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Study estimates Wisconsin football struggles will cost Badgers millions of dollars

The Wisconsin Badgers football struggles have been hard enough for fans to swallow, but the impact of the losses extends beyond the sidelines of Camp Randall Stadium.
Lorin Cox|
Oct 18, 2025; Madison, Wisconsin, USA; A man has a large seating area to himself during the second quarter of the Wisconsin Badgers - Ohio State football game at Camp Randall Stadium.
Oct 18, 2025; Madison, Wisconsin, USA; A man has a large seating area to himself during the second quarter of the Wisconsin Badgers - Ohio State football game at Camp Randall Stadium. | Mark Hoffman/Milwaukee Journal Sentinel / USA TODAY NETWORK via Imagn Images

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Wisconsin Badgers

The Wisconsin Badgers football struggles have been hard enough for fans to swallow, but the impact of the losses extends beyond the sidelines of Camp Randall Stadium.

It's costing real money to the athletic department, the city of Madison and the state of Wisconsin, according to a new study by the UW-Madison Center for Research on the Wisconsin Economy.

Economists Junjie Guo and Ananth Seshadri estimate that the Badgers' reduction in winning percentage since 2017 could cost them as much as $20 million in annual profits.

They point to the potential for fewer alumni donations and student applications as having a broader impact on the school as a whole.

Related: Wisconsin Badgers mega donor supports keeping Chris McIntosh and Luke Fickell

The university's public financial records show the football program generated over $50 million in profit for the 2024 season, though it was down slightly from the profits in 2023.

The study also found that the less successful football team could shrink economic activity in Madison by as much as $160 million and statewide at $280 million each year.

The Badgers' athletic department issued a statement refuting the findings of the study, claiming it does not portray "a complete and accurate representation" of the football program's economics.

"Wisconsin Athletics respects the work and research of our world-renowned academic partners, along with their passion for the sports that represent our institution. Although we do not believe that this study portrays a complete and accurate representation of the economic factors around the football program, we all share a common interest in its successful future. We welcome the opportunity to collaborate with the Center for Research on the Wisconsin Economy on any future works on this topic."
UW Spokesperson

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The struggles referenced by the study predate the hiring of Luke Fickell as head coach or Chris McIntosh as athletic director.

Wisconsin's decline in winning percentage began over the final five seasons under Paul Chryst and Barry Alvarez as the college football landscape started to change with the introduction of name, image and likeness deals.

It speaks to the need for the Badgers athletic department to invest more in player acquisition to keep up with the times and reverse the current trend of the football program.

McIntosh has pledged to do just that, and it will be up to Fickell to convert that into more wins and more economic impact.

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Lorin Cox
LORIN COX

Lorin Cox is the managing editor of Wisconsin Badgers on SI. He has been covering Badgers sports since 2014, when he was an undergraduate at the University of Wisconsin. He previously wrote for the Wisconsin State Journal, NBC Sports Chicago and USA Today Sports Media Group, and he is a former analyst for Pro Football Focus.

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