Raphael Stevens

Nike CEO Elliott Hill outlined his strategy to return the company to growth after the retailer blamed deep discounting for declining revenue and profit.
The longtime Nike veteran, who returned in October, said the company is focused on turning the business around and returning “sport” to the center of everything it does.
Nike beat on the top and bottom lines for its most recent quarter, though revenue and profit were down year over year.

Customers shop at a Nike store in an outlet mall in Los Angeles, Nov. 8, 2024.
Frederic J. Brown | Afp | Getty Images

Nike’s turnaround will take a bit longer than expected under new CEO Elliott Hill, who outlined his strategy to return the company to growth on Thursday after the retailer blamed deep discounting for declining revenue and profit.
The sneaker giant has been relying on promotions to drive sales, and it plans to return its online business to a full-price model, but first, it will need to aggressively liquidate old inventory through “less profitable channels,” said Hill and finance chief Matt Friend.

“What I’ve seen is traffic in Nike direct, digital and physical, has softened because we lack newness in product and we’re not delivering inspiring stories,” said Hill. “The result is we’ve become far too promotional … Entering the year, our digital platforms were delivering roughly a 50/50 split of full price to promotional sales. The level of markdowns not only impacts our brand, but it also disrupts the overall marketplace and the profitability of our partners.”
As a result, Nike expects gross margins to be down between 3 and 3.5 percentage points during the holiday quarter. It also expects sales to be down low double digits, worse than what analysts surveyed by LSEG had expected.
While expectations were low for Nike’s most recent quarter headed into Thursday’s release, the sneaker giant handily beat Wall Street’s expectations on the top and bottom lines.
Here’s how Nike did in its fiscal second quarter of 2025 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 78 cents vs. 63 cents expected
Revenue: $12.35 billion vs. $12.13 billion expected

Nike shares initially spiked following the results but pared gains after Hill delivered his opening remarks on a call with analysts.

Nike’s reported net income for the three-month period ended Nov. 30 fell to $1.16 billion, or 78 cents per share, compared with $1.58 billion, or $1.03 per share, a year earlier.
Sales fell to $12.35 billion, down about 8% from $13.39 billion a year earlier.
Hill, who started with Nike as an intern in the 1980s before leaving the company in 2020, is tasked with turning around the world’s largest sportswear company after it fell behind on innovation, ceded market share to competitors and botched its selling strategy.
“I have an irrational love for this company. I know Nike inside and out, take pride in what the brand stands for and want to see the company succeed,” Hill said in his opening remarks to analysts. “In a moment where our team, brand and business are being challenged, my singular focus is to help get us back on track, to get back to winning.”

Elliott Hill, president and CEO of Nike, Inc.
Courtesy: Nike

During his opening remarks, Hill delivered a resounding rebuke of the strategies that have come to define his predecessor John Donahoe’s tenure as CEO.
He said the company had spent too much of its resources focused on driving online sales, paying for performance marketing and isolating wholesale partners — strategies that he now plans to unwind. He acknowledged that key wholesale partners feel Nike has turned its back on those partnerships and said the company is now working to build back their trust.
“We know our sales teams will have to earn every ‘open to buy’ dollar, but we’re investing to make sure our partners feel supported,” said Hill. “We’ll do more than just sell in our products. We’ll actively support mutually profitable sell-through. Simply put, we will win when our partners win.”
That’s good news for partners such as Foot Locker, JD Sports and Dick’s Sporting Goods, which rely on Nike products to drive sales.
Hill also called out a criticism that has swirled around Nike for the last couple of years: that the company lost sight of what had long defined the brand — athletes and performance — leading it to cede market share to competitors such as Asics, On Running and Hoka.
“We lost our obsession with sport,” said Hill. “The reliance on a handful of sportswear silhouettes is not who we are.”
Hill appeared to be referencing the company’s previous decision under Donahoe to focus growth on three key franchises — Air Force 1s, Dunks and Air Jordan 1s. For years, those lifestyle brands drove sales, but Nike made so many of the shoes that they became commonplace and uncool. As a result, Nike is trying to cut back supply, which it has said will impact sales in the short term, but hopefully not the long term.

Sneaker sales

During the most recent quarter, sales at Nike’s store and online were down 13% while wholesale revenues were down 3%. The steep discounting contributed to a 1 percentage point decline to gross margin, which came in at 43.6%, slightly better than the 43.3% StreetAccount analysts had expected.
Inventory, another area for concern, was flat compared with the prior year at $8 billion. Units were up, but that was offset by lower product input costs and a shift in product mix.
Still, inventories were higher than the company wants them to be, especially given “recent sales trends,” Friend said.
While Nike saw sales down in all four of its geographies, results were better than expected in all regions except for China, which saw sales decline 8% to $1.71 billion, below the $1.75 billion StreetAccount had expected.
In North America, Nike saw sales of $5.18 billion, an 8% decline but ahead of the $5.01 billion Street Account had expected. In Europe, Middle East and Africa, sales were down 7% to $3.30 billion, slightly ahead of the $3.26 billion StreetAccount had expected. And in Asia Pacific and Latin America, sales fell 3% to $1.74 billion, ahead of the $1.62 billion analysts had expected. 
Converse, which Nike acquired in 2003, has also dragged down the company’s overall performance, with sales down 17% during the period to $429 million, far below the $462.6 million that analysts polled by StreetAccount had expected.
Nike’s shift away from Dunks and Air Force 1s as well as its steep discounting has also affected Foot Locker, which missed Wall Street’s estimates on the top and bottom lines in its third-quarter report Dec. 4 in part because of soft demand for Nike products, its CEO Mary Dillon told CNBC at the time. 
Since Hill took the helm just over two months ago, he has scored a few wins. The National Football League announced Dec. 11 that it had renewed its contract with Nike after it briefly courted other bidders. Amid criticism for falling behind on innovation and botching a uniform release for Major League Baseball, the NFL’s decision to renew its contract with Nike through 2038 was a major vote of confidence. 
Now, Nike is the exclusive uniform provider for the NFL, MLB, and the National Basketball Association.
Shares of Nike were down about 27% in 2024 as of Wednesday afternoon, compared with a roughly 27% gain for the S&P 500. More

Pro pickleball’s metrics are on the rise in its first year as a unified professional sport.
The average pay of players on the PPA Tour and MLP was $260,000, the league said.
The unified league, called the United Pickleball Association, has helped create efficiencies and opportunities across the business.

NEW YORK CITY, NY – SEPTEMBER 21: Anna Leigh Waters of the New Jersey Fives rallies the ball during a Major League Pickleball match on September 21, 2024 at Wollman Rink in New York, New York. (Photo by Andrew Mordzynski/Icon Sportswire via Getty Images)
Icon Sportswire | Icon Sportswire | Getty Images

Pickleball is paying off for America’s best players.
The Professional Pickleball Association said on Thursday that the league is seeing growth in everything from attendance to players, and even salary.

In fact, the average pay of the more than 60 women on the PPA Tour and Major League Pickleball was $260,000, according to the league. That is more than the highest-paid WNBA player’s annual salary and more than double the average salary of National Women’s Soccer League athletes.
The league said pro pickleball players earned more than $30 million collectively. This is based on salary alone and does not include endorsement deals.
Pro pickleball has come a long way since its inception.
Last December, some players formed a collective to voice their concerns about the future of Major League Pickleball after they were asked to take a 40% pay cut.
In February, Major League Pickleball and the Professional Pickleball Association completed their long-awaited merger, creating the United Pickleball Association. The deal also included $75 million of outside investment.

The PPA Tour and Major League Pickleball retained their own distinct brands. The PPA Tour features an individual bracket-style tour, while MLP is a team-based format.
Since the creation of the United Pickleball Association, the off-court drama has died down and the league has been working to refine its product and its business, led by stars like 17-year-old Anna Leigh Water, and top players Federico Staksrud and Ben Johns.

NEW YORK CITY, NY – SEPTEMBER 21: Ben Johns of the Carolina Pickleball Club rallies the ball during a Major League Pickleball match on September 21, 2024 at Wollman Rink in New York, New York. (Photo by Andrew Mordzynski/Icon Sportswire via Getty Images)
Icon Sportswire | Icon Sportswire | Getty Images

“It’s just these immense efficiencies that came about as we were able to merge, and as a result, it was great for our business,” said Samin Odhwani, United Pickleball Association’s chief strategy officer.
Odwhani said being under one umbrella created cross-promotional opportunities for players and also opened doors with sponsors and their sales team.
As a result, the sponsorship business grew by 50% year-over-year with more than 50 sponsors across both the PPA Tour and MLP brands.
Odhwani projects that UPA revenue should top $100 million in the next few years.
Viewership and interest also remain strong. In 2024, the league said 320,000 fans attended PPA Tour and MLP events, up 40% from the year prior. It also marked the first year in which revenue from ticket sales surpassed revenue from amateur registration, the league said.
Fans tuned into 350 hours of pickleball television in 2024 across Fox, CBS, ESPN, Amazon Prime, Tennis Channel and others, according to the UPA.
PickleballTV, a joint venture between the UPA and the Tennis Channel, said fans watched more than a billion minutes of the sport this season.
“2024 was the best year ever for pro pickleball,” Odhwani said. “We had 320,000 plus attendees at our events, 27,000 amateurs playing and candidly, just a unified league.”
Heading into the new year, UPA said its priorities include expanding media rights partnerships, growing the amateur business and continuing to build existing pros into household names in the world of sports. More

The Food and Drug Administration said the active ingredient in Eli Lilly’s weight loss drug Zepbound is no longer in shortage, a decision that will eventually bar compounding pharmacies from making unbranded versions of the injection.
But the FDA said it will provide a 60 to 90-day transition period where it will not take action against pharmacies for making compounded tirzepatide, which will give patients time to switch to the branded version.
It’s the latest in a high-stakes dispute between compounding pharmacies and the FDA over a shortage of tirzepatide, the active ingredient in Eli Lilly’s widely prescribed weight loss drug Zepbound and diabetes treatment Mounjaro.

An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City on Dec. 11, 2023.
Brendan McDermid | Reuters

The Food and Drug Administration on Thursday said the active ingredient in Eli Lilly’s weight loss drug Zepbound is no longer in shortage, a decision that will eventually bar compounding pharmacies from making cheaper, unbranded versions of the injection.
“FDA has determined that the shortage of tirzepatide injection products, which first began in December 2022, is resolved,” the agency said in a letter. “FDA continues to monitor supply and demand for these products.”

The agency’s decision, based on a comprehensive analysis, marks the end of a period where certain pharmacies could make, distribute or dispense unapproved versions of tirzepatide – the active ingredient in Zepbound – without facing repercussions for violations related to the treatment’s shortage status.
Compounding pharmacies must stop making compounded versions of tirzepatide in the next 60 to 90 days, depending on the type of facility, the agency said. The FDA said that transition period will give patients time to switch to the branded version.
It’s a blow to some compounding pharmacies, which say their copycat drugs help patients who don’t have insurance coverage for Zepbound and can’t afford its hefty price tag of roughly $1,000 a month. Zepbound and other weight loss drugs are not covered by many insurance plans, but Eli Lilly’s diabetes counterpart Mounjaro is.
It’s the latest in a high-stakes dispute between compounding pharmacies and the FDA over a shortage of tirzepatide, the active ingredient in both Zepbound and Mounjaro. Eli Lilly has invested billions to expand its manufacturing capacity for tirzepatide as it struggles to keep pace with unprecedented demand.
A trade organization representing compounding pharmacies — the Outsourcing Facilities Association — sued the FDA on Oct. 8 over the agency’s decision to remove tirzepatide from its official drug shortages list just days earlier. The group alleges the FDA acted without proper notice, ignoring evidence that a shortage of tirzepatide still exists. It also contended that the FDA’s action was a coup for Eli Lilly that came at the expense of patients.

Following the suit, the FDA said it would reevaluate removing tirzepatide from the shortages list. That allowed compounding pharmacies to continue making copycats while the agency reviewed its decision.
Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient’s needs. When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet certain requirements under federal law.
The Food and Drug Administration does not review the safety and efficacy of compounded products, and the agency has urged consumers to take the approved, branded GLP-1 medications when they are available. 
However, the FDA does inspect some outsourcing facilities that compound drugs, according to its website.

More CNBC health coverage

Patients have turned to compounded versions of tirzepatide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates. Many health plans don’t cover tirzepatide for weight loss, making compounded versions a more affordable alternative.
The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years. But the FDA earlier this month said all doses of those drugs are now available.
The agency has yet to announce whether it is removing semaglutide from its shortage list — a decision that would likely affect even more compounding pharmacies since it is more widely used than tirzepatide.
Wegovy, Ozempic, Zepbound and Mounjaro are under patent protection in the U.S. and abroad, and Novo Nordisk and Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.
Novo Nordisk and Eli Lilly have both stepped in to address illicit versions of their treatments, suing weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. The FDA last month also said it had received reports of patients overdosing on compounded semaglutide due to dosing errors such as patients self-administering incorrect amounts of a treatment.

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The FAA on Wednesday temporarily banned drone flights over 22 areas across New Jersey amid complaints of strange and often bright drones in the night sky.
The TFRs will last until Jan. 17 and cover large parts of central and northern New Jersey, including Elizabeth, Camden and Jersey City, the second most populous city in the Garden State.
Residents have reported seeing unexplained drones flying through sky for weeks, which prompted criticism from local officials and law enforcement.

A drone or SUAV, Small Unmanned Aerial Vehicle.
Richard Newstead | Moment | Getty Images

The Federal Aviation Administration on Wednesday temporarily banned drone flights over 22 areas across New Jersey amid complaints of strange and often bright drones in the night sky.
“At the request of federal security partners, the FAA published 22 Temporary Flight Restrictions (TFRs) prohibiting drone flights over critical New Jersey infrastructure,” the FAA said in a statement to CNBC.

The TFRs will last until Jan. 17 and cover large parts of central and northern New Jersey, including Elizabeth, Camden and Jersey City, the second most populous city in the Garden State.
Residents have reported seeing unexplained drones flying through sky for weeks, which prompted criticism from local officials and law enforcement, who said agencies including the FBI and Department of Homeland Security are not transparent enough with residents.
The FBI and DHS said last week that they had seen “no evidence” that the drone sightings “pose a national security or public safety threat.” They added that they had no evidence of a “foreign nexus” to the drones. On Saturday, the agencies said they had found “many of the reported drone sightings are, in fact, manned aircraft being misidentified as drones.”
“At this point, we have not identified any basis for believing that there’s any criminal activity involved, that there’s any national security threat, that there’s any particular public safety threat or that there’s a malicious foreign actor involved in these drones,” a DHS official said over the weekend.
Meanwhile, drone stocks rallied this week after Palantir announced a partnership with Red Cat Holdings, coupled with the rise in interest around the mysterious sightings. Shares of Red Cat, a Puerto Rico-based drone provider, are up rougly 10% on Thursday. More

Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors
Sales were 6.1% higher than November 2023, the largest annual gain in three years.

Investors own more than 131,000 homes in the Las Vegas Valley now.
Las Vegas Review-journal | Tribune News Service | Getty Images

Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate of 4.15 million units.
Sales were 6.1% higher than November 2023. This is the third-highest pace of the year and the largest annual gain in three years.

This count is based on closings, so contracts were likely signed in September and October. Mortgage rates had fallen to an 18-month low in September but then shot higher in October.
“Home sales momentum is building,” said Lawrence Yun, chief economist for the NAR. “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.”
The supply of homes for sale at the end of October was 1.33 million units, up 17.7% from November of last year. At the current sales pace, that represents a 3.8-month supply. A six-month supply is considered balanced between buyer and seller.
That tight supply continued to put pressure on prices. The median price in November was $406,100, up 4.7% year over year. That annual comparison is gaining again. Prices were up 4% annually in October.
Price gains were strongest in the Northeast and Midwest, at 9.9% and 7.3%, respectively. Roughly 18% of homes were sold above list price.

First-time homebuyers gained some ground, representing 30% of November sales, up from 27% in October, but slightly lower than a year ago. Cash is still king at 25% of sales. Investors, however, pulled back at just 13% of sales, down from 18% in November of last year.
“Is this an indication where investors or more number-crunching people think that home prices are at the top? Or is another reason that rents are no longer rising?” Yun queried.
The biggest sales gains continue to be on the higher end of the market. Sales of homes priced over $1 million surged 24.5% from November of last year, while sales of homes priced below $100,000 dropped 24.1%.
Mortgage rates are higher again today, with the average rate on the 30-year fixed surging 21 basis points Wednesday, following the latest Federal Reserve meeting. Fewer Fed rate cuts are now expected next year.

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CNBC ranks the 75 most valuable college athletic programs.
The rankings exclude military academies and are limited to schools that participate in the NCAA Football Bowl Subdivision, or FBS, which tend to attract top players.
The top of the list is dominated by SEC and Big Ten schools, due largely to each conference’s massive media rights deals.

With major college sports programs collectively generating billions in revenue each year, private investors are looking to get a piece of the action.
But how much is a college sports program worth?

It’s a question CNBC set out to answer after speaking with people in the private equity world who are seeking to invest in college sports.
Below, CNBC ranks the 75 most valuable college athletic programs. The rankings exclude military academies and are limited to schools that participate in the NCAA Football Bowl Subdivision, or FBS, which tend to attract top players.
Ohio State University is the most valuable athletic program, worth an estimated $1.27 billion. The Buckeyes had $280 million in revenue in 2023, the most of any school. Other factors that helped propel the Buckeyes to the top of the rankings are an alumni base of over 600,000, a fan base of more than 11 million, boosters that donated nearly $60 million last year, and a football team that routinely has attendance of over 100,000 at its games.
It isn’t surprising that the top of the list is dominated by SEC and Big Ten schools — due largely to each conference’s massive media rights deals.
In aggregate, the SEC is worth $13.3 billion, an average of $832 million per school; followed by the Big Ten at $13.2 billion, an average of $734 million per school; the ACC at $9.6 billion, or $562 million per school; and the Big 12, at $6.7 billion, or $420 million per school.

The information used to compile the valuations comes courtesy of Jason Belzer, publisher of AthleticDirectorU, who has advised universities on name, image and likeness deals and is now doing the same for athletic departments seeking private equity. AthleticDirectorU has an expansive database of college athletic program financials and information.
The revenue figures are from the Department of Education’s Equity in Athletics Data Analysis and the Knight Commission on Intercollegiate Athletics for the fiscal year 2023. The list is reflective of the current enterprise value of each program, starting with a base revenue multiple of four for all institutions, and then adjusting the multiple for variables, including conference affiliation, estimated NIL spend, school subsidies, number of alumni and other factors that can catalyze future revenue growth and profitability. 
CNBC and Belzer also incorporated the expertise of several people knowledgeable about athletic program valuations to determine the rankings, who requested anonymity in order to discuss details of the programs.

College Athletics Valuations 2024

Rank
Program
Valuation
Revenue
Conference
City
Ownership

1.
Ohio State University
$1.32B
$280M
Big Ten
Columbus, OH
public

2.
University of Texas at Austin
$1.28B
$271M
SEC
Austin, TX
public

3.
Texas A&M University
$1.26B
$279M
SEC
College Station, TX
public

4.
University of Michigan
$1.06B
$230M
Big Ten
Ann Arbor, MI
public

5.
University of Alabama
$978M
$200M
SEC
Tuscaloosa, AL
public

6.
University of Notre Dame
$969M
$224M
ACC
Notre Dame, IN
private

7.
University of Georgia
$950M
$210M
SEC
Athens, GA
public

8.
University of Nebraska
$943M
$205M
Big Ten
Lincoln, NE
public

9.
University of Tennessee
$940M
$202M
SEC
Knoxville, TN
public

10.
University of Oklahoma
$928M
$199M
SEC
Norman, OK
public

11.
Penn State University
$924M
$202M
Big Ten
University Park, PA
public

12.
University of Southern California
$923M
$212M
Big Ten
Los Angeles, CA
private

13.
Louisiana State University
$916M
$200M
SEC
Baton Rouge, LA
public

14.
University of Florida
$865M
$189M
SEC
Gainesville, FL
public

15.
University of Wisconsin
$838M
$198M
Big Ten
Madison, WI
public

16.
Clemson University
$800M
$196M
ACC
Clemson, SC
public

17.
University of Oregon
$780M
$151M
Big Ten
Eugene, OR
public

18.
University of Arkansas
$776M
$167M
SEC
Fayetteville, AR
public

19.
University of Kentucky
$775M
$174M
SEC
Lexington, KY
public

20.
Auburn University
$772M
$195M
SEC
Auburn, AL
public

21.
University of Iowa
$747M
$167M
Big Ten
Iowa City, IA
public

22.
Michigan State University
$740M
$171M
Big Ten
East Lansing, MI
public

23.
Stanford University
$687M
$180M
ACC
Stanford, CA
private

24.
Florida State University
$673M
$170M
ACC
Tallahassee, FL
public

25.
University of Illinois
$665M
$148M
Big Ten
Champaign, IL
public

26.
Duke University
$659M
$153M
ACC
Durham, NC
private

27.
University of Washington
$658M
$152M
Big Ten
Seattle, WA
public

28.
Indiana University
$653M
$145M
Big Ten
Indianapolis, IN
public

29.
University of Mississippi
$651M
$142M
SEC
Oxford, MS
public

30.
University of South Carolina
$650M
$160M
SEC
Columbia, SC
public

31.
University of Miami
$639M
$160M
ACC
Coral Gables, FL
private

32.
University of Minnesota
$637M
$149M
Big Ten
Minneapolis, MN
public

33.
Texas Tech University
$619M
$147M
Big 12
Lubbock, TX
public

34.
University of Louisville
$595M
$143M
ACC
Louisville, KY
public

35.
University of Missouri
$590M
$142M
SEC
Columbia, MO
public

36.
North Carolina State University
$581M
$121M
ACC
Raleigh, NC
public

37.
Purdue University
$567M
$124M
Big Ten
West Lafayette, IN
public

38.
University of Kansas
$553M
$128M
Big 12
Lawrence, KS
public

39.
Vanderbilt University
$551M
$125M
SEC
Nashville, TN
private

40.
Texas Christian University
$542M
$149M
Big 12
Fort Worth, TX
private

41.
UNC-Chapel Hill
$539M
$139M
ACC
Chapel Hill, NC
public

42.
University of Arizona
$532M
$143M
Big 12
Tucson, AZ
public

43.
University of Pittsburgh
$524M
$137M
ACC
Pittsburgh, PA
public

44.
Mississippi State University
$523M
$116M
SEC
Starkville, MS
public

45.
Baylor University
$513M
$137M
Big 12
Waco, TX
private

46.
University of Virginia
$506M
$141M
ACC
Charlottesville, VA
public

47.
Oklahoma State University
$500M
$122M
Big 12
Stillwater, OK
public

48.
Georgia Tech
$498M
$134M
ACC
Atlanta, GA
public

49.
Iowa State University
$492M
$116M
Big 12
Ames, IA
public

50.
Syracuse University
$487M
$114M
ACC
Syracuse, NY
private

51.
Northwestern University
$486M
$118M
Big Ten
Evanston, IL
private

52.
University of Maryland
$477M
$121M
Big Ten
College Park, MD
public

53.
Virginia Tech
$474M
$130M
ACC
Blacksburg, VA
public

54.
University of California, Los Angeles
$472M
$105M
Big Ten
Los Angeles, CA
public

55.
University of Colorado
$470M
$127M
Big 12
Boulder, CO
public

56.
University of Utah
$468M
$126M
Big 12
Salt Lake City, UT
public

57.
Kansas State University
$444M
$102M
Big 12
Manhattan, KS
public

58.
Boston College
$443M
$118M
ACC
Chestnut Hill, MA
private

59.
Rutgers University
$417M
$125M
Big Ten
New Brunswick, NJ
public

60.
West Virginia University
$403M
$106M
Big 12
Morgantown, WV
public

61.
Washington State University
$392M
$79M
Pac-12
Pullman, WA
public

62.
University of California, Berkeley
$386M
$126M
ACC
Berkeley, CA
public

63.
Wake Forest University
$362M
$97M
ACC
Winston-Salem, NC
private

64.
Brigham Young University
$357M
$106M
Big 12
Provo, UT
public

65.
Southern Methodist University
$327M
$86M
ACC
Dallas, TX
private

66.
Oregon State University
$326M
$92M
Pac-12
Corvallis, OR
public

67.
San Diego State University
$287M
$104M
MWC
San Diego, CA
public

68.
Arizona State University
$279M
$115M
Big 12
Tempe, AZ
public

69.
University of Cincinnati
$216M
$87M
Big 12
Cincinnati, OH
public

70.
University of Central Florida
$181M
$85M
Big 12
Orlando, FL
public

71.
University of Connecticut
$178M
$93M
Big East
Storrs, CT
public

72.
Boise State University
$176M
$61M
MWC
Boise, ID
public

73.
East Carolina University
$153M
$63M
AAC
Greenville, NC
public

74.
University of South Florida
$150M
$71M
AAC
Tampa, FL
public

75.
University of Memphis
$148M
$64M
AAC
Memphis, TN
public More