Rutgers Reportedly Lost Over $500 Millions Since They Joined The Big Ten

Rutgers’ Big Ten move promised growth, but new reports reveal a $516M deficit, exposing the rising costs of Power Conference ambition

Rutgers Scarlet Knights running back Antwan Raymond (3). | Vincent Carchietta-Imagn Images

In 2014, Rutgers joined the Big Ten in hopes of greater exposure and revenue potential, but recent reports paint a different story. According to the insights, the Scarlet Knights' athletic department has accumulated a staggering deficit exceeding $516 million over the past 11 years.

Record-Breaking Shortfall in 2024-25

A recent report by NJ.com, written by Keith Sargeant, revealed that inthe  2024-25 fiscal year Rutgers athletic department recorded a $78 million deficit. Total expenditures reached nearly $194 million, an 8.7 percent increase from the prior year. Revenues only hit $146.6 million, padded by a record $61.3 million from Big Ten media rights and $10.7 million from bowl revenue sharing.

Rutgers lost a record $78M on athletics in 2024-25, per @njdotcom 💸

It brings the Scarlet Knights' athletics deficit to over half a billion dollars since joining the Big Ten 12 years ago. pic.twitter.com/Lz9f7iBRF9

— Front Office Sports (@FOS) January 27, 2026

However, some major costs drove the gap, which includes: $46.1 million in coaching salaries, $31 million for support staff and administrators, $23.1 million in scholarships, $14.4 million in facilities debt, $13.5 million for team travel, and $8.4 million for student-athlete meals. 

A $47.2 million operational shortfall required additional support, including $7 million from the university's general budget, $8 million from the state, and $15.8 million in student fees.

Since entering the conference, expenditures have surged nearly 175 percent. Here's the year-by-year breakdown:

• 2014–15: $70.6 million
• 2015–16: $84.0 million
• 2016–17: $99.2 million
• 2017–18: $102.5 million
• 2018–19: $103.2 million
• 2019–20: $114.2 million
• 2020–21: $118.4 million
• 2021–22: $138.4 million
• 2022–23: $153.5 million
• 2023–24: $178.3 million
• 2024–25: $193.8 million

Football alone accounted for $76 million in spending, significantly more than the previous year.

New AD Keli Zinn’s Thoughts On The Finances

Keli Zinn, hired as athletic director in July, has scrutinized the numbers, and according to her, the main issue is that the revenues have not kept pace with escalating costs. She views the department as having a significant revenue problem rather than solely an expense one. 

However, Zinn is hopeful for the upcoming years as she projects the current fiscal year as potentially the worst due to added expenses like $20.5 million in NIL and revenue sharing. Spending is expected to top $200 million in 2025-26. Improvements could emerge in 2026-27 and 2027-28 through revenue growth in key areas and debt clearence.

High uncontrollable costs, such as New Jersey's state-mandated fringe benefits rate, believed to be the highest in the Big Ten, also add millions annually. Zinn plans to target untapped inventory for sales, enhance marketing strategies, pursue uniform patches for commercial logos, and prioritize fundraising. Contributions dipped to $8.1 million last year, far below the Big Ten average.

Long-term, she emphasizes facilities upgrades, including premium and club seating at SHI Stadium and Jersey Mike's Arena, to generate sustainable multi-million-dollar streams.

Balancing Ambition and Sustainability

Rutgers' current financial state shows the high-stakes gamble that is Power conference membership. While Big Ten affiliation brings reputation and media payouts, the deficit shows how it all comes with a cost. 

However, now with Zinn at the helm with her plans and debts closing on 2027, Rutgers has a real chance of seeing some green on the spreadsheet.

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