NCAA Revenue Sharing & NIL Collectives – Big 12 Schools – NCAA Revenue Sharing & NIL Estimates 2025

Conference Members	2026-27	2025-26

Arizona	Big 12	Big 12
Arizona State	Big 12	Big 12
Baylor	Big 12	Big 12
Brigham Young	Big 12	Big 12
Central Florida	Big 12	Big 12
Cincinnati	Big 12	Big 12
Colorado	Big 12	Big 12
Houston	Big 12	Big 12
Iowa State	Big 12	Big 12
Kansas	Big 12	Big 12
Kansas State	Big 12	Big 12
Oklahoma State	Big 12	Big 12
Texas Christian	Big 12	Big 12
Texas Tech	Big 12	Big 12
Utah	Big 12	Big 12
West Virginia	Big 12	Big 12

Total Members	16	16

2025 Financial results: Big 12 Schools

Per NCAA reporting, Big 12 athletic departments averaged a net operating loss of over $ 57 million per school in 2025. These losses were funded by booster contributions averaging $ 35 million per school and combined school support and student fees averaging $ 23 million per school:

2025 Results ($) Big 12 Schools *	Operating Revenue	Operating Expenses	Operating Loss 2025	Contributions	Student Fees & School Support	Endowment & Investment	Surplus (Deficit)

Arizona	73,414,848	142,907,872	-69,493,024	33,978,017	34,555,303	1,343,220	383,516
Arizona State	87,468,583	164,713,777	-77,245,194	22,780,899	55,826,456	61,711	1,423,872
Central Florida	47,414,302	103,615,446	-56,201,144	27,906,716	31,233,792	2,330,279	5,269,643
Cincinnati	47,787,736	119,327,107	-71,539,371	17,663,080	51,740,793	1,324,559	-810,939
Colorado	97,597,381	161,512,069	-63,914,688	19,163,999	43,489,237	1,421,641	160,189
Houston	35,575,579	98,864,678	-63,289,099	15,624,294	41,171,569	387,654	-6,105,582
Iowa State	85,986,489	117,984,063	-31,997,574	29,359,925	1,819,397	824,297	6,045
Kansas	93,932,161	148,361,190	-54,429,029	43,525,195	1,892,752	4,505,988	-4,505,094
Kansas State	74,282,849	103,671,290	-29,388,441	40,326,537	-	1,680,163	12,618,259
Oklahoma State **	72,614,303	140,059,221	-67,444,918	78,077,576	87,500	-	10,720,158
Texas Tech	85,187,715	144,420,153	-59,232,438	42,870,259	14,792,073	2,452,483	882,377
Utah	77,369,689	135,560,135	-58,190,446	49,862,630	12,627,313	393,232	4,692,729
West Virginia	86,625,236	130,706,709	-44,081,473	31,342,719	8,148,358	2,000,000	-2,590,396

Average per School ($)	74,250,529	131,669,516	-57,418,987	34,806,296	22,875,734	1,440,402	1,703,445

And these losses are before Revenue Sharing adds another $ 25 million or more in additional costs this year at most Power conference schools. Consequently, some Big 12 athletic departments could be looking at eye-popping net operating losses of over $ 90 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 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 12 public schools only, results for Baylor, BYU & TCU are not included.
** Operating expenses for Oklahoma State do not include revenue sharing payments reported on 2025 NCAA filing.

2025 Operating Revenue: Big 12 Schools

Operating Revenues ($) Big 12 Schools 2024-25 *	Total Revenue	Ticket Sales	Media Rights	Post Season Distributions	NCAA & other Payments	Bowl Game Revenues	Licenses & Sponsorships	Game Day & Concessions	Game Guarantees	Other Revenue

Arizona	73,414,848	23,137,352	23,297,527	6,515,126	8,024,840	-	5,639,702	3,514,496	425,000	2,860,805
Arizona State	87,468,583	17,281,766	23,348,167	11,058,169	6,598,146	3,432,914	20,425,234	3,780,542	394,500	1,149,145
Central Florida	47,414,302	8,371,974	12,239,965	-	8,626,018	-	13,883,426	1,560,021	891,200	1,841,698
Cincinnati	47,787,736	12,789,585	-	-	20,634,363	-	6,831,880	2,362,726	544,500	4,624,682
Colorado	97,597,381	27,581,300	19,586,994	1,904,268	3,023,398	14,388,127	12,354,633	4,322,961	350,000	14,085,700
Houston	35,575,579	7,634,760	9,446,387	5,024,367	4,007,258	-	6,447,110	1,250,161	406,000	1,359,536
Iowa State	85,986,489	23,693,203	24,827,937	14,818,609	5,598,143	2,093,840	2,281,324	3,184,796	129,475	9,359,162
Kansas	93,932,161	26,751,470	28,415,297	14,295,812	5,343,296	-	12,147,484	31,299	1,371,332	5,576,171
Kansas State	74,282,849	20,253,371	23,297,527	2,339,210	13,444,582	285,565	9,914,071	2,407,070	318,500	2,022,953
Oklahoma State	72,614,303	11,779,505	33,432,702	10,770,342	3,312,092	-	7,169,416	1,478,933	553,896	4,117,417
Texas Tech	85,187,715	19,519,593	22,427,183	10,895,906	4,582,680	1,904,057	20,209,486	2,759,725	594,992	2,294,093
Utah	77,369,689	14,035,708	23,297,746	12,391,544	8,025,105	-	15,717,133	1,911,669	177,480	1,813,304
West Virginia	86,625,236	23,573,673	23,297,527	12,391,544	3,311,974	1,412,176	9,550,743	4,470,407	230,300	8,386,892

Average per School ($)	74,250,529	18,184,866	20,531,920	7,877,300	7,271,684	1,808,975	10,967,049	2,541,139	491,321	4,576,274

* Data available for Big 12 public schools only, results for Baylor, BYU & TCU are not included.

2025 Operating Expenses: Big 12 Schools

Operating Expenses ($) Big 12 Schools 2024-25 *	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

Arizona	142,907,872	29,155,624	23,642,858	16,564,008	1,911,076	-	3,399,514	8,446,508	6,445,961	4,222,324	7,575,360	10,628,080	1,246,721	1,915,077	6,991,565	2,560,607	1,596,660	8,663,928	7,942,001
Arizona State	164,713,777	33,105,946	26,966,350	20,012,528	2,558,819	3,875,472	2,905,241	9,550,429	3,852,745	7,636,946	8,118,652	9,583,553	4,596,743	5,404,772	3,306,067	5,370,312	1,830,520	8,512,316	7,526,366
Central Florida	103,615,446	19,235,338	17,014,917	10,774,516	1,937,044	398,973	2,226,660	6,159,765	3,823,584	5,580,628	3,268,716	9,282,151	3,599,602	1,126,390	2,972,071	187,719	1,964,430	5,514,773	8,548,169
Cincinnati	119,327,107	18,689,891	17,612,714	11,157,398	1,427,500	756,020	1,999,977	5,894,111	4,067,815	5,669,168	2,153,963	15,916,724	2,687,690	1,028,212	2,166,775	351,130	2,188,061	3,355,314	22,204,644
Colorado	161,512,069	22,818,511	27,620,237	13,773,434	1,584,239	2,411,156	1,872,537	6,123,572	3,312,179	5,851,316	6,778,756	14,649,402	4,318,834	1,873,502	2,864,618	3,074,088	1,429,143	27,351,341	13,805,204
Houston	98,864,678	20,682,584	16,403,276	9,660,666	1,405,608	5,257,160	1,500,406	4,170,360	2,291,340	2,218,667	1,206,166	8,447,017	5,352,734	1,612,709	3,480,954	1,304,366	1,591,260	10,814,839	1,464,566
Iowa State	117,984,063	22,605,979	20,044,189	10,068,149	1,511,505	-	1,457,184	7,107,281	3,309,325	3,927,362	2,703,627	12,090,096	9,226,304	1,504,019	4,709,166	4,706,263	422,061	1,650,227	10,941,326
Kansas	148,361,190	32,625,141	33,266,165	12,922,225	2,216,968	176,695	2,440,879	10,796,459	6,679,937	8,387,568	5,791,833	5,852,923	4,574,019	1,127,179	4,915,981	1,101,621	2,197,877	6,575,010	6,712,710
Kansas State	103,671,290	22,989,694	21,931,311	8,791,998	1,491,116	82,758	2,233,797	9,156,559	1,811,457	3,412,095	1,531,664	7,860,251	6,894,303	1,433,404	2,170,137	3,154,655	617,844	4,563,684	3,544,563
Oklahoma State **	140,059,221	29,365,415	22,859,290	9,129,477	1,530,121	6,268,862	2,453,087	9,612,102	6,392,352	3,663,735	4,062,068	4,381,844	11,075,448	3,644,360	2,778,189	2,069,518	2,432,664	8,953,116	9,387,573
Texas Tech	144,420,153	27,524,070	26,131,167	7,823,759	1,842,155	1,784,975	2,950,059	9,220,140	7,153,861	7,543,232	3,385,305	16,778,396	13,389,734	1,958,132	2,050,740	5,004,187	1,382,720	-	8,497,521
Utah	135,560,135	27,849,533	23,991,208	16,830,258	1,639,175	1,990,894	2,387,637	8,105,753	7,859,377	5,558,268	2,520,415	11,181,497	2,072,745	1,345,901	1,739,477	1,266,405	1,457,087	3,884,253	13,880,252
West Virginia	130,706,709	21,067,185	23,633,325	12,934,746	1,378,536	3,860,162	2,482,159	9,747,516	4,082,458	6,532,331	3,780,345	11,323,538	5,345,381	586,370	5,688,576	1,655,948	2,090,444	4,918,503	9,599,186

Average per School ($)	131,669,516	25,208,839	23,162,847	12,341,782	1,725,682	2,066,394	2,331,472	8,006,966	4,698,645	5,400,280	4,067,452	10,613,498	5,721,558	1,889,233	3,525,717	2,446,678	1,630,829	7,289,023	9,542,622

Average Operating Loss: 2025 v 2024

Big 12 Conference Schools * Average Net Operating Loss	FYE 2025 ($)	FYE 2024 ($)

Operating Revenue	74,250,529	66,596,824
Operating Expenses	131,669,516	114,812,794
Net Operating Loss	-57,418,987	-48,215,970

Booster Contributions	34,806,296	29,329,486
School Support & Student Fees	22,875,734	15,520,650
Endowment & Investment	1,440,402	1,261,106

Surplus (Deficit)	1,703,445	-2,104,728

Average Operating Revenue: 2025 v 2024

Big 12 Conference Schools * Average Operating Revenue	FYE 2025 ($)	FYE 2024 ($)

Ticket Sales	18,184,866	16,589,643
Media, Conference & NCAA payments	37,489,879	34,177,814
Licenses & Sponsorships	10,967,049	9,135,695
Games Day & Concessions	2,541,139	2,260,960
Game Guarantees	491,321	295,819
Other Operating Revenues	4,576,275	4,136,893

Average Per School ($)	74,250,529	66,596,824

Average Operating Expenses: 2025 v 2024

Big 12 Conference Schools * Average Operating Expenses	FYE 2025 ($)	FYE 2024 ($)

Coaching Salaries	25,208,839	22,298,413
Administrative Salaries	23,162,847	20,740,134
Athletic Scholarships	12,341,782	10,914,217
Game Guarantees	1,725,682	1,732,199
Severance Payments	2,066,394	1,068,103
Recruiting	2,331,472	2,129,559
Team Travel	8,006,966	8,018,261
Uniforms, Equip & Supplies	4,698,645	4,248,488
Game Day Expenses	5,400,280	4,495,828
Fundraising & Marketing	4,067,452	2,808,812
Facilities debt service & leases	10,613,498	9,094,598
Facility Maint & operations	5,721,558	**
Athlete Medical & Insurance	1,889,233	1,148,625
Student Athlete Meals	3,525,717	3,296,375
Post-Season Expenses	2,446,678	1,666,544
Alston & Other Educ benefits	1,630,829	**
Overhead & Administration	7,289,023	13,700,822
Other Operating Expenses	9,542,622	7,451,816
Revenue Sharing Payments	-	-

Average per School ($)	131,669,516	114,812,794

Estimated NCAA Revenue Sharing 2025-26: Big 12 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 12 Schools 2025-26	Revenue Share %	Team / Sport Allocation ($)	Eligible Athletes	Average $ per Athlete

Football	66.2%	13,572,357	105	129,261
Men's Basketball	20.3%	4,170,280	15	278,019
All Other Sports	13.5%	2,757,363	324	8,510

Big-12 Averages	100.0%	$ 20,500,000	444	$ 46,171

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.

Annual Operating Expenses – Big 12 schools 2022-24:

Per 2024 EADA reporting, average annual athletic department operating costs were $ 118 million for Big 12 schools, a 23% increase in expenses over a 2-year span:

Athletic Department Annual Expenses *	FY 2024 ($)	FY 2023 ($)	FY 2022 ($)	2-year % Increase

Kansas	156,040,840	139,748,616	119,029,741	31%
Baylor	148,063,513	137,460,582	111,131,098	33%
Texas Christian	141,889,741	149,297,918	138,998,636	2%
Arizona	138,959,027	136,866,623	116,078,717	20%
Colorado	138,325,220	136,114,468	95,981,956	44%
Oklahoma State	130,346,189	118,229,024	100,439,115	30%
Arizona State	126,892,086	128,265,591	107,133,368	18%
Brigham Young	115,666,650	106,430,702	79,763,543	45%
Texas Tech	114,344,886	113,108,592	98,332,538	16%
Utah	111,749,094	110,060,805	90,906,746	23%
West Virginia	106,013,297	103,142,400	97,067,706	9%
Iowa State	100,471,526	92,987,544	86,715,005	16%
Houston	98,914,486	84,023,065	78,806,406	26%
Central Florida	90,055,820	88,199,644	69,779,276	29%
Cincinnati	89,597,392	77,436,016	60,524,390	48%
Kansas State	87,502,697	96,925,648	84,245,973	4%

Average per school	118,427,029	113,643,577	95,933,388	23%

* Expenses per Equity in Athletics Act (EADA) annual reporting. These results are comparable to NCAA membership reporting with one primary exception – EADA reporting does not include payments made for athletic facilities debt service and leases. EADA reporting is available for both public and private schools. See our methodology page for more detail and disclosures.

Listing of Big 12 NIL Collectives by School:

School	Collective(s)

Arizona	Friends of Wilbur and Wilma	Arizona Assist	Desert Takeover
Arizona State	Sun Angel Collective
Baylor	GXG
Brigham Young	The Royal Blue	Coug Connect
Central Florida	The Kingdom
Cincinnati	Cincy Reigns
Colorado	Buffs4Life	5430 Foundation
Houston	HOU NIL	LinkingCoogs	Hoop & Holler
Iowa State	We Will
Kansas	Mass St. Collective	RCJH	Legends of Kansas
Kansas State	The Wildcats' Den	Wildcat NIL
Oklahoma State	Pokes With A Purpose
Texas Christian	Flying T Club
Texas Tech	Matador Club	Dark Horse Collaborative	The Bubba Club
Utah	Crimson Collective	Who Rocks The House
West Virginia	Country Roads Trust

Questions on our data? Contact us at: NIL-NCAA.com

Statistics compiled & edited by Patrick O’Rourke, CPA Washington, DC