NCAA Revenue Sharing & NIL – 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

Estimated Roster Costs – Big 12 Schools 2026-27

Per the 2026 Opendorse Annual NIL Report, Big 12 Athletes will receive an average of $ 24.3 million per school via revenue sharing and third-party NIL. Here is our estimate of how these payments would likely breakdown per team:

Estimated Roster Costs Big 12 Schools 2026-27	Total Payments to Athletes ($)	Paid by Schools via Revenue Sharing ($)	Paid via Third-Party Commercial NIL ($)

Football	16,473,000	15,123,000	1,350,000
Men's Basketball	5,547,000	4,047,000	1,500,000
All Other Sports	2,280,000	2,130,000	150,000

Average per School ($)	24,300,000	21,300,000	3,000,000

The Opendorse estimate of $ 3 million in total Big 12 third-party NIL seems low to me. While the resulting $ 16 million average for football rosters appears to be in the ballpark, the $ 5.5 million average for basketball seems low by a fair amount. A survey published by the Athletic last year estimated average Big12 basketball rosters at $ 8.6 million.

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.

* 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

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

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	161,512,069	138,325,220	136,114,468	95,981,956	68%
Kansas	159,866,627	156,040,840	139,748,616	119,029,741	34%
Texas Christian	155,989,500	141,889,741	149,297,918	138,998,636	12%
Oklahoma State	153,679,234	130,346,189	118,229,024	100,439,115	53%
Arizona State	149,346,605	126,892,086	128,265,591	107,133,368	39%
Baylor	144,126,427	148,063,513	137,460,582	111,131,098	30%
Brigham Young	136,864,784	115,666,650	106,430,702	79,763,543	72%
Arizona	132,661,899	138,959,027	136,866,623	116,078,717	14%
Texas Tech	127,895,343	114,344,886	113,108,592	98,332,538	30%
Cincinnati	119,327,103	89,597,392	77,436,016	60,524,390	97%
Utah	118,667,209	111,749,094	110,060,805	90,906,746	31%
West Virginia	117,413,366	106,013,297	103,142,400	97,067,706	21%
Iowa State	103,893,160	100,471,526	92,987,544	86,715,005	20%
Central Florida	103,615,446	90,055,820	88,199,644	69,779,276	48%
Kansas State	100,807,499	87,502,697	96,925,648	84,245,973	20%
Houston	100,162,965	98,914,486	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. See our methodology page for more detail and disclosures.

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

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