In a narrow sense, you're right. But even if a college isn't directly profiting on an program, there are a couple things to consider: - If a university is brea

In a narrow sense, you're right. But even if a college isn't directly profiting on an program, there are a couple things to consider: - If a university is breaking even on a program but its donations are captured on a different part of the balance sheet, it's still reasonable to think of it as profitable. - College football coaches are able to capture a huge share of the football revenue at a school in part because players are unpaid.