Two College Football Giants Top Revenue Charts After Big Ten's $1.5 Billion Surge

Ohio State and Penn State lead Big Ten revenue distributions as the conference shatters records with a $1.37 billion payout to members.

The Big Ten announced nearly $1.5 billion in revenue for the 2024-25 fiscal year, and two of the conference's biggest programs led the way. | Jeff Hanisch-Imagn Images

The Big Ten just redefined what it means to be a power conference, and the money now reflects that.

The league announced Friday it generated nearly $1.47 billion in the 2024-25 fiscal year, distributing $1.37 billion to its 18 member schools.

That is a $490 million jump over the prior year's $883 million distribution and, by a wide margin, the largest in conference history.

To put that in national perspective: the Big Ten's payout topped the SEC's $1.03 billion distribution by $340 million, while the entire Big 12 reported just $460 million in overall revenue in its most recently available tax filing.

Ohio State's national title translated directly to dollars

No school benefited more from the Big Ten's revenue boom than Ohio State. The Buckeyes received $91.55 million from the conference distribution, the highest of any fully vested member, a direct reward for winning the 2024-25 College Football Playoff national championship.

That payout landed on top of an already remarkable year for the Columbus program. Ohio State's athletic department posted a school-record $336 million in total revenue for fiscal year 2025, up from a previous high of roughly $280 million.

Ohio State Buckeyes head coach Ryan Day holds the Coaches' Trophy during the Ohio State Buckeyes College Football Playoff National Championship celebration at Ohio Stadium. | Adam Cairns/Columbus Dispatch / USA TODAY NETWORK via Imagn Images

Ticket sales alone reached $81.7 million, fueled by eight home games and a CFP first-round matchup against Tennessee. Donor contributions hit $68.3 million, and media rights revenue climbed to $64.9 million in just year two of the Big Ten's seven-year, $7 billion deal with Fox, CBS and NBC.

Athletic director Ross Bjork put it plainly: "As the collegiate athletics model continues to evolve, successfully navigating the financial landscape is a must." The department cleared its expenses with a $15.7 million surplus, a notable turnaround from a nearly $38 million deficit in FY2024.

Penn State's $88.9 million share comes with a catch

Penn State earned $88.9 million from the Big Ten, the second-highest distribution among all members, reflecting the Nittany Lions' run to the CFP semifinals. But a deeper look at the program's finances reveals a more complicated picture.

Penn State closed fiscal year 2025 with $534.7 million in athletics-related debt, more than tripling the $163.1 million it reported the prior year. That figure exceeds every other major athletic department in the country, including Florida State's $437 million.

Big Ten 2024-25 payouts,
per The Athletic:
+ Ohio State, $91.55 million
+ Penn State, $88.9 million
+ Indiana, $81 million
+ Next 13 members, $76-79 million
+ Oregon, $48 million
+ Washington, $46 million

— CFB Home (@CFBHome) May 2, 2026

The source of that debt is the $700 million renovation of Beaver Stadium, which Penn State has said will be repaid through premium seating, naming rights, concessions and new event revenue.

The program did post a record $254.9 million in total revenue, a 15% year-over-year increase, but expenses nearly erased the gains, leaving a net profit of just $223,679.

Penn State deputy athletics director Vinnie James said the stadium remains on schedule, with completion targeted for fall 2027: "Beaver Stadium is undergoing the largest renovation in college football history."