The True Cost of a Division I Athlete: Where Budgets and Returns Don’t Always Align

In today’s college athletics landscape, every administrator is grappling with the same questions:

• How much are we really spending on each sport?

• Which programs generate returns, and which require heavy subsidies?

• How do NIL dollars fit into this equation?

Using NCAA FRS reports from Division I public institutions, we mapped out the true cost per student-athlete across sports, and then layered in revenues vs. expenses per athlete. Together, these views tell a complex story: while the spotlight shines on Football and Basketball, the real strategic battles may lie elsewhere in the portfolio.

Cost per Student-Athlete: A Wide Spectrum

The first view shows per-athlete costs (expenses ÷ student-athletes):

• Men’s Basketball leads at $429,000 per athlete, nearly double any other sport.

• Women’s Basketball ($220,000) and Football ($219,000) are next, cementing the “big three” as the most resource-intensive.

• Men’s Ice Hockey ($172,000) and Women’s Gymnastics ($139,000) also stand out with high per-athlete spending.

• At the other end, Track & Field, Cross Country, and Lacrosse operate at less than $50,000 per athlete.

This spectrum—from $40k to $430k—shows just how imbalanced sport portfolios really are.

Expenses vs. Revenues: The ROI Reality

When we compare expenses per athlete vs. revenues per athlete, the picture sharpens:

• Football is the only sport in the black, generating slightly more revenue than its expenses.

• Men’s Basketball comes close, but still runs a small deficit.

• In most other sports, deficits range from $25,000 to over $140,000 per athlete.

• The steepest gaps:

  • Women’s Basketball (-$142k)

  • Women’s Gymnastics (-$99k)

  • Men’s Ice Hockey (-$81k)

Put simply: outside of Football, nearly every sport depends on subsidies—whether institutional funds, student fees, or donor support.

What’s Missing Here: NIL

These numbers reflect operational budgets only. They do not include Name, Image, and Likeness (NIL) dollars, which are fundamentally changing the financial equation.

• In Football and Men’s Basketball, six- and seven-figure NIL packages mean the true “cost per athlete” is far higher than what budgets alone show.

• In Olympic and non-revenue sports, NIL activity is minimal—so the deficits seen in the chart represent the full picture of institutional support.

For ADs, this means managing two financial realities:

1. The budget you control (scholarships, salaries, travel, ops).

2. The external NIL market that affects recruiting and retention, even though it sits outside your books.

Beyond the Big Two: Why the Other Sports Matter

It would be easy to stop here and say, “Football pays the bills, Basketball comes close, everything else is subsidized.” But that misses the bigger story.

• Some sports are growing rapidly in popularity, fan engagement, and participation—creating leverage beyond their deficits.

• Others are slipping quietly, raising questions about sustainability and long-term sponsorship.

For example:

• Softball is setting record-breaking TV audiences and outdrawing many men’s sports.

• Women’s Gymnastics is selling out arenas and building a pro-level entertainment product.

• Beach Volleyball is the fastest-growing NCAA sport, with over 100 programs launched since 2012.

• On the other side, Men’s Gymnastics and Men’s Swimming/Tennis continue to face program attrition due to high operating costs and low revenue potential.

These dynamics matter because they reshape what the next 5–10 years of sport sponsorship will look like.

The Big Takeaway for ADs

Athletic directors and senior leaders face tough questions:

• Which deficits are strategic investments (driving exposure, equity, or mission fit)?

• Which deficits are unsustainable drains on resources?

• Where are the growth signals worth leaning into—despite the numbers on paper?

The answer lies in treating this not just as a budget conversation, but as a portfolio strategy conversation.

What’s Next: A Deep Dive Series

This post is the first in a series that will break down:

1. Rising Sports That Outperform Their Costs (Softball, Gymnastics, Beach Volleyball)

2. Sports Under Pressure (Men’s Gymnastics, Swimming, Tennis, Wrestling)

3. The NIL Overlay (How the external market is rewriting ROI in Football, Basketball, and emerging women’s sports)

Stay tuned—because the sports that quietly grow or quietly fade will matter as much as the ones that headline ESPN.

How AD Vantage Helps

At AD Vantage, we provide athletic leaders with the tools to:

• Benchmark per-athlete costs and revenues against peers.

• Identify growth opportunities where small investments drive outsized returns.

• Model sport portfolio scenarios to prepare for adds, cuts, or reallocations.

📊 See how your department stacks up. Schedule a demo to get the data clarity you need to lead with confidence.