College athletics' 25 powerhouses who produce the most revenue entering 2024

Only two of the former PAC-12 teams in the top 25 list. Along with mis-management, I see why the PAC 12 is no longer.

Athletic revenue is booming. The NCAA raked in $1.3 billion in revenue last season and distributed more than half back to Division I members. Television broadcast rights crossed the $4 billion mark in 2022 and continue to grow. There are also ticket sales, alumni donations, licensing and ads and conference distributions that make college athletics one of the world's biggest businesses.

Athletics departments nationwide recently submitted financial reports to the NCAA for the 2023 fiscal year, and the numbers were shocking. Nine programs raked in $200+ million in total operating revenue in 2023, up from five in 2022. Football is the breadwinner. Texas led the nation with $182 million in football revenue last season. Men's basketball brings in the second-most money but pales in comparison. The top-grossing hoops school netted $38 million.

We poured through financial reports, identified the 25 highest-grossing athletics programs last year using Sportico data, and compared the numbers to last season's figures. The top 10 are all Big Ten or SEC members in 2024.

25. Illinois Fighting Illini

2023 athletic revenue: $148,345,919

2022 revenue: $145,735,330 (No. 24)

24 . Minnesota Golden Gophers

2023 athletic revenue: $148,707,736

2022 revenue: $135,198,272 (No. 29)

23. Oregon Ducks

2023 athletic revenue: $150,605,799

2022 revenue: $153,510,555 (No. 19)

22. Washington Huskies

2023 athletic revenue: $151,599,477

2022 revenue: $145,184,864 (No. 25)

21. South Carolina Gamecocks

2023 athletic revenue: $160,489,386

2022 revenue: $142,210,807 (No. 27)

20. Arkansas Razorbacks

2023 athletic revenue: $167,366,549

2022 revenue: $152,513,755 (No. 20)

19. Iowa Hawkeyes

2023 athletic revenue: $167,417,806

2022 revenue: $151,483,092 (No. 21)

Top takeaway: Oregon dropped four spots as the football program brought in $1.1 million less than it did in 2023. Ticket sales hovered around $20 million both seasons, but the Pac-12 payout dropped by nearly $1 million. The Ducks won't have to deal with that problem in the Big Ten.

18. Florida State Seminoles

2023 athletic revenue: $169,558,790

2022 revenue: $161,141,884 (No. 15)

17. Michigan State Spartans

2023 athletic revenue: $170,654,025

2022 revenue: $172,799,513 (No. 12)

16. Kentucky Wildcats

2023 athletic revenue: $174,485,651

2022 revenue: $159,079,024 (No. 16)

15. Florida Gators

2023 athletic revenue: $189,142,176

2022 revenue: $190,417,139 (No. 8)

14. Auburn Tigers

2023 athletic revenue: $195,301,922

2022 revenue: $174,568,442 (No. 11)

13. Clemson Tigers

2023 athletic revenue: $195,984,260

2022 revenue: $158,283,618 (No. 17)

12. Wisconsin Badgers

2023 athletic revenue: $197,723,038

2022 revenue: $150,100,977 (No. 22)

11. Oklahoma Sooners

2023 athletic revenue: $199,295,570

2022 revenue: $177,320,217 (No. 10)

Top takeaways:Florida tumbled seven spots as non-sport-specific donations dropped by over $11 million from 2023 to 2024. The Gators football program made over $3 million more last season than it did the season before. Wisconsin soared 10 spots after new head coach Luke Fickell helped the football program reel in $16 million more in 2023 than 2022.

10. Alabama Crimson Tide

2023 athletic revenue: $199,913,763

2022 revenue: $214,365,357 (No. 3)

Alabama surprisingly dropped seven spots on this list despite a College Football Playoff berth in Nick Saban's final season at the helm. Football ticket sales dropped by $3 million from 2023 to 2024, while men's basketball grew by $1 million. However, the biggest reason for the Crimson Tide's drop in total operating revenue came from the non-sport-specific category. The program received $8.7 million in direct institutional support in 2022 compared to $0 last season.

9. LSU Tigers

2023 athletic revenue: $200,476,979

2022 revenue: $199,309,382 (No. 6)

LSU joined the $200 million club in 2023 despite falling a few spots down the list. The Tigers' football program received between $26-27 million in donations in the last two seasons. Football ticket sales increased by $3 million in 2023. The men's basketball program brought in around $12 million in both seasons, while women's basketball ($1.7 to $2.4 million) and all other sports ($8.5 to 11.1 million) enjoyed an influx of cash last season.

8. Tennessee Volunteers

2023 athletic revenue: $202,097,305

2022 revenue: $154,566,935 (No. 18)

Tennessee's total operating revenue skyrocketed in 2023 on the back of a banner financial year in football. The Volunteers took a step back on the field last year compared to their 2022 season but managed to increase revenue by $35 million. Most of that money came from generous donors. Tennessee received $32 million in donations in 2022 and $62 million last year. Men's basketball also increased revenue by $2 million, while all other sports jumped from $5.6 million to $7.5 million.

7. Penn State Nittany Lions

2023 athletic revenue: $202,200,023

2022 revenue: $181,227,448 (No. 9)

Penn State football's total operating revenue increased $4 million from 2022 to 2023. Men's basketball ($2 million) and all other sports ($3 million) also enjoyed a bump in revenue. The Nittany Lions' football program sells $7 million more in tickets than it did five years ago but has fallen behind Big Ten rivals Ohio State and Michigan in donation money. Penn State football received $7.3 million in donations last season. The Buckeyes received $57 million and the Wolverines got $31 million.

6. Nebraska Cornhuskers

2023 athletic revenue: $204,831,356

2022 revenue: $143,423,944 (No. 26)

Nebraska made the second-biggest total operating revenue jump of any program last season as the Matt Rhule hire invigorated the football program. The Huskers pulled in $97 million on the gridiron in 2022 and $122.8 million last season. Ticket sales were nearly identical those two seasons, but donors filtered a lot more money into the program. Nebraska football received just $86,316 in 2022 but had that number explode to $15.8 million last season.

5. Georgia Bulldogs

2023 athletic revenue: $210,108,069

2022 revenue: $203,048,566 (No. 5)

Georgia is as stable of an athletics program as they come, ranking no lower than No. 6 in these rankings each of the last six seasons. The Bulldogs football program had donations decrease from $71 million in 2022 to $61 million last season but sold nearly $2 million more in tickets to help make up for it. Georgia's athletic department has started to invest more in other programs, and it paid off last season. The sports outside football and men's and women's basketball raked in $14.1 million last season compared to $4.5 million in 2022.

4. Michigan Wolverines

2023 athletic revenue: $229,561,279

2022 revenue: $210,652,287 (No. 4)

It pays to be the national champions. Michigan football's revenue jumped from $131.4 million in 2022 to $142.7 million in 2023 as ticket sales skyrocketed from $55 million to $65 million. The Wolverines also benefit from one of the highest-grossing basketball programs, pulling in at least $20 million in five of the last six seasons. Michigan basketball ranked No. 11 in total operating revenue last season despite a disappointing 18-16 season under Juwan Howard. The program hopes to reach new heights under Dusty May.

3. Texas Longhorns

2023 athletic revenue: $271,129,326

2022 revenue: $239,290,648 (No. 2)

Texas, the only Big 12 team in the top 10, ranked No. 3 in total operating revenue last season despite making a fraction of what the SEC and Big Ten made last season. The Longhorns made $23.2 million in media rights while its SEC ($55 million) and Big Ten counterparts ($49 million) nearly doubled that figure. That will change in 2024 as Texas enters the SEC. Texas' football revenue jumped from $142 million in 2022 to $162 million in 2023, behind a $13 million increase in ticket sales.

2. Texas A&M Aggies

2023 athletic revenue: $279,188,334

2022 revenue: $193,139,619 (No. 7)

Texas A&M enjoyed the biggest jump in total operating revenue of any school last season, seeing an increase of $86 million, $15 million more than any other school. The increase is mainly due to its ambitious centennial campaign. After reporting approximately $54.16 million in contributions in 2022, the Aggies reached $115.4 million this year. Texas A&M's $279.1 million in total operating is its highest figure since the NCAA started its current financial reporting system in 2005.

1. Ohio State Buckeyes

2023 athletic revenue: $279,549,337

2022 revenue: $251,615,345 (No. 1)

Ohio State finished No. 1 in these rankings each of the last two seasons and has finished in the top three in five of the last six. The Buckeyes' football program generated a whopping $127.3 million last season, with $64 million coming from ticket sales. Donors have also been generous, pumping $62 million into the program in 2022 and $57 million last season. The men's basketball program is holding its own, too. It ranked No. 8 in total operating revenue last season and finished No. 10 the year before.