NCAA Revenue Sharing & NIL – SEC Schools

Conference Members		2026-27	2025-26
Alabama		SEC	SEC
Arkansas		SEC	SEC
Auburn		SEC	SEC
Florida		SEC	SEC
Georgia		SEC	SEC
Kentucky		SEC	SEC
Louisiana State		SEC	SEC
Mississippi		SEC	SEC
Mississippi State		SEC	SEC
Missouri		SEC	SEC
Oklahoma		SEC	SEC
South Carolina		SEC	SEC
Tennessee		SEC	SEC
Texas		SEC	SEC
Texas A & M		SEC	SEC
Vanderbilt		SEC	SEC
Total Members		16	16

Estimated Roster Costs – SEC Schools 2026-27

Per the 2026 Opendorse Annual NIL Report, SEC Athletes will receive an average of $ 44.5 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 SEC Schools 2026-27	Total Payments to Athletes ($)	Paid by Schools via Revenue Sharing ($)	Paid via Third-Party Commercial NIL ($)
Football	32,002,000	15,762,000	16,240,000
Men's Basketball	9,208,000	3,408,000	5,800,000
All Other Sports	3,290,000	2,130,000	1,160,000
Average per School ($)	44,500,000	21,300,000	23,200,000

The $ 32 million average for SEC football rosters appears to be in the ballpark.  Alabama’s General Manager has stated that some schools with high aspirations are spending over $ 40 million to assemble championship contending teams, and there are estimates from other GMs of a few $ 60 million football rosters.  The $ 9.2 million estimate for Basketball rosters is very close to the NCAA I survey results published by the Athletic last year.

While third-party NIL is technically independent of the schools (and not recorded on their books), a significant portion of these payments are funded by school boosters and sponsors, i.e. money that otherwise would likely have gone directly to the schools. Consequently, the currently uncontrolled third-party NIL market almost certainly places an added strain on college athletic department finances. 

2025 Operating Results: SEC Schools

Per NCAA reporting, SEC schools averaged a net operating loss of $ 78 million per school in 2025.  These losses were funded by booster contributions averaging $ 66 million per school, combined school support and student fees averaging $ 8 million per school and investment / endowment income averaging $ 4 million per school:

Operating Results * SEC Schools 2025 ($)	Operating Revenue	Operating Expenses	Operating Loss 2025	Contributions	Student Fees & School Support	Endowment & Investment	Surplus (Deficit)
Alabama	161,716,712	234,739,406	-73,022,694	67,428,250	24,288,356	14,002,202	32,696,114
Arkansas	156,856,293	184,093,590	-27,237,297	38,038,437	-	984,865	11,786,005
Florida	151,855,770	200,999,975	-49,144,205	53,495,667	8,760,154	6,953,947	20,065,563
Georgia	148,572,755	240,135,282	-91,562,527	54,249,932	3,871,937	26,832,341	-6,608,317
Kentucky	151,520,856	188,535,292	-37,014,436	32,710,445	-	851,520	-3,452,471
LSU	154,423,457	219,649,409	-65,225,952	68,683,969	-	349,841	3,807,858
Mississippi	123,813,474	183,768,038	-59,954,564	49,849,610	3,697,874	1,260,059	-5,147,021
Mississippi State	103,658,453	164,482,616	-60,824,163	59,502,873	-	1,523,043	201,753
Missouri	105,572,863	191,001,201	-85,428,338	46,492,009	28,212,444	1,590,218	-9,133,667
Oklahoma	105,501,662	249,408,268	-143,906,606	98,240,268	-	1,928,336	-43,738,002
South Carolina	146,185,130	203,259,302	-57,074,172	18,285,009	38,700,357	1,396,028	1,307,222
Tennessee	187,998,289	288,186,290	-100,188,001	113,589,853	-	2,529,407	15,931,259
Texas	177,920,409	372,651,999	-194,731,590	171,165,773	-	3,461,420	-20,104,397
Texas A&M	180,224,103	228,350,501	-48,126,398	50,063,114	4,995,734	264,291	7,196,741
Average per School ($)	146,844,302	224,947,226	-78,102,924	65,842,515	8,037,633	4,566,251	343,475

Some enormous operating losses here which for the must part were covered by equally enormous booster contributions.  However, these losses are before revenue sharing and additional scholarships add another $ 25 million in costs to most SEC budgets this year. One of the key questions in the NIL era is will booster contributions keep pace with the added costs of revenue sharing and additional scholarships? Or will athletic departments need additional funding from general school funds to meet increasing expenses.

* Data available for public universities only.

2025 Operating Revenues: SEC 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 ongoing ability to meet expenses.  

Operating Revenues ($) SEC Schools 2025 *	Total Revenue	Ticket Sales	Media, NCAA & Conference	Licenses & Sponsorships	Game Day Revenues	Game Guarantees	Other Revenue
Alabama	161,716,712	49,107,903	77,780,885	17,233,822	-	950,618	16,643,484
Arkansas	156,856,293	63,481,717	64,530,679	19,416,571	3,287,457	1,013,014	5,126,855
Florida	151,855,770	47,698,979	75,378,789	10,958,032	5,561,592	2,714,195	9,544,183
Georgia	148,572,755	42,141,732	72,750,427	23,506,854	3,469,431	2,425,218	4,279,093
Kentucky	151,520,856	48,784,257	83,010,639	7,115,471	6,783,845	1,452,187	4,374,457
LSU	154,423,457	53,627,722	73,100,423	5,056,844	10,753,472	5,065,690	6,819,306
Mississippi	123,813,474	26,582,195	72,586,824	12,457,220	6,481,259	211,500	5,494,476
Mississippi State	103,658,453	18,748,277	62,474,494	14,716,195	3,210,116	415,000	4,094,371
Missouri	105,572,863	23,397,607	59,227,446	10,413,788	4,655,501	5,000	7,873,521
Oklahoma **	105,501,662	54,512,302	15,346,850	19,200,045	4,833,135	1,112,288	10,497,042
South Carolina	146,185,130	33,353,886	63,006,595	10,684,070	10,363,462	232,000	28,545,117
Tennessee	187,998,289	52,163,720	62,641,552	33,004,839	11,817,624	4,176,792	24,193,762
Texas **	177,920,409	70,984,006	18,199,228	51,956,322	8,871,966	1,917,000	25,991,887
Texas A&M	180,224,103	64,340,883	63,150,279	30,337,025	6,797,033	15,000	15,583,883
Average per School ($)	146,844,302	46,351,799	61,656,079	19,004,078	6,206,135	1,550,393	12,075,818

** As part of their transition from the Big-12, Oklahoma and Texas both received only a fractional share of the SEC media contract in 2025.

2025 Operating Expenses: SEC Schools

Operating Expenses SEC 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
Alabama	234,739,406	43,016,864	44,306,483	18,552,770	3,554,953	-	6,162,081	9,443,129	4,799,062	10,209,513	4,212,165	24,071,232	16,338,216	3,867,393	5,949,806	6,593,187	2,885,350	8,711,032	22,066,170
Arkansas	184,093,590	38,680,087	29,341,612	12,660,461	5,802,918	1,095,892	3,366,516	9,637,478	4,864,324	8,253,316	5,576,533	18,833,345	3,832,627	1,690,508	5,146,722	6,390,303	2,290,520	23,769,671	2,860,757
Florida	200,999,975	35,773,251	46,505,082	19,280,971	2,421,687	1,042,339	4,400,799	11,112,290	4,984,939	9,614,281	9,349,455	12,095,941	12,415,735	3,479,105	1,097,393	8,208,488	2,509,234	12,083,587	4,625,398
Georgia	240,135,282	44,058,471	39,084,113	15,241,994	3,805,972	-	4,979,749	9,665,155	1,543,499	11,484,393	42,837,821	13,398,448	18,905,669	2,481,056	3,853,859	7,600,275	4,008,281	5,418,019	11,768,508
Kentucky	188,535,292	40,012,892	30,278,193	19,336,740	4,211,269	1,593,063	4,008,183	11,232,953	5,562,811	11,982,188	2,818,359	9,049,841	12,874,487	1,630,685	2,539,111	3,879,675	3,179,929	12,664,095	11,680,818
LSU	219,649,409	44,500,575	38,211,811	14,355,669	4,495,157	5,201,818	5,263,296	12,288,729	4,815,956	14,155,302	2,298,346	13,257,498	5,887,129	1,142,753	6,105,500	9,488,270	2,460,770	6,995,977	28,724,853
Mississippi	183,768,038	38,433,066	27,707,152	12,870,142	4,869,000	909,829	3,295,395	8,741,085	6,752,376	7,103,069	17,951,333	12,798,652	7,967,575	1,280,792	2,006,072	7,626,312	2,825,517	11,749,439	8,881,232
Mississippi State	164,482,616	26,424,266	22,719,154	11,809,282	2,919,895	4,025,258	3,214,554	9,087,542	5,590,548	7,960,650	31,640,879	11,548,431	7,319,718	1,517,498	3,314,603	2,229,625	2,142,753	3,351,395	7,666,565
Missouri	191,001,201	32,905,645	31,904,148	13,789,882	3,619,232	249,200	3,077,285	8,623,965	3,961,687	4,093,178	34,641,877	10,539,102	7,814,759	1,044,192	3,551,498	4,363,274	3,207,707	10,573,564	13,041,006
Oklahoma	249,408,268	40,541,216	29,267,348	17,242,310	3,082,157	1,585,214	6,231,259	10,941,880	6,302,907	7,513,699	8,436,458	17,637,283	15,550,059	3,103,136	6,222,178	3,863,389	2,910,789	64,505,812	4,471,174
South Carolina	203,259,302	40,152,997	42,969,051	19,483,834	4,461,519	463,203	3,460,819	9,826,871	5,531,889	11,253,620	1,601,694	14,755,276	18,435,196	1,569,780	1,607,592	4,989,974	4,483,202	8,760,690	9,452,095
Tennessee	288,186,290	45,071,637	48,532,287	25,357,260	4,334,000	-	7,699,885	17,072,640	5,875,687	10,896,455	44,814,400	12,732,343	-	2,668,414	6,806,984	1,585,283	-	30,034,411	24,704,604
Texas	372,651,999	53,062,359	50,276,855	13,922,893	6,204,685	1,634,721	5,785,192	15,010,961	4,020,407	20,974,482	34,962,741	94,019,438	11,933,896	2,168,503	5,687,739	15,808,597	3,003,947	19,519,714	14,654,869
Texas A&M	228,350,501	37,413,192	33,010,813	13,321,847	4,513,954	8,139,341	4,898,792	11,876,964	4,425,310	7,439,105	362,525	24,024,360	14,688,531	2,106,909	5,750,096	4,882,460	2,055,612	13,109,844	36,330,846
Average per School ($)	224,947,226	40,003,323	36,722,436	16,230,433	4,164,028	1,852,848	4,703,129	11,040,117	4,930,814	10,209,518	17,250,328	20,625,799	10,997,400	2,125,052	4,259,940	6,250,651	2,711,687	16,517,661	14,352,062

Operating expenses are expected to increase significantly in 2026 due to impact of revenue sharing and increased scholarship limits for all sports – likely around $ 25 million for most SEC schools.

Average SEC School Operating Results: 2025 v 2024

Net Operating Results Average per SEC School		FYE 2025 ($)	FYE 2024 ($)
Operating Revenue		146,844,302	133,625,014
Operating Expenses		224,947,226	205,027,769
Net Operating Loss		-78,102,924	-71,402,755
Booster Contributions		65,842,515	65,175,179
School Support & Student Fees		8,037,633	6,984,108
Endowment & Investment		4,566,251	3,082,915
Net Surplus ($)		343,475	3,839,447

Average SEC School Operating Revenues: 2025 v 2024

Operating Revenues ($) Average per SEC School		FYE 2025 ($)	FYE 2024 ($)
Ticket Sales		46,351,799	40,750,816
Media, NCAA & Conference		61,656,079	59,016,779
Licenses & Sponsorships		19,004,078	18,423,111
Games Day Revenues		6,206,135	5,373,252
Game Guarantees		1,550,393	1,616,093
Other Operating Revenues		12,075,818	8,444,963
Average Per School ($)		146,844,302	133,625,014

Average SEC School Operating Expenses: 2025 v 2024

Operating Expenses Average per SEC School		FYE 2025 ($)	FYE 2024 ($)
Coaching Salaries		40,003,323	39,151,413
Administrative Salaries		36,722,436	34,280,939
Athletic Scholarships		16,230,433	16,112,357
Game Guarantees		4,164,028	4,073,390
Severance Payments		1,852,848	4,831,940
Recruiting		4,703,129	4,777,574
Team Travel		11,040,117	11,440,747
Uniforms, Equip & Supplies		4,930,814	5,064,225
Game Day Expenses		10,209,518	9,491,608
Fundraising & Marketing		17,250,328	5,220,212
Facilities debt service & leases		20,625,799	18,726,069
Facility Maint & operations		10,997,400	**
Athlete Medical & Insurance		2,125,052	2,106,706
Student Athlete Meals		4,259,940	4,002,809
Post-Season Expenses		6,250,651	2,900,371
Alston & Other Educ benefits		2,711,687	**
Overhead & Administration		16,517,661	25,939,027
Other Operating Expenses		14,352,062	16,908,382
Revenue Sharing (2026)		-	-
Average per School ($)		224,947,226	205,027,769

** New reporting cathegories beginning in 2025. 

EADA Operating Expenses: SEC Schools 2022-25

Per EADA (aka Title IX) reporting, average 2025 athletic department operating costs were $ 208 million for SEC schools, a 37% increase in expenses over a 3-year span:

SEC Athletic Departments Annual Expenses 2022-25 *	FY 2025 ($)	FY 2024 ($)	FY 2023 ($)	FY 2022 ($)	3-Year % Increase
Tennessee	285,364,027	204,906,178	180,206,473	152,662,163	87%
Texas	277,413,781	237,475,591	199,292,967	192,754,766	44%
Oklahoma	234,426,470	188,623,620	181,311,331	185,625,893	26%
Alabama	229,908,712	243,096,720	191,190,486	174,715,501	32%
Texas A & M	228,301,283	223,847,369	174,723,140	157,702,310	45%
Georgia	226,736,834	182,882,099	176,104,818	159,508,178	42%
Louisiana State	219,649,408	218,545,643	199,111,003	192,770,400	14%
South Carolina	203,259,302	183,652,273	160,420,147	144,815,377	40%
Florida	199,237,539	180,556,616	176,795,879	177,969,655	12%
Auburn	195,930,163	182,486,390	183,653,846	146,645,900	34%
Arkansas	188,988,863	170,011,614	170,990,473	148,280,378	27%
Kentucky	186,609,679	193,915,782	166,220,830	151,254,460	23%
Missouri	181,114,849	157,734,870	124,293,939	107,823,990	68%
Mississippi	171,119,339	145,401,658	136,764,296	123,796,191	38%
Mississippi State	157,301,826	125,114,437	113,473,523	100,888,464	56%
Vanderbilt	146,388,389	140,707,218	125,133,666	110,941,948	32%
Average per School ($)	208,234,404	186,184,880	166,230,426	151,759,723	37%

* Expenses per Equity in Athletics Act (EADA) annual reporting. EADA differs from NCAA reporting 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