With the House settlement enabling schools to directly pay athletes $20.5 million a year starting in 2025-26, here’s a look at where Rocky Mountain Division I universities stand heading into an unprecedented new era of college athletics.
CU Buffs
2024 athletic revenue: $146.57 million
2024 athletic expenses: $138.33 million
Enrollment: 38,428
Annual media revenue: $31.7 million (starting this year with new Big 12 deal, according to ESPN)
Analysis: CU is in the best possible position of all the state schools, but even the Buffs are going to have to find new revenue streams. Deion Sanders remains a central figure in CU’s hopes to raise enough money and put itself in position to join a future super conference, as Prime brings the exposure and donor dollars the Buffs need.
CSU Rams
2024 athletic revenue: $73.5 million
2024 athletic expenses: $73.25 million
Enrollment: 34,218
Annual media revenue: $3.4 million
Opted into settlement: Yes
Analysis: The Rams, who move from the Mountain West to the Pac-12 in 2026, are eager to keep up with the landscape even though they’re operating from a resource disadvantage. CSU vows to reach the full revenue-sharing cap eventually, but its budget pales in size to those in the Big Ten, SEC, Big 12 and ACC. College sports insider Jon Wilner estimated CSU’s media revenue will jump to somewhere between $7 million and $10 million annually in the Pac-12.
Air Force Falcons
2024 athletic revenue: $79.24 million, according to Air Force Academy Athletics
2024 athletic expenses: $72.11 million, according to Air Force Academy Athletics
Enrollment: 4,124
Estimated annual media revenue: $3.4 million, based on CSU and Wyoming’s media revenue in Mountain West
Opted into settlement: No
Analysis: Air Force was already in an unusual spot, given that the military academy does not allow its student-athletes to earn money off their Name, Image and Likeness because they are considered government employees. Now, the Falcons are the only Mountain West school not opting into the settlement. With a high academic bar and military service requirements, the academy’s focus is elsewhere.
DU Pioneers
2024 athletic revenue: $51.53 million, according to Equity in Athletics Data Analysis (EADA)
2024 athletic expenses: $51.53 million, according to EADA
Enrollment: 12,813
Estimated annual media revenue: $1.28 million, based on North Dakota’s public data. UND is in the same conferences as DU: The Summit League, and the National Collegiate Hockey Conference.
Opted into settlement: Yes
Analysis: Without football players to pay, DU could outbid other top programs for recruits to its powerhouse hockey team. DU could also reinforce its nationally competitive gymnastics, soccer and lacrosse programs, or seek to funnel money to its struggling men’s and women’s basketball programs. It remains to be seen how much NIL money DU can raise.
UNC Bears
2024 athletic revenue: $21.49 million
2024 athletic expenses: $21.65 million
Enrollment: 7,899
Annual media revenue: $74,743
Opted into settlement: Yes
Analysis: UNC took a net loss in athletic revenue in 2024. It’s unrealistic to expect the Bears to come anywhere close to spending $20.5 million in revenue sharing, given that it would almost double the school’s athletic expenses. In a statement, the athletic department said UNC remains “committed to offering the very best opportunities for all our programs.”
Wyoming Cowboys
2024 athletic revenue: $54.83 million
2024 athletic expenses: $53.66 million
Enrollment: 10,813
Annual media revenue: $3.4 million
Opted into settlement: Yes
Analysis: Wyoming is in a decent spot for a Mountain West school, but it will be extremely challenging for the Cowboys to raise an extra $20.5 million (more than a third of its ’24 revenue) to reach the full revenue-sharing cap. Like CSU, if Wyoming can lean on boosters to slowly ramp up over time, it can be competitive for recruits within its conference.
Note: Athletic revenue and expenses based on financial reports produced by each school unless otherwise noted.