There is no doubt that college athletics involves big money. But which schools are really generating that money and what do they end up with at the end of the day? According to the most recent filings with the Department of Education, college athletics — men and women, all sports, combined totals — generated $12.6 billion in revenue in 2011.
These institutions generated the greatest dollar amount of revenues from all athletics:
| The University of Tennessee | $102,495,204 |
| Auburn University | 103,982,441 |
| University of Oklahoma Norman Campus | 104,338,843 |
| Louisiana State University | 106,421,671 |
| Pennsylvania State University | 116,118,026 |
| University of Michigan-Ann Arbor | 122,486,490 |
| University of Florida | 123,008,257 |
| The University of Alabama | 123,910,432 |
| Ohio State University-Main Campus | 131,815,819 |
| The University of Texas at Austin | 150,295,932 |
About one half of all college athletic revenue was generated by the top 100 of the 2,068 reporting institutions. 90 of the top 100 athletic revenue schools are NCAA Division I-A. There are eight Division 1-AA schools in the top 100 athletic revenue schools: New Hampshire, Old Dominion, Villanova, Penn, James Madison, Georgetown, Delaware and Yale. Two of the top 100 athletic revenue schools are 1-AAA; St. Johns and Boston University.
The 2,068 colleges and universities that reported their data also spent over $12 billion in expenses to generate that $12.6 billion in revenue.
The following schools reported the highest expenses for athletics:
| The University of Alabama | $92,225,560 |
| University of Wisconsin-Madison | 92,939,345 |
| University of Michigan-Ann Arbor | 95,836,991 |
| Louisiana State University | 96,019,689 |
| University of Oklahoma Norman Campus | 96,274,366 |
| Auburn University | 100,497,784 |
| The University of Tennessee | 102,480,757 |
| University of Florida | 112,951,656 |
| Ohio State University-Main Campus | 113,184,855 |
| The University of Texas at Austin | 125,978,117 |
The average revenue for each of the reporting schools was about $6 million, with related expenses exceeding $5.8 million. Within that limited margin of return, many schools lost money on athletics and even some of the leading revenue generating schools broke even. The following schools collectively generated about $700 million in revenue, all of which was eaten up by expenses: TCU, WVU, Baylor, BC, UCLA, Kansas, USC, Minnesota, Stanford and Florida State.
Looking at the top revenue generating schools, the highest revenue over expenses levels were the following, collectively pocketing about $200 million:
| Revenue | Expense | Difference | |
| Michigan State University | $80,963,182 | $67,450,913 | $13,512,269 |
| Oklahoma State University | 70,123,206 | 55,757,830 | 14,365,376 |
| University of Oregon | 85,740,068 | 69,306,426 | 16,433,642 |
| Ohio State University-Main Campus | 131,815,819 | 113,184,855 | 18,630,964 |
| University of Notre Dame | 94,507,919 | 75,360,209 | 19,147,710 |
| Kansas State University | 68,875,266 | 45,479,858 | 23,395,408 |
| The University of Texas at Austin | 150,295,932 | 125,978,117 | 24,317,815 |
| University of Michigan-Ann Arbor | 122,486,490 | 95,836,991 | 26,649,499 |
| Pennsylvania State University | 116,118,026 | 84,498,339 | 31,619,687 |
| The University of Alabama | 123,910,432 | 92,225,560 | 31,684,872 |
Tennessee generated top ten level revenue of more than $102 million, but almost equal expenses, reporting a net of a mere $15,000. On the other hand, KSU managed to end up with more than $23 million on 2011 revenue of only $68 million.
To consider the athletic achievement that came from the revenue and expenses, the Capital One Cup honors NCAA Division I athletics programs for their cumulative on-field performance across multiple men’s and women’s sports. From the top revenue generating and expenses generating schools: Florida ranked first in the Capital One Cup men’s division and fourth in the women’s, Auburn ranked third in the men’s division, and Ohio State ranked 10th in the men. From the highest expense group, Auburn ranked third in the men’s division. From the highest revenue over expenses group, Notre Dame, Penn State and Texas ranked 5th, 8th and 10th in the women’s and Ohio State ranked 10th in the men’s.