Everyone loved revenue sharing … until the revenue got shared

Congress is considering competing bills to “save college sports” after last year’s landmark name, image, and likeness settlement. The debate often begins with athlete compensation. It should begin with the financial structure that compensation is about to disrupt.

Football and men’s basketball do not merely pay for themselves at major universities. They subsidize nearly everything else.

Football and men’s basketball laid the golden eggs, and nearly everyone else lived on them. That arrangement may be ending.

Equity in Athletics Disclosure Act reports show the scale of those surpluses. In 2025, the last year before the settlement took effect, Michigan reported more than $120 million in combined surplus from football and men’s basketball. Tennessee exceeded $116 million. Notre Dame topped $102 million.

Those schools are not outliers. At least 12