If you trust the site (it came up on google) here's some numbers:
Here's how much each Power 5 conference made last year
This was from a couple of years ago, but its close enough. The amount each conference makes and what each school in the conferences get.
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They're getting crazy amounts of money, I find it hard to believe that anyone in the power five conferences are unable or have trouble balancing the books. I also believe many (most?) have such an active booster program that they generate millions from that as well. I have no concrete proof - just my opinion.
Those figures don't come close to telling the whole story.
Which are the most profitable college athletic programs in the country? See a ranked listed, including total revenue and expenses. Brought to you by USA TODAY.
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The ~$45M each SEC school gets sounds like a lot, but not when they have had expenses ranging from $105M to $195M.
Big Ten? $93M - 225M.
In this year's NCAA hoops tourney, the top conference payout was $34M, to the SEC. I'm not aware of how the SEC in particular handles such proceeds, but for a conference like the late Pac-12, it's split evenly among all the schools. Not gonna get rich off those earnings.
The struggles are real, even for the big schools.
And putting aside the debate over how much a college education is worth, whether and how much athletes should be paid, that doesn't change the fact that those on scholarships don't pay tuition, room or board. I'm not a bean counter, and don't know whether those figures are counted as expenses, but those costs still have to figure into someone's budget, whether it's the athletic department or the larger school as a whole.
Those out-of-conference, often cupcake games that appear on football schedules are revenue generators, first and foremost. There are few reasons that a small state school from a small conference, agrees to play an Alabama, other than money.