Ten schools departed the Pac-12 in 2024 due primarily to issues in negotiating a new TV contract, and revenue for the two remaining true and steadfast schools includes income from the now expired contract. We are not making an estimate of revenue sharing for 2025-26 as the conference is currently in transition:
Conference Members 2023-24 2025-26
Oregon State Pac-12 Pac-12
Washington State Pac-12 Pac-12
Arizona Pac-12 Big 12
Arizona State Pac-12 Big 12
Colorado Pac-12 Big 12
Utah Pac-12 Big 12
Oregon Pac-12 Big Ten
Southern Cal Pac-12 Big Ten
UCLA Pac-12 Big Ten
Washington Pac-12 Big Ten
California Pac-12 ACC
Stanford Pac-12 ACC
Total Members 12 2
Being the intrepid schools they are, the two Pac-12 survivors (Oregon State and Washington State) opted to rebuild the conference and to date, the Pac-12 has officially admitted Boise State, Colorado State, Fresno State, San Diego State, Texas State, Utah State and Gonzaga as member schools beginning with the 2026-27 season:
| Current & Future Pac-12 Schools: | Conference 2025-26 | Conference 2026-27 |
|
|---|---|---|---|
| Boise State | Mountain West | Pac-12 | |
| Colorado State | Mountain West | Pac-12 | |
| Fresno State | Mountain West | Pac-12 | |
| Gonzaga | West Coast | Pac-12 | |
| Oregon State | Pac-12 | Pac-12 | |
| San Diego State | Mountain West | Pac-12 | |
| Texas State | Sun Belt | Pac-12 | |
| Utah State | Mountain West | Pac-12 | |
| Washington State | Pac-12 | Pac-12 | |
| |
||
| Total Members | 2 | 9 |
The rebuilt Pac-12 is composed of schools that make sense geographically and actually look like they belong together … unlike some conferences which are beginning to resemble that Star Wars cantina scene. The new Pac-12 will be somewhat of a “unicorn” conference in that it will be composed of the better elements of P4 and G5 conferences and may end up becoming the sweet spot conference in the revenue sharing era.
Annual Operating Expenses – Pac-12 schools 2022-24:
Per 2024 EADA reporting, average annual athletic department operating costs were $ 95 million for current Pac-12 schools, a 12% increase in expenses over a 2-year span:
| Athletic Department Annual Expenses * | FY 2024 ($) | FY 2023 ($) | FY 2022 ($) | 2-year % Increase |
|---|---|---|---|---|
 | | | | |
| Oregon State | 112,813,895 | 97,792,784 | 87,727,179 | 29% |
| Washington State | 78,538,161 | 79,015,052 | 82,858,720 | -5% |
| Average per School | 95,676,028 | 88,403,918 | 85,292,950 | 12% |
* 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. See our methodology page for more detail and disclosures.
2024 Operating Results: Pac-12 Schools
Pac-12 athletic departments (including the ten schools who left in 2024) averaged a net operating loss of $ 60 million per school, ranging from a low of $ 18 million to a high of almost $ 100 million (!!). Operating losses were funded by booster contributions averaging $ 28 million per school and combined school support and student fees averaging $ 20 million per school:
| Annual Operating Results Pac-12 Schools ($) ** | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Operating Revenue (see below) | 83,408,392 | 53,732,482 | 134,717,893 |
| Operating Expenses (see below) | 145,097,682 | 89,052,358 | 200,147,129 |
Net Operating Loss | - 61,689,290 | - 17,938,399 | - 99,949,983 |
|
| Athletic Contributions | 27,729,575 | 11,351,267 | 57,348,059 |
| School Support & Student Fees | 22,933,681 | 589,167 | 51,743,735 |
| Net Surplus (Deficit) | - 11,026,034 | - 51,851,394 | 8,242,281 |
Average athletics operating revenue for Pac-12 schools was $ 84 million in 2024, ranging from a low of $ 54 million to a high of $ 134 million. Average athletic department contributions per school was $ 28 million, ranging from a low of $ 11 million to a high of $ 57 million:
| Annual Revenue & Support Pac-12 Schools ($) ** | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Ticket Sales | 19,878,025 | 9,840,616 | 34,957,114 |
| Media, Conference & Bowl Income | 34,900,138 | 25,985,471 | 47,144,521 |
| NCAA Distributions | 2,490,132 | 1,320,953 | 4,335,395 |
| Game Day & Event Revenue | 3,964,187 | 918,744 | 13,161,301 |
| Licensing & Sponsorships | 12,861,200 | 4,259,972 | 23,155,522 |
| Game Guarantees | 605,213 | 20,000 | 2,602,785 |
| Other Operating Income | 8,709,497 | 1,697,029 | 22,224,822 |
| Total Operating Revenue | 83,408,392 | 53,732,482 | 134,717,893 |
| Athletic Dept Contributions | 27,729,575 | 11,351,267 | 57,348,059 |
| School Support & Student Fees | 22,933,681 | 589,167 | 51,743,735 |
| Total Revenue & Support | 134,071,648 | 89,459,572 | 190,936,516 |
Average annual athletic department operating expenses for Pac-12 schools was $ 145 million in 2024, ranging from a low of $ 89 million to a high of $ 200 million:
| Annual Operating Expenses Pac-12 Schools ($) ** | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Salaries - Coaching Staff | 27,614,483 | 14,515,162 | 38,184,619 |
| Salaries - Admin & Support | 24,827,240 | 15,239,839 | 33,091,604 |
| Severance Payments | 1,761,852 | - | 6,112,309 |
| Student Athlete Financial Aid | 15,441,301 | 12,145,352 | 18,126,917 |
| Recruiting | 2,813,786 | 1,574,098 | 4,212,792 |
| Team Travel | 8,630,969 | 5,809,506 | 11,549,433 |
| Game Guarantees | 2,188,624 | 984,915 | 4,508,768 |
| Equipment & Uniforms | 4,725,937 | 2,037,842 | 9,735,059 |
| Game Day & Event Expenses | 7,104,311 | 3,029,488 | 13,110,941 |
| Fundraising & Marketing | 2,876,620 | 999,623 | 7,860,016 |
| Athletic Facilities payments | 11,288,559 | 628,202 | 25,197,482 |
| Medical expenses & insurance | 2,350,855 | 1,254,959 | 5,714,519 |
| Student Athlete Meals | 3,384,201 | 1,453,963 | 5,947,085 |
| Football Bowl Expenses | 2,467,491 | - | 9,566,142 |
| Overhead & Administration | 13,689,504 | 1,826,812 | 30,454,018 |
| Other Operating Expenses | 13,931,949 | 9,811,420 | 28,367,635 |
| Total Operating Expenses | 145,097,682 | 89,052,358 | 200,147,129 |
** Per NCAA reporting for the fiscal year ending June 30, 2024. Accordingly, these results include all member institutions in the former Pac-12 line-up before the departure of ten schools for other conferences effective July 1, 2024.
With revenue sharing adding close to $ 30 million in additional costs this year at most power conference members, schools are aggressively marketing to boosters for increased contributions to help cover these costs. However, revenue sharing will also likely result in increased parity between Power Conference schools along with potentially, a lot of unhappy boosters. Additionally, revenue sharing may result in booster fatigue at many schools. At almost all schools, revenue sharing will likely require the infusion of either additional school support and/or increased student fees.
Listing of Pac-12 NIL Collectives by School:
| School | Collective(s) | |
|---|---|---|
| Oregon State | Dam Nation Collective | |
| Washington State | Cougar Collective |
Questions on our data? Contact us at: NIL-NCAA.com
Statistics compiled & edited by Patrick O’Rourke, CPA Washington, DC 