For years, the big goal in college sports was simple. Get a bigger TV deal and more conference money. Well, that money has arrived. The Big Ten and SEC are bringing in record revenue, but some schools are still losing millions of dollars. According to a veteran media executive and Forbes contributor, the latest financial numbers show that staying competitive has never been more expensive.

Per Jim Williams’ post based on the NCAA report, “Big Ten & SEC athletic departments lost money in FY25 despite record media contracts.”

College athletics used to run on ticket sales and alumni pride. But when conferences jumped to billion-dollar TV deals, the price tag to compete saw a dramatic rise. Coaches’ salaries crossed into the $30 million territory. Training facilities became luxury complexes with rock walls and indoor turf fields.

And now, with the House settlement opening the door to revenue sharing, athletic directors face a new reality that they’re running a marathon with heavier shoes. That’s why even schools in the richest conferences are bleeding money. The money’s coming in, but it’s going out faster.

In the Big Ten, four schools finished in the red, down from eight the previous year. Those schools averaged more than $48 million in net operating losses. UCLA has had $222 million in deficits over the last six years. SEC schools reported losses ranging from $32 million to $133 million. Even Texas finished the year in the red with a $23.3 million loss. The common thing here is that revenue is soaring, but expenses are rising even faster.

The Big Ten generated $1.47 billion in revenue during fiscal year 2025. Media distributions averaged around $76 million per member, but AD expenses hit $205 million. SEC schools face the same squeeze: $1.11B revenue but $72M media distributions against higher expenses.

That’s why booster support has become more important than ever. According to Jim Williams, boosters are covering between 70 and 95% of AD losses. Donors are giving Big Ten schools an average of $36 million. SEC programs get about $71 million in booster contributions. Without those donations, the picture would be grimmer.

Revenue-sharing costs will add another $30 million annually to athletic budgets. So, universities are searching for every possible revenue stream. UCLA Athletics has piled approximately $219.55 million in deficits over the last six years. Even after receiving $30 million from the university in 2024, the department is still hanging on to a $51.85 million yearly deficit. Another burden was the agreement the school made with UC Berkeley after it departed from the Pac-12 and moved to the Big Ten. The Bruins are set to pay them $30 million over three years.

Meanwhile, Texas reporting a $23.3 million loss raises eyebrows. Yet, they reported nearly $376 million in expenses during FY 2025, the highest in school history. Revenue reached approximately $353 million, another record figure and about $21 million higher than the previous year. The issue was conference distribution. 

According to Texas Chief Financial Officer Rob Novak, Texas and Oklahoma did not receive full SEC revenue shares during their first year in the league because of the agreement that allowed them to leave the Big 12 early. That means Texas received only $12.5 million while the other 14 members got about $60.1 million each. Because of that, university officials actually set a $47 million budget for losses. So after they finished with a $23.3 million loss, it feels like a win for them.

Record conference revenues are shaping college football

The backdrop to all of this is the growing financial gap between the P4 conferences. The Big Ten led the nation with $1.47 billion in revenue during fiscal year 2025, while the SEC generated $1.11 billion. After them came the ACC with a record $826.5 million, fueled largely by $588.8 million in TV revenue from ESPN and the ACC Network. The Big 12 also posted a record $610.9 million after adding four former Pac-12 schools.

After conference realignment, Big Ten revenue jumped by $540 million from the previous fiscal year. The SEC increased by $269 million, while the ACC and Big 12 gained $115.1 million and $118 million, respectively. The biggest loser was the Pac-12. 

After being reduced to Oregon State and Washington State, conference revenue collapsed from more than $500 million to just $111.5 million. TV revenue alone dropped from $381 million to $3 million. Yet the most fascinating takeaway is that even with billion-dollar conference revenues, many athletic departments are still struggling to break even.