NCAA Revenue Sharing & NIL – Big 12 Schools


Big 12 Conference
Members 2026-27		Year
Joined		Prior
Conference
Arizona2024Pac-12
Arizona State 2024Pac-12
Baylor 1996Charter Member
Brigham Young 2023Independent
Central Florida2023American
Cincinnati2023American
Colorado 2024Pac-12
Houston2023American
Iowa State 1996Charter Member
Kansas1996Charter Member
Kansas State 1996Charter Member
Oklahoma State 1996Charter Member
Texas Christian 2012Mountain West
Texas Tech 1996Charter Member
Utah2024Pac-12
West Virginia 2012Big East
Total Members16


Estimated Football Roster Costs 2026: Big 12 Teams

We estimate that Big 12 football teams will have a median roster cost of around $ 21 million for the 2026-27 season, of which approximately $ 15 million will be paid via revenue sharing and $ 6 million via third-party NIL:

Estimated Football Roster Costs
Big 12 Schools 2026-27 ($)
Total Payments
to Athletes ($)		Paid by School via
Revenue Sharing 		Paid via Third-Party
Commercial NIL *
Texas Tech33,320,00015,600,00017,720,000
Houston24,456,00015,600,0008,856,000
Colorado23,179,00015,600,0007,579,000
Brigham Young23,041,00015,600,0007,441,000
Texas Christian22,683,00015,600,0007,083,000
Oklahoma State22,146,00015,600,0006,546,000
Utah21,947,00015,600,0006,347,000
Kansas State21,690,00015,600,0006,090,000
Arizona State21,524,00015,600,0005,924,000
Baylor20,967,00015,600,0005,367,000
West Virginia20,925,00015,600,0005,325,000
Arizona20,401,00015,600,0004,801,000
Iowa State20,098,00015,600,0004,498,000
Cincinnati20,049,00015,600,0004,449,000
Kansas19,900,00015,600,0004,300,000
Central Florida19,800,00015,600,0004,200,000
Conference Median ($)$ 21,607,000$ 15,600,000$ 6,007,000

* Data on third-party NIL is private, and almost all schools keep this information very close to the vest. However, we believe these estimates are reasonably accurate and conservative. The University of Alabama’s General Manager has stated that some schools with high aspirations are spending over $ 40 million to assemble championship contending teams, and there are (unsupported) estimates from other GMs of a few $ 60 million football rosters.  See our methodology page for how we arrived at these estimates.

While third-party NIL is technically independent of the schools (and not recorded on their books), a significant portion of these payments are funded by school boosters and sponsors, i.e. money that otherwise would likely have gone directly to the schools. Consequently, the currently uncontrolled third-party NIL market almost certainly results in an added strain on college athletic department finances. 

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 ($)
Big 12 Schools *		Operating
Revenue		Operating
Expenses		Operating
Loss 2025
Contributions		Student Fees &
School Support		Endowment &
Investment
Surplus
(Deficit)
Arizona73,414,848142,907,872-69,493,02433,978,01734,555,3031,343,220383,516
Arizona State87,468,583164,713,777-77,245,19422,780,89955,826,45661,7111,423,872
Central Florida47,414,302103,615,446-56,201,14427,906,71631,233,7922,330,2795,269,643
Cincinnati47,787,736119,327,107-71,539,37117,663,08051,740,7931,324,559-810,939
Colorado97,597,381161,512,069-63,914,68819,163,99943,489,2371,421,641160,189
Houston35,575,57998,864,678-63,289,09915,624,29441,171,569387,654-6,105,582
Iowa State85,986,489117,984,063-31,997,57429,359,9251,819,397824,2976,045
Kansas93,932,161148,361,190-54,429,02943,525,1951,892,7524,505,988-4,505,094
Kansas State74,282,849103,671,290-29,388,44140,326,537-1,680,16312,618,259
Oklahoma State **72,614,303140,059,221-67,444,91878,077,57687,500-10,720,158
Texas Tech85,187,715144,420,153-59,232,43842,870,25914,792,0732,452,483882,377
Utah77,369,689135,560,135-58,190,44649,862,63012,627,313393,2324,692,729
West Virginia86,625,236130,706,709-44,081,47331,342,7198,148,3582,000,000-2,590,396
Average per School ($)74,250,529131,669,516-57,418,98734,806,29622,875,7341,440,4021,703,445

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. 

* 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 are sources of income received from exchange transactions.  This is distinct from athletic department support such as booster contributions, student fees and school funding. This distinction is important when evaluating an organization’s ability to meet expenses.


Operating Revenues ($)
Big 12 Schools 2024-25 *		Total
Revenue 		Ticket
Sales		Media
Rights
Post Season
Distributions		NCAA & other
Payments		Bowl Game
Revenues		Licenses &
Sponsorships 		Game Day &
Concessions 		Game
Guarantees 		Other
Revenue
Arizona73,414,84823,137,35223,297,5276,515,1268,024,840-5,639,7023,514,496425,0002,860,805
Arizona State87,468,58317,281,76623,348,16711,058,1696,598,1463,432,91420,425,2343,780,542394,5001,149,145
Central Florida47,414,3028,371,97412,239,965-8,626,018-13,883,4261,560,021891,2001,841,698
Cincinnati47,787,73612,789,585--20,634,363-6,831,8802,362,726544,5004,624,682
Colorado97,597,38127,581,30019,586,9941,904,2683,023,39814,388,12712,354,6334,322,961350,00014,085,700
Houston35,575,5797,634,7609,446,3875,024,3674,007,258-6,447,1101,250,161406,0001,359,536
Iowa State85,986,48923,693,20324,827,93714,818,6095,598,1432,093,8402,281,3243,184,796129,4759,359,162
Kansas93,932,16126,751,47028,415,29714,295,8125,343,296-12,147,48431,2991,371,3325,576,171
Kansas State74,282,84920,253,37123,297,5272,339,21013,444,582285,5659,914,0712,407,070318,5002,022,953
Oklahoma State 72,614,30311,779,50533,432,70210,770,3423,312,092-7,169,4161,478,933553,8964,117,417
Texas Tech85,187,71519,519,59322,427,18310,895,9064,582,6801,904,05720,209,4862,759,725594,9922,294,093
Utah77,369,68914,035,70823,297,74612,391,5448,025,105-15,717,1331,911,669177,4801,813,304
West Virginia86,625,23623,573,67323,297,52712,391,5443,311,9741,412,1769,550,7434,470,407230,3008,386,892
Average per School ($)74,250,52918,184,86620,531,9207,877,3007,271,6841,808,97510,967,0492,541,139491,3214,576,274

* 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		RecruitingTeam
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
Arizona142,907,87229,155,62423,642,85816,564,0081,911,076-3,399,5148,446,5086,445,9614,222,3247,575,36010,628,0801,246,7211,915,0776,991,5652,560,6071,596,6608,663,9287,942,001
Arizona State164,713,77733,105,94626,966,35020,012,5282,558,8193,875,4722,905,2419,550,4293,852,7457,636,9468,118,6529,583,5534,596,7435,404,7723,306,0675,370,3121,830,5208,512,3167,526,366
Central Florida103,615,44619,235,33817,014,91710,774,5161,937,044398,9732,226,6606,159,7653,823,5845,580,6283,268,7169,282,1513,599,6021,126,3902,972,071187,7191,964,4305,514,7738,548,169
Cincinnati119,327,10718,689,89117,612,71411,157,3981,427,500756,0201,999,9775,894,1114,067,8155,669,1682,153,96315,916,7242,687,6901,028,2122,166,775351,1302,188,0613,355,31422,204,644
Colorado161,512,06922,818,51127,620,23713,773,4341,584,2392,411,1561,872,5376,123,5723,312,1795,851,3166,778,75614,649,4024,318,8341,873,5022,864,6183,074,0881,429,14327,351,34113,805,204
Houston98,864,67820,682,58416,403,2769,660,6661,405,6085,257,1601,500,4064,170,3602,291,3402,218,6671,206,1668,447,0175,352,7341,612,7093,480,9541,304,3661,591,26010,814,8391,464,566
Iowa State117,984,06322,605,97920,044,18910,068,1491,511,505-1,457,1847,107,2813,309,3253,927,3622,703,62712,090,0969,226,3041,504,0194,709,1664,706,263422,0611,650,22710,941,326
Kansas148,361,19032,625,14133,266,16512,922,2252,216,968176,6952,440,87910,796,4596,679,9378,387,5685,791,8335,852,9234,574,0191,127,1794,915,9811,101,6212,197,8776,575,0106,712,710
Kansas State103,671,29022,989,69421,931,3118,791,9981,491,11682,7582,233,7979,156,5591,811,4573,412,0951,531,6647,860,2516,894,3031,433,4042,170,1373,154,655617,8444,563,6843,544,563
Oklahoma State **140,059,22129,365,41522,859,2909,129,4771,530,1216,268,8622,453,0879,612,1026,392,3523,663,7354,062,0684,381,84411,075,4483,644,3602,778,1892,069,5182,432,6648,953,1169,387,573
Texas Tech144,420,15327,524,07026,131,1677,823,7591,842,1551,784,9752,950,0599,220,1407,153,8617,543,2323,385,30516,778,39613,389,7341,958,1322,050,7405,004,1871,382,720-8,497,521
Utah135,560,13527,849,53323,991,20816,830,2581,639,1751,990,8942,387,6378,105,7537,859,3775,558,2682,520,41511,181,4972,072,7451,345,9011,739,4771,266,4051,457,0873,884,25313,880,252
West Virginia130,706,70921,067,18523,633,32512,934,7461,378,5363,860,1622,482,1599,747,5164,082,4586,532,3313,780,34511,323,5385,345,381586,3705,688,5761,655,9482,090,4444,918,5039,599,186
Average per School ($)131,669,51625,208,83923,162,84712,341,7821,725,6822,066,3942,331,4728,006,9664,698,6455,400,2804,067,45210,613,4985,721,5581,889,2333,525,7172,446,6781,630,8297,289,0239,542,622

* 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.

Average Operating Loss: 2025 v 2024

Big 12 Conference Schools *
Average Net Operating Loss 		FYE 2025 ($)FYE 2024 ($)
Operating Revenue74,250,52966,596,824
Operating Expenses131,669,516114,812,794
Net Operating Loss-57,418,987-48,215,970
Booster Contributions34,806,29629,329,486
School Support & Student Fees22,875,73415,520,650
Endowment & Investment1,440,4021,261,106
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 Sales18,184,86616,589,643
Media, Conference & NCAA payments37,489,87934,177,814
Licenses & Sponsorships10,967,0499,135,695
Games Day & Concessions2,541,1392,260,960
Game Guarantees491,321295,819
Other Operating Revenues4,576,2754,136,893
Average Per School ($)74,250,52966,596,824

Average Operating Expenses: 2025 v 2024

Big 12 Conference Schools *
Average Operating Expenses		FYE 2025 ($)FYE 2024 ($)
Coaching Salaries25,208,83922,298,413
Administrative Salaries23,162,84720,740,134
Athletic Scholarships12,341,78210,914,217
Game Guarantees1,725,6821,732,199
Severance Payments2,066,3941,068,103
Recruiting2,331,4722,129,559
Team Travel8,006,9668,018,261
Uniforms, Equip & Supplies4,698,6454,248,488
Game Day Expenses5,400,2804,495,828
Fundraising & Marketing4,067,4522,808,812
Facilities debt service & leases10,613,4989,094,598
Facility Maint & operations5,721,558**
Athlete Medical & Insurance1,889,2331,148,625
Student Athlete Meals3,525,7173,296,375
Post-Season Expenses2,446,6781,666,544
Alston & Other Educ benefits1,630,829**
Overhead & Administration7,289,02313,700,822
Other Operating Expenses9,542,6227,451,816
Revenue Sharing Payments--
Average per School ($)131,669,516114,812,794

EADA Annual Operating Expenses – Big 12 schools 2022-25:

Per EADA (aka Title IX) reporting, average 2025 athletic department operating costs were $ 130 million for Big 12 schools, a 36% increase in expenses over a 3-year span:

Athletic Department
Annual Expenses *		FY 2025 ($)FY 2024 ($)FY 2023 ($)FY 2022 ($)3-year %
Increase
Colorado 161,512,069138,325,220 136,114,468 95,981,956 68%
Kansas159,866,627156,040,840 139,748,616 119,029,741 34%
Texas Christian 155,989,500141,889,741 149,297,918 138,998,636 12%
Oklahoma State 153,679,234130,346,189 118,229,024 100,439,115 53%
Arizona State 149,346,605126,892,086 128,265,591 107,133,368 39%
Baylor 144,126,427148,063,513 137,460,582 111,131,098 30%
Brigham Young 136,864,784115,666,650 106,430,702 79,763,543 72%
Arizona132,661,899138,959,027 136,866,623 116,078,717 14%
Texas Tech 127,895,343114,344,886 113,108,592 98,332,538 30%
Cincinnati119,327,10389,597,392 77,436,016 60,524,390 97%
Utah118,667,209111,749,094 110,060,805 90,906,746 31%
West Virginia 117,413,366106,013,297 103,142,400 97,067,706 21%
Iowa State 103,893,160100,471,526 92,987,544 86,715,005 20%
Central Florida103,615,44690,055,820 88,199,644 69,779,276 48%
Kansas State 100,807,49987,502,697 96,925,648 84,245,973 20%
Houston100,162,96598,914,486 84,023,065 78,806,406 27%
Average per school ($)130,364,327 118,427,029 113,643,577 95,933,388 36%

* 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. 

We didn’t just make this stuff up … see our page on methodology and sources of information.  Questions on our data? Contact us at: NIL-NCAA.com  Statistics compiled & edited by Patrick O’Rourke, CPA Washington, DC