(from http://www.ethosreview.org/intellectual-spaces/is-college-football-profitable/)
"There’s a standard narrative fueling the big business of college football. Many of its advocates put it like this: football programs generate so much revenue for the university, while also supporting “non-revenue” sports like golf and swimming from its own budgetary excess, that college football is its own justification for the large team budgets and coaches’ salaries. Because alumni are much more generous during years when football teams win, academic programming benefits as well. Indeed, so this standard narrative goes, both the jump in admissions applications and the wider “public relations” effect that accompanies a football program cause munificent ripples throughout a university’s stream of income. Many even maintain that football helps to subsidize the obscure and non-remunerative activities of colleges—research into the reproductive biology of ducks and eighteenth-century German poetry, for example. Without a football program, scholarship money would plummet and applicants would flock elsewhere in search of universities with better “student life” opportunities. . .
. . . According to Jeff Benedict and Armen Keteyian, authors of The System: The Glory and Scandal of Big-Time College Football (2013), figures from the 2010-11 academic year show that only 22 of the 120 top-tier football programs broke even or made a profit. That means that while these big-time teams generate millions of dollars of revenue, the cost of running such programs usually exceeds that revenue. To put that more starkly, even within the so-called top tier, 82% of college football teams actually take away money from the university’s budget, rather than generate net revenue. Thus, the myth that college football generates revenue for universities is a lie 82% of the time among the highest grossing “tier” of teams."
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