For decades, colleges answered almost every strategic problem by growing: more students, more programs, more buildings, more staff. That answer is running out. About one in seven colleges (387) lost money over the past decade, small private schools now discount nearly 55 cents of every tuition dollar to hold enrollment, and undergraduate enrollment is still roughly 400,000 below 2019. In July, new federal loan caps took effect, and programs whose graduates don't out-earn high school graduates now risk losing access to federal loans.

Athletics is not exempt. In 2024, public FBS schools in the top tier spent more on athletics than they brought in for the first time: $13.06 billion in expenses against $13.02 billion in revenue.

Washington's new test for academic programs is return on investment, and athletic budgets are likely to face the same question. Our executive briefing brings together Jeff Selingo's The State of Higher Education and the U.S. Department of Education's College Affordability and Transparency Report. It covers the economics of attrition, the federal ROI mandate, research funding and AI, governance and leadership turnover, and what all of it may mean for athletic departments.

CLICK HERE to Read the Executive Briefing >>

See the data: Private colleges lose money at nearly twice the rate of public ones, PhD admissions fell 15% this fall, and public confidence in higher education has dropped from 56% in 2015 to 38%. The numbers behind the briefing are in our companion piece, Higher Ed in 25 Charts >>

Key Takeaways: 

 ➤ The Deficit Has Arrived: Richer media deals were absorbed by higher spending. The Big Ten ran $21 million in the red, the SEC $22 million and the ACC $43 million, while the Mountain West finished $48 million ahead.

 ➤ A Fixed Cost That Grows: The House revenue-sharing cap started at $20.5 million per school and rises 4% a year. Some departments are funding it with private-equity joint ventures and loans that borrow against future revenue.

 ➤ Dead Money Adds Up: Public FBS schools have paid $1.02 billion to fired football coaches since 2015, with more than $76 million owed for this season alone.

 ➤ Rosters Aren't Enrollment: At smaller schools, adding teams to fill beds has often replaced other students rather than added to them. Hiram added nine sports and gained just 14 students overall.

These are observations, not rules. Figures are drawn from Jeff Selingo's The State of Higher Education (September 2026) and the U.S. Department of Education's College Affordability and Transparency Report.