| Conference Members | 2025-26 | 2026-27 |
||
|---|---|---|---|---|
 |  | |  |
|
| Appalachian State | Sun Belt | Sun Belt | ||
| Arkansas State | Sun Belt | Sun Belt | ||
| Coastal Carolina | Sun Belt | Sun Belt | ||
| Georgia Southern | Sun Belt | Sun Belt | ||
| Georgia State | Sun Belt | Sun Belt | ||
| James Madison | Sun Belt | Sun Belt | ||
| Louisiana - Lafayette | Sun Belt | Sun Belt | ||
| Louisiana - Monroe | Sun Belt | Sun Belt | ||
| Marshall | Sun Belt | Sun Belt | ||
| Old Dominion | Sun Belt | Sun Belt | ||
| South Alabama | Sun Belt | Sun Belt | ||
| Southern Mississippi | Sun Belt | Sun Belt | ||
| Troy | Sun Belt | Sun Belt | ||
| Texas State | Sun Belt | Pac-12 | ||
| Louisiana Tech | CUSA | Sun Belt | ||
| Total Members | 14 | 14 |
Estimated NCAA Revenue Sharing 2025-26: Sun Belt Conference Schools
Based on average operating revenue of around $ 11 million per school (see table below), estimated revenue sharing using the 22% NCAA benchmark results in an average commitment of about $ 2.4 million per school:
| Estimated Revenue Sharing Sun Belt Schools 2025-26 | Revenue Share % | Team / Sport Allocation ($) | Eligible Athletes | Average per Athlete ($) |
|
|---|---|---|---|---|---|
| Football | 66.9% | 1,635,497 | 105 | 15,634 | |
| Men's Basketball | 10.9% | 266,471 | 15 | 19,185 | |
| All Other Sports | 22.2% | 542,721 | 315 | 1,636 | |
| Sun Belt Averages | 100.0% | $ 2,444,689 | 435 | $ 5,620 |
Football and Men’s basketball account for around 75 to 80% 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 than the average, 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 – Sun Belt schools 2022-24:
Per 2024 EADA reporting, average annual athletic department operating costs were $ 40 million for Sun Belt schools, a 20% increase in expenses over a 2-year span:
| Athletic Department Annual Expenses * | FY 2024 ($) | FY 2023 ($) | FY 2022 ($) | 2-year % Increase |
|---|---|---|---|---|
 | | | | |
| James Madison | 66,110,281 | 57,767,541 | 52,857,185 | 25% |
| Old Dominion | 51,827,948 | 48,623,590 | 45,109,567 | 15% |
| Texas State | 46,310,998 | 42,700,888 | 33,707,371 | 37% |
| Marshall | 45,966,327 | 43,778,074 | 38,114,204 | 21% |
| Coastal Carolina | 43,509,290 | 38,153,878 | 38,077,490 | 14% |
| Appalachian State | 43,110,256 | 38,816,356 | 32,271,589 | 34% |
| Louisiana at Lafayette | 42,952,287 | 38,961,026 | 39,088,716 | 10% |
| Georgia State | 39,204,432 | 36,803,754 | 39,913,977 | -2% |
| Georgia Southern | 36,967,213 | 35,614,506 | 29,737,578 | 24% |
| Troy | 36,937,664 | 28,800,917 | 29,054,724 | 27% |
| South Alabama | 30,591,632 | 28,658,603 | 24,652,380 | 24% |
| Arkansas State | 28,162,528 | 24,654,674 | 21,009,474 | 34% |
| Southern Mississippi | 28,107,301 | 27,676,039 | 25,564,444 | 10% |
| Louisiana at Monroe | 20,253,458 | 18,518,405 | 18,416,615 | 10% |
| Average per School | 40,000,830 | 36,394,875 | 33,398,237 | 20% |
* 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, primarily due to the inclusion of these payments, average annual expenses for Sun Belt schools per NCAA reporting was $ 47 million in 2024 or about $ 7 million higher per school (see tables below). See our methodology page for more detail and disclosures.
2024 Operating Results: Sun Belt Schools
Sun Belt athletic departments averaged a net operating loss of almost $ 36 million per school, ranging from a low of $ 15 million to a high of $ 63 million. Operating losses were funded by booster contributions averaging $ 6 million per school and combined school support and student fees averaging $ 27 million per school:
| Annual Operating Results Sun Belt Schools ($) ** | Average per School 2024 | Low Range | High Range |
|---|---|---|---|
| Operating Revenue (see below) | 11,112,224 | 7,939,64 | 17,045,714 |
| Operating Expenses (see below) | 46,933,285 | 22,726,458 | 76,382,640 |
Net Operating Loss | - 35,821,061 | - 14,786,814 | - 63,000,917 |
|
| Athletic Contributions | 5,993,678 | 1,570,769 | 11,282,991 |
| School Support | 11,441,501 | - | 30,108,658 |
| Student Fees | 15,626,829 | 208,241 | 55,528,882 |
| Net Surplus (Deficit) | - 2,759,053 | - 12,607,582 | 118,508 |
Average athletics operating revenue for Sun Belt schools was $ 11 million in 2024, ranging from a low of $ 8 million to a high of $ 17 million. Average Student fees received was $ 15 million ranging from a low of below $ 1 million to a high of $ 55 million:
| 2024 Operating Revenue Sun Belt Schools ($) | Average | Low Range | High Range |
|---|---|---|---|
| Ticket Sales | 3,015,089 | 854,800 | 6,991,111 |
| Media & Conference Income | 1,835,977 | 826,728 | 3,618,663 |
| Bowl Game Distributions | 323,297 | - | 623,938 |
| NCAA Distributions | 1,412,841 | 748,711 | 1,882,526 |
| Game Day & Event Revenue | 421,827 | - | 1,911,778 |
| Licensing & Sponsorships | 1,652,537 | 457,169 | 3,522,847 |
| Game Guarantees | 1,543,840 | 718,000 | 3,426,000 |
| Other Operating Income | 906,816 | 173,891 | 2,717,480 |
Total Operating Revenue | 11,112,224 | 7,939,644 | 17,045,714
| |
| Athletic Dept Contributions | 5,993,678 | 1,570,769 | 11,282,991 |
| School Support | 11,441,501 | - | 30,108,658 |
| Student Fees | 15,626,829 | 208,241 | 55,528,882 |
| Total Revenue & Support | 44,174,232 | 18,233,874 | 76,382,640 |
Average annual athletic department operating expenses for Sun Belt schools was $ 47 million in 2024, ranging from a low of $ 23 million to a high of $ 76 million:
| 2024 Operating Expenses Sun Belt Schools ($) | Average | Low Range | High Range |
|---|---|---|---|
| Salaries - Coaching Staff | 8,008,473 | 5,390,422 | 10,426,990 |
| Salaries - Admin & Support | 7,206,469 | 2,844,899 | 11,743,953 |
| Severance Payments | 98,053 | - | 357,775 |
| Student Athlete Financial Aid | 8,418,162 | 5,580,212 | 11,245,271 |
| Recruiting | 816,756 | 394,662 | 1,116,456 |
| Team Travel | 3,958,088 | 2,104,242 | 6,245,382 |
| Game Guarantees | 569,102 | 236,238 | 831,505 |
| Equipment & Uniforms | 1,866,179 | 955,860 | 3,218,737 |
| Game Day & Event Expenses | 1,934,980 | 1,347,588 | 3,302,660 |
| Fundraising & Marketing | 738,283 | 66,920 | 1,553,645 |
| Athletic Facilities payments | 3,981,580 | 1,183,978 | 10,496,994 |
| Medical expenses & insurance | 824,101 | 338,328 | 1,474,641 |
| Student Athlete Meals | 709,689 | 151,737 | 3,142,225 |
| Football Bowl Expenses | 782,767 | - | 700,000 |
| Overhead & Administration | 5,174,151 | 167,929 | 14,282,964 |
| Other Operating Expenses | 1,846,452 | 330,924 | 4,650,175 |
| Total Operating Expenses | 46,933,285 | 22,726,458 | 76,382,640 |
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 Sun Belt Conference NIL Collectives by School:
Questions on our data? Contact us at: NIL-NCAA.com
Statistics compiled & edited by Patrick O’Rourke, CPA Washington, DC 