In its last year as a 14-member conference, the Big Ten reported a revenue increase to $928 million, with expectations to surpass $1 billion in the ongoing 2025 fiscal year, as stated in the league’s 2024 tax report.
The league allocated between $63.26 million and $63.43 million to 12 of its members, while Rutgers and Maryland received $61.52 million, having borrowed funds from the Big Ten during their status as non-vested members from 2014 to 2020. Both are expected to receive complete shares in 2027. The fiscal year 2024 ended on June 30, 2024.
The majority of the league’s 18 athletic departments have allocated approximately $75 million from Big Ten funds for the current 2025 fiscal year. Maryland and Rutgers will receive somewhat reduced portions. Among the former Pac-12 institutions that became part of the Big Ten, Washington and Oregon possess half-shares until the 2030 fiscal year, whereas USC and UCLA joined the Big Ten as fully vested members.
Former Big Ten commissioner Kevin Warren earned over $6.8 million, which includes $5.75 million in bonuses, for facilitating new media rights deals, a story first reported by USA Today. Warren departed from the Big Ten to join the Chicago Bears on April 14, 2023.
Ex-Big Ten commissioner Jim Delany obtained over $5.85 million in both deferred and reportable compensation from the Big Ten. Delany stepped down on January 2, 2020. Tony Petitti, who took over from Warren as commissioner in May 2023, received $2.62 million in base pay and bonuses in fiscal 2024.
The Big Ten’s financial growth is primarily driven by its massive media rights agreements. In August 2022, the conference secured a seven-year broadcast rights deal with Fox, CBS, and NBC, worth an estimated $7 billion. This agreement began with the 2023–24 academic year and ended a long-running partnership with ESPN. The deal features designated broadcast windows: Fox at noon, CBS in the afternoon, and NBC in primetime. These slots have elevated the Big Ten’s football exposure nationally, contributing significantly to its financial success.
Despite the impressive revenue, some of the Big Ten’s athletic departments have struggled to balance budgets. Based on public records, the 16 public Big Ten universities collectively generated nearly $2.84 billion in athletic revenue in fiscal 2024, while spending close to $3 billion. At least eight departments posted deficits, with four facing losses exceeding $15 million. These gaps were covered using a mix of internal reserves, university support, and loans.
Football remains the dominant financial force behind the Big Ten’s earnings. In 2023, Michigan led the conference in football ticket revenue, bringing in $50.3 million. Ohio State and Penn State followed, reporting $47.85 million and $44.45 million respectively. At the lower end, schools like UCLA and Maryland generated $8.35 million and $7.27 million in football ticket sales. These disparities highlight the varying levels of football-related income within the conference.
As the Big Ten transitions into an 18-member super-conference and incorporates more schools, its financial structure becomes more intricate. However, projections suggest even greater earnings ahead, with the 2025 fiscal year poised to break the $1 billion mark—a milestone that would further solidify the Big Ten’s dominance in college athletics.
