I think your comment is directionally correct, but... 1. This article from 2015 (http://www.ncaa.org/about/resources/media-center/news/athletics-departments-ma

I think your comment is directionally correct, but... 1. This article from 2015 (http://www.ncaa.org/about/resources/media-center/news/athletics-departments-make-more-they-spend-still-minority http://www.ncaa.org/about/resources/media-center/news/athlet...) puts it at 24. That sounds closer to correct to me. 2. There are substantial knock-on effects for university donations during big years that are not counted in the profit or loss of an athletic department. These benefits are spread wide throughout the NCAA. Winning a championship (even league rather than NCAA), beating a rival, or just making the NCAA tourney in basketball can be a boost. 3. Sustained excellence can change the face of a university in ways that money cannot. The best recent example is the change of the student body at Alabama during Saban’s tenure. Just some ideas that go beyond sports revenue dollars.