| Conference Members * | 2025-26 | 2026-27 | ||
|---|---|---|---|---|
 |  |  | | |
| Air Force | MW | MW | ||
| Nevada | MW | MW | ||
| Nevada-Las Vegas | MW | MW | ||
| New Mexico | MW | MW | ||
| San Jose State | MW | MW | ||
| Wyoming | MW | MW | ||
| Hawaii | MW | MW | ||
| Grand Canyon | MW | MW | ||
| Boise State | MW | Pac-12 | ||
| Colorado State | MW | Pac-12 | ||
| Fresno State | MW | Pac-12 | ||
| San Diego State | MW | Pac-12 | ||
| Utah State | MW | Pac-12 | ||
| UC Davis | Big West | MW | ||
| UTEP | CUSA | MW | ||
| Northern Illinois (Football) | MAC | MW | ||
| Total Members | 13 | 11 |
* Grand Canyon joined the Mountain West conference in 2025. Boise State, Colorado State, Fresno State, San Diego State and Utah State have been admitted to the Pac-12 Conference and are leaving the Mountain West after the 2025-26 fiscal year. Effective for 2026-27, the conference has added UC Davis, UTEP and Northern Illinois (football only) as member schools. Hawaii will become a member for all sports effective for the 2026-27 fiscal year.
Estimated NCAA Revenue Sharing 2025-26: Mountain West Schools
Based on average operating revenue of around $ 22 million per school (see table below), estimated revenue sharing using the 22% NCAA benchmark results in an average commitment of about $ 5 million per school:
| Estimated Revenue Sharing 2025-26 Mountain West Schools | Revenue Share % | Team / Sport Allocation ($) | Eligible Athletes | Average per Athlete ($) |
|
|---|---|---|---|---|---|
| Football | 56% | 2,794,168 | 105 | 26,611 | |
| Men's Basketball | 18% | 925,602 | 15 | 61,707 | |
| All Other Sports | 26% | 1,299,724 | 312 | 4,166 | |
| Average per School | 100.0% | $ 5,019,495 | 432 | $ 11,619 |
Football and Men’s basketball account for the bulk of team specific revenues at most FBS Group of 6 schools, and athletes on these two teams will be the major beneficiaries of revenue sharing. These are averages per athlete, a few players per team will likely receive substantially higher, while many will receive much less. Schools may pay more or less than the 22% NCAA benchmark, and can also opt out of revenue sharing entirely. Estimates are based on team specific revenues as reported to the NCAA.
Annual Operating Expenses – Mountain West schools 2022-24:
Per 2024 EADA reporting, average annual athletic department operating costs were $ 55 million for Mountain West schools, a 17% increase in expenses over a 2-year span:
| Athletic Department Annual Expenses * | FY 2024 ($) | FY 2023 ($) | FY 2022 ($) | 2-year % Increase |
|---|---|---|---|---|
 | | | | |
| San Diego State | 83,949,123 | 96,611,757 | 67,245,917 | 25% |
| UNLV | 65,376,772 | 57,517,603 | 42,320,074 | 54% |
| Boise State | 59,885,465 | 52,634,907 | 44,813,269 | 34% |
| Fresno State | 55,761,420 | 51,120,332 | 45,811,581 | 22% |
| Nevada | 53,916,558 | 49,524,849 | 45,228,708 | 19% |
| Hawaii | 53,350,682 | 49,418,189 | 43,634,526 | 22% |
| New Mexico | 53,043,230 | 45,941,398 | 43,922,247 | 21% |
| Wyoming | 53,042,120 | 47,746,153 | 41,751,385 | 27% |
| Colorado State | 50,262,504 | 61,535,599 | 59,275,605 | -15% |
| Utah State | 42,936,608 | 45,575,192 | 43,035,302 | -0% |
| San Jose State | 30,593,724 | 43,937,589 | 37,717,297 | -19% |
| Air Force ** | n/a | n/a | n/a | |
| Average per school | 54,738,019 | 54,687,597 | 46,795,992 | 17% |
* 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. Consequently, due to the inclusion of these payments, average annual expenses for Mountain West schools per NCAA reporting was $ 64 million in 2024 or about $ 9 million higher per school (see tables below). See our methodology page for more detail and disclosures.
** EADA data is not compiled for the three NCAA I service academy members – Army, Navy & Air Force.
2024 Operating Results: Mountain West Schools
Per 2024 NCAA reporting, Mountain West athletic departments averaged a net operating loss of $ 41 million per school, ranging from a low of $ 30 million to a high of $ 88 million. Operating losses were funded by booster contributions averaging $ 11 million per school and combined school support and student fees averaging $ 28 million per school:
| Annual Operating Results Mountain West Schools ($) | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Operating Revenue (see below) | 22,815,885 | 12,418,965 | 32,622,146 |
| Operating Expenses (see below) | 64,509,764 | 48,401,441 | 120,525,634 |
| Net Operating Loss | (41,693,879) | (30,578,395) | (87,903,488) |
| Athletic Contributions | 10,691,232 | 3,858,074 | 24,821,061 |
| School Support & Student Fees | 28,137,573 | 20,717,489 | 35,868,376 |
| Net Surplus (Deficit) | (2,865,074) | (29,102,533) | 4,407,842 |
Average athletics operating revenue for Mountain West schools was around $ 23 million in 2024, ranging from a low of $ 12 million to a high of $ 32 million.
| Annual Revenue & Support Mountain West Schools ($) | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Ticket Sales | 5,496,284 | 1,012,124 | 8,842,022 |
| Media & Conference Income | 4,909,356 | 3,511,781 | 6,031,207 |
| Bowl Game Distributions | 1,102,741 | 180,458 | 2,496,852 |
| NCAA Distributions | 1,879,510 | 1,169,767 | 2,414,608 |
| Game Day & Event Revenue | 1,413,023 | 55,776 | 4,158,305 |
| Licensing & Sponsorships | 4,285,169 | 956,803 | 9,353,698 |
| Game Guarantees | 1,789,579 | 233,957 | 2,510,000 |
| Other Operating Income | 1,940,223 | 271,186 | 2,990,333 |
| Total Operating Revenue | 22,815,885 | 12,418,965 | 32,622,146 |
| Athletic Dept Contributions | 10,691,232 | 3,858,074 | 24,821,061 |
| School Support | 22,618,994 | 15,876,178 | 30,075,692 |
| Student Fees | 5,518,479 | 1,661,838 | 15,106,458 |
| Total Revenue & Support | 61,644,690 | 45,205,171 | 91,423,101 |
Average athletic department operating expenses for Mountain West schools was $ 64 million in 2024, ranging from a low of $ 48 million to a high of $ 120 million:
| Annual Operating Expenses Mountain West Schools ($) | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Salaries - Coaching Staff | 11,971,914 | 9,616,836 | 17,533,383 |
| Salaries - Admin & Support | 10,730,709 | 6,158,712 | 15,435,561 |
| Severance Payments | 361,067 | - | 1,054,037 |
| Student Athlete Financial Aid | 9,916,303 | 8,050,408 | 11,352,116 |
| Recruiting | 988,413 | 692,189 | 1,369,134 |
| Team Travel | 4,929,366 | 4,021,769 | 6,519,239 |
| Game Guarantees | 1,362,304 | 493,000 | 2,958,379 |
| Equipment & Uniforms | 1,762,420 | 1,121,390 | 2,625,233 |
| Game Day & Event Expenses | 2,200,733 | 1,251,201 | 3,752,627 |
| Fundraising & Marketing | 1,563,948 | 77,767 | 5,679,311 |
| Athletic Facilities payments | 7,027,642 | - | 39,249,838 |
| Medical expenses & insurance | 846,857 | 521,497 | 1,300,323 |
| Student Athlete Meals | 1,142,104 | 419,127 | 1,772,769 |
| Football Bowl Expenses | 457,043 | - | 1,352,690 |
| Overhead & Administration | 5,660,602 | 141,126 | 10,640,102 |
| Other Operating Expenses | 3,588,339 | 1,232,122 | 7,651,881 |
| Total Operating Expenses | 64,509,764 | 48,401,441 | 120,525,634 |
College Athletic Departments are already losing money and the cash needed to fund revenue sharing and related costs has to come from somewhere. Athletic departments are aggressively looking to raise as much money as possible via external sources such as increased booster contributions, but ultimately the bulk of the added costs of revenue sharing will likely need to be funded internally at most NCAA schools.
Consequently, revenue sharing will require the infusion of additional school support and/or increased student fees at most schools, and this is already a sticky issue. For example, Sun Belt Conference member James Madison University has made a remarkable transition from the FCS level and is contending for a FBS playoff bid this season. However, JMU also charges the highest amount of athletic fees of any school – over $ 55 million per most recent NCAA reporting. This works out to $ 2,456 per student for the 2025-26 school year and is mandatory … whether a student has any interest in athletics or not. In JMU’s defense, they are very transparent about where student fees go, and the school’s internal funding of athletics is comparable to many of its competitors. School internal support to athletic departments ultimately comes from students either indirectly via tuition payments or directly via specifically designated student fees.
Listing of Mountain West NIL Collectives by School:
Questions on our data? Contact us at: NIL-NCAA.com
Statistics compiled & edited by Patrick O’Rourke, CPA Washington, DC 