795 | 6,807,488 | 21,126,426 | 5,066,460 | 26,210,919 | 13,369,475 |
| Oregon | 182,702,378 | 41,714,009 | 31,649,728 | 16,332,827 | 2,905,313 | 53,333 | 3,482,608 | 10,908,552 | 4,458,353 | 7,030,018 | 1,063,989 | 18,303,978 | 6,335,766 | 2,611,921 | 3,280,256 | 7,815,165 | 2,848,473 | 14,097,979 | 7,810,110 |
| Penn State ** | 236,275,528 | 43,458,097 | 41,149,516 | 24,365,001 | 3,950,500 | 1,746,632 | 4,565,666 | 10,135,193 | 961,004 | 16,387,967 | 1,408,929 | 24,204,901 | 9,641,756 | 2,572,690 | 2,472,665 | 16,762,478 | 4,911,440 | 6,727,527 | 20,853,566 |
| Purdue | 149,650,825 | 27,522,548 | 27,196,199 | 12,926,780 | 1,818,855 | 2,253,799 | 2,924,097 | 8,085,561 | 4,368,713 | 5,141,692 | 3,067,002 | 14,510,428 | 10,470,731 | 2,120,600 | 5,197,575 | 1,514,146 | 2,089,410 | 3,680,000 | 14,762,689 |
| Rutgers | 193,831,838 | 47,079,309 | 31,427,918 | 23,150,831 | 2,070,019 | 110,566 | 3,544,574 | 13,482,718 | 5,025,227 | 8,649,579 | 1,637,460 | 14,440,012 | - | 2,500,888 | 8,420,349 | 5,785,943 | 2,721,088 | 18,662,013 | 5,123,344 |
| UCLA | 173,429,394 | 32,584,545 | 31,815,001 | 18,912,401 | 2,238,000 | 4,281,307 | 3,500,797 | 14,519,436 | 4,894,771 | 15,630,785 | 1,337,553 | 438,512 | 9,248,503 | 2,311,707 | 8,531,843 | 3,335,663 | 1,870,425 | 3,296,809 | 14,681,336 |
| Washington | 184,354,672 | 35,493,321 | 35,053,163 | 19,113,740 | 3,386,000 | - | 3,516,170 | 13,123,915 | 10,322,331 | 10,878,505 | 2,037,998 | 9,922,009 | 10,522,914 | 1,883,600 | 9,389,075 | 3,531,841 | 1,982,663 | 4,127,393 | 10,070,034 |
| Wisconsin | 193,630,009 | 33,193,725 | 43,094,721 | 19,449,379 | 3,474,439 | 1,590,446 | 2,366,445 | 11,209,939 | 3,627,287 | 2,444,572 | 4,560,774 | 10,470,659 | 2,435,897 | 3,878,669 | 5,927,900 | 2,752,064 | 8,229,418 | 26,588,253 | 8,335,422 |
| Average per School ($) | 194,248,880 | 37,473,702 | 33,887,173 | 19,113,060 | 3,275,472 | 1,633,784 | 3,417,092 | 11,433,291 | 4,881,920 | 8,168,493 | 5,223,946 | 13,619,409 | 9,388,664 | 2,331,529 | 5,906,903 | 6,161,003 | 3,149,529 | 14,454,451 | 10,729,458 |
* Data available for Big Ten public schools only, results for Northwestern & Southern Cal are not included.
** Operating expenses for Penn State do not include revenue sharing payments reported on 2025 NCAA filing.
Average Operating Loss: 2025 v 2024
Big Ten Conference Schools *
Average Net Operating Loss FYE 2025 ($) FYE 2024 ($)
Operating Revenue 146,041,873 131,829,564
Operating Expenses 194,248,880 187,554,432
Net Operating Loss -48,207,007 -55,724,868
Booster Contributions 36,045,471 37,531,855
School Support & Student Fees 9,185,690 8,454,966
Endowment & Investment 3,623,092 3,754,586
Surplus (Deficit) 647,246 -5,983,461
Average Operating Revenue: 2025 v 2024
Big Ten Conference Schools *
Average Operating RevenueFYE 2025 ($) FYE 2024 ($)
Ticket Sales 35,401,894 32,300,554
Media Rights 60,917,417 53,720,101
Conference Distr - post 10,673,394 7,869,398
NCAA & other 4,278,425 4,822,750
Football Bowl Revenues 2,700,040 1,830,914
Licenses & Sponsorships 17,826,965 16,396,060
Games Day & Concessions 6,247,571 5,877,649
Game Guarantees 534,607 677,846
Other Operating Revenues 7,461,561 8,334,292
Average Per School ($) 146,041,873 131,829,564
Average Operating Expenses: 2025 v 2024
Big Ten Conference Schools *
Average Operating ExpensesFYE 2025 ($) FYE 2024 ($)
Coaching Salaries 37,473,702 35,732,229
Administrative Salaries 33,887,173 32,692,666
Athletic Scholarships 19,113,060 19,771,621
Game Guarantees 3,275,472 4,689,821
Severance Payments 1,633,784 4,092,079
Recruiting 3,417,092 3,432,306
Team Travel 11,433,291 11,888,246
Uniforms, Equip & Supplies 4,881,920 4,783,477
Game Day Expenses 8,168,493 6,877,078
Fundraising & Marketing 5,223,946 2,648,426
Facilities debt service & leases 13,619,409 16,276,103
Facility Maint & operations 9,388,664 **
Athlete Medical & Insurance 2,331,529 2,312,955
Student Athlete Meals 5,906,903 5,036,140
Post-Season Expenses 6,161,003 2,824,463
Alston & Other Educ benefits 3,149,529 **
Overhead & Administration 14,454,451 21,739,445
Other Operating Expenses 10,729,458 12,757,377
Revenue Sharing - -
Average per School ($) 194,248,880 187,554,432
Average Operating Expenses – Big Ten schools 2022-25:
Per EADA (aka Title IX) reporting, average 2025 athletic department operating costs were $ 180 million for Big Ten schools, a 33% increase in expenses over a 3-year span:
| Athletic Department Annual Expenses * | FY 2025 ($) | FY 2024 ($) | FY 2023 ($) | FY 2022 ($) | 3-year % Increase |
|---|---|---|---|---|---|
 | |||||
| Ohio State | 295,265,883 | 262,172,467 | 234,409,941 | 209,874,565 | 41% |
| Southern California | 234,029,848 | 242,378,198 | 212,013,703 | 187,650,353 | 25% |
| Penn State | 231,709,762 | 199,046,216 | 191,411,846 | 174,110,034 | 33% |
| Michigan | 222,088,909 | 220,814,081 | 202,501,688 | 176,070,866 | 26% |
| Nebraska | 198,462,402 | 175,438,100 | 160,904,566 | 124,061,227 | 60% |
| Wisconsin | 180,525,755 | 172,873,023 | 173,758,101 | 132,104,285 | 37% |
| UCLA | 173,429,394 | 170,897,220 | 141,964,728 | 131,106,913 | 32% |
| Washington | 174,834,634 | 187,686,516 | 140,259,588 | 136,494,743 | 28% |
| Illinois | 174,612,181 | 149,390,875 | 134,767,269 | 113,652,548 | 54% |
| Rutgers | 171,679,918 | 155,852,426 | 130,221,793 | 130,891,215 | 31% |
| Oregon | 164,742,082 | 148,961,287 | 128,532,281 | 121,162,341 | 36% |
| Michigan State | 160,697,176 | 164,109,191 | 149,254,610 | 128,196,083 | 25% |
| Indiana | 159,331,697 | 164,249,955 | 126,886,128 | 113,738,066 | 40% |
| Iowa | 150,892,055 | 150,493,777 | 140,482,011 | 126,680,448 | 19% |
| Minnesota | 146,804,169 | 138,599,675 | 128,573,351 | 113,686,733 | 29% |
| Purdue | 135,140,397 | 116,766,603 | 105,239,251 | 89,722,572 | 51% |
| Northwestern | 131,779,238 | 124,080,838 | 117,587,514 | 105,383,998 | 25% |
| Maryland | 128,662,116 | 132,764,504 | 121,160,348 | 114,385,462 | 12% |
| Average per School ($) | 179,704,868 | 170,920,831 | 152,218,262 | 134,942,914 | 33% |
* Expenses per Equity in Athletics Act (EADA) annual reporting. EADA differs from NCAA reporting for a few reasons. First, conference averages will differ as EADA reporting includes all schools (public and private) while NCAA reporting is typically available only for public schools. Expense reporting also differs in some areas, with the primary difference being that EADA reporting does not require disclosure of payments made for athletic facilities debt service and leases. Consequently, EADA reporting typically results in lower annual expenses than NCAA reporting at most schools. See our methodology page for more detail and disclosures.
Estimated NCAA Revenue Sharing 2025-26: Big Ten Schools
Football and Men’s basketball account for close to 90% of team specific revenues at most Power Conference schools, and athletes in these two sports will be the major beneficiaries of revenue sharing:
| Estimated Revenue Sharing Big Ten Schools 2025-26 | Revenue Share % | Team / Sport Allocation ($) | Eligible Athletes | Average per Athlete ($) |
|
|---|---|---|---|---|---|
| Football | 75.1% | 15,399,304 | 105 | 146,660 | |
| Men's Basketball | 15.0% | 3,062,084 | 15 | 204,139 | |
| All Other Sports | 9.9% | 2,038,612 | 563 | 3,621 | |
| Big Ten Averages | 100.0% | $ 20,500,000 | 683 | $ 30,015 |
These are averages per athlete, a few players per team will receive substantially higher than the average, while many will get much less. For athletes who see little if any playing time, their revenue share will also likely be minimal. Estimates are based on team specific revenues as reported to the NCAA.
Listing of Big Ten NIL Collectives by School:
Questions on our data? Contact us at: NIL-NCAA.com
Statistics compiled & edited by Patrick O’Rourke, CPA Washington, DC 