Ten schools departed the Pac-12 in 2024, primarily due to difficulties in securing an acceptable media deal. Originally given up for dead, the Pac-12 has rebuilt itself with scrappy, fast-growing schools and may end up becoming the sweet spot conference in the NIL and revenue sharing era.
Pac-12 Conference
Members 2026-27Year
JoinedPrior
Conference
Boise State 2026 Mountain West
Colorado State 2026 Mountain West
Fresno State 2026 Mountain West
Gonzaga 2026 West Coast
Oregon State 1915 Charter Member
San Diego State 2026 Mountain West
Texas State 2026 Sun Belt
Utah State 2026 Mountain West
Washington State 1917 Independent
Total Members 9
2025 Net Operating Results: Pac-12 Schools
Pac-12 athletic departments averaged a net operating loss of $ 41 million per school in 2025. Operating losses were funded by booster contributions averaging $ 15 million per school and combined school support and student fees averaging $ 30 million per school:
2025 Operating Results ($) Pac-12 Public Schools * | Operating Revenue | Operating Expenses | Operating Loss 2025 | Contributions | Student Fees & School Support | Endowment & Investment | Surplus (Deficit) |
|
|---|---|---|---|---|---|---|---|---|
| Boise State | 48,391,590 | 75,586,706 | -27,195,116 | 23,941,473 | 22,351,301 | 867,160 | 19,964,818 | |
| Colorado State | 30,340,402 | 75,239,063 | -44,898,661 | 12,006,438 | 32,141,753 | 248,534 | -501,936 | |
| Fresno State | 25,982,428 | 56,108,751 | -30,126,323 | 13,169,118 | 22,589,783 | 19,859 | 5,652,437 | |
| Oregon State ** | 57,423,115 | 100,306,455 | -42,883,340 | 15,842,263 | 31,502,329 | - | 4,461,252 | |
| San Diego State | 39,922,146 | 104,868,538 | -64,946,392 | 25,126,061 | 35,587,175 | 165,638 | -4,067,518 | |
| Texas State | 11,027,246 | 55,517,565 | -44,490,319 | 5,261,166 | 33,621,910 | 618,497 | -4,988,746 | |
| Utah State | 21,744,326 | 64,576,877 | -42,832,551 | 10,982,893 | 41,958,336 | 756,972 | 10,865,650 | |
| Washington State ** | 51,891,699 | 80,749,746 | -28,858,047 | 11,366,058 | 19,202,432 | 994,761 | 2,705,204 | |
| Average per School ($) | 35,840,369 | 76,619,213 | -40,778,844 | 14,711,934 | 29,869,377 | 458,928 | 4,261,395 |
* Data available for public schools only, results for Gonzaga are not included.
** Operating revenues for Oregon State & Washington State include distributions from “old” Pac-12 funds.
2025 Operating Revenues: Pac-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 ($) Pac-12 Schools 2025 * | Total Revenue | Ticket Sales | Media Rights | Post Season Distributions | NCAA & Other Distributions | Bowl Game Revenues | Licenses & Sponsorships | Game Day & Concessions | Game Guarantees | Other Revenue |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Boise State | 48,391,590 | 8,968,578 | 5,249,920 | 791,695 | 8,548,208 | 5,602,135 | 8,595,204 | 700,694 | 1,302,909 | 8,632,247 | |
| Colorado State | 30,340,402 | 8,170,431 | 3,449,920 | - | 4,724,854 | 103,960 | 6,702,402 | 2,840,406 | 1,808,047 | 2,540,382 | |
| Fresno State | 25,982,428 | 7,185,896 | 3,449,920 | 118,705 | 4,750,460 | 609,200 | 4,421,200 | 1,379,338 | 3,503,790 | 563,919 | |
| Oregon State ** | 57,423,115 | 12,476,011 | 3,015,108 | - | 25,277,236 | - | 10,472,846 | 3,113,388 | 405,728 | 2,662,798 | |
| San Diego State | 39,922,146 | 8,012,878 | 3,449,920 | - | 5,138,587 | - | 13,473,106 | 2,489,311 | 280,000 | 7,078,344 | |
| Texas State | 11,027,246 | 2,113,016 | 360,937 | 1,265,645 | 1,287,892 | 488,578 | 2,684,346 | 468,563 | 950,500 | 1,407,769 | |
| Utah State | 21,744,326 | 3,466,488 | 3,449,920 | 1,997,785 | 6,067,398 | 118,705 | 3,087,240 | 95,000 | 1,900,937 | 1,560,853 | |
| Washington State ** | 51,891,699 | 9,250,474 | 1,500,000 | - | 27,676,671 | 726,409 | 4,513,949 | 507,488 | 115,000 | 7,601,708 | |
| Average per School ($) | 35,840,369 | 7,455,472 | 2,990,706 | 521,729 | 10,433,913 | 956,123 | 6,743,787 | 1,449,274 | 1,283,364 | 4,006,003 |
* Data available for public schools only, results for Gonzaga are not included.
** Operating revenues for Oregon State & Washington State include distributions from “old” Pac-12 funds.
2025 Operating Expenses: Pac-12 Schools
Operating Expenses ($) Pac-12 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 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Boise State | 75,586,706 | 13,119,996 | 14,006,422 | 11,128,675 | 1,138,188 | 876,050 | 1,321,519 | 6,177,873 | 2,354,391 | 2,182,142 | 1,032,264 | 3,331,973 | 1,687,280 | 1,015,535 | 1,343,489 | 3,196,103 | 321,900 | 6,230,087 | 5,122,819 | |
| Colorado State | 75,239,063 | 12,743,030 | 10,158,124 | 10,931,302 | 941,035 | - | 1,258,088 | 3,738,947 | 2,319,201 | 4,791,768 | 1,062,989 | 14,335,138 | 2,951,568 | 709,189 | 839,410 | 2,141,730 | 215,250 | 2,146,635 | 3,955,659 | |
| Fresno State | 56,108,751 | 11,216,276 | 10,678,306 | 8,053,470 | 1,338,844 | 1,079,222 | 1,124,862 | 4,137,860 | 2,132,018 | 3,892,844 | 763,673 | 297,557 | 1,727,953 | 1,754,137 | 1,557,165 | 1,238,148 | - | 2,342,907 | 2,773,509 | |
| Oregon State | 100,306,455 | 20,057,401 | 15,688,193 | 11,327,974 | 1,858,500 | 366,797 | 1,789,712 | 5,905,166 | 3,073,215 | 4,873,123 | 2,117,060 | 8,503,179 | 4,356,184 | 1,715,361 | 2,402,272 | 1,829,244 | 1,289,722 | 11,587,877 | 1,565,475 | |
| San Diego State | 104,868,538 | 17,382,452 | 16,762,001 | 11,111,128 | 992,679 | 703,985 | 1,510,132 | 5,043,318 | 3,864,330 | 3,661,625 | 5,152,252 | 19,964,112 | - | 1,241,160 | 1,295,562 | - | - | 11,754,314 | 4,429,488 | |
| Texas State | 55,517,565 | 7,701,270 | 6,947,177 | 8,120,202 | 719,551 | - | 1,023,487 | 3,671,441 | 2,109,674 | 1,878,177 | 966,612 | 8,163,868 | 4,675,885 | 692,578 | 1,653,045 | 1,155,215 | 1,037,730 | 4,273,522 | 728,131 | |
| Utah State | 64,576,877 | 16,455,403 | 6,850,118 | 7,568,352 | 773,541 | 634,738 | 959,340 | 4,479,693 | 2,646,759 | 1,658,395 | 525,526 | 3,820,854 | - | 878,734 | 1,324,751 | - | 1,397,025 | 10,337,197 | 4,266,451 | |
| Washington State | 80,749,746 | 12,685,486 | 13,432,679 | 12,360,402 | 2,057,080 | - | 1,664,224 | 5,083,307 | 2,787,738 | 2,771,083 | 1,297,962 | 11,246,400 | - | 1,778,055 | 991,850 | 2,298,486 | 334,951 | 2,461,177 | 7,498,866 | |
| Average per School ($) | 76,619,213 | 13,920,164 | 11,815,378 | 10,075,188 | 1,227,427 | 457,599 | 1,331,421 | 4,779,701 | 2,660,916 | 3,213,645 | 1,614,792 | 8,707,885 | 1,924,859 | 1,223,094 | 1,425,943 | 1,482,366 | 574,572 | 6,391,715 | 3,792,550 |
* Data available for public schools only, results for Gonzaga are not included.
EADA Annual Operating Expenses – Pac-12 schools 2022-25:
Per EADA (aka Title IX) reporting, average 2025 athletic department operating costs were $ 65 million for Pac-12 schools, an 18% increase in expenses over a 3-year span:
| Athletic Department Annual Expenses * | FY 2025 ($) | FY 2024 ($) | FY 2023 ($) | FY 2022 ($) | 3-year % Increase |
|---|---|---|---|---|---|
| Oregon State | 100,306,447 | 112,813,895 | 97,792,784 | 87,727,179 | 14% |
| San Diego State | 89,827,012 | 83,949,123 | 96,611,757 | 67,245,917 | 34% |
| Boise State | 69,810,118 | 59,885,465 | 52,634,907 | 44,813,269 | 56% |
| Washington State | 68,573,910 | 78,538,161 | 79,015,052 | 82,858,720 | -17% |
| Fresno State | 63,439,685 | 55,761,420 | 51,120,332 | 45,811,581 | 38% |
| Colorado State | 55,794,198 | 50,262,504 | 61,535,599 | 59,275,605 | -6% |
| Texas State | 52,238,898 | 46,310,998 | 42,700,888 | 33,707,371 | 55% |
| Utah State | 48,349,839 | 42,936,608 | 45,575,192 | 43,035,302 | 12% |
| Gonzaga | 40,467,847 | 38,587,088 | 36,995,886 | 33,631,607 | 20% |
 | |||||
| Average per School ($) | 65,423,106 | 63,227,251 | 62,664,711 | 55,345,172 | 18% |
* 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 