Internationally-acclaimed author, consultant and investor Idowu Koyenikan once said, "The money you make is a symbol of the value you create."
If that statement is true, Ohio State athletics must have a lot of value.
In USA TODAY's updated athletics revenue rankings for the 2022 fiscal year, Ohio State ranked No. 1 among a list of 232 colleges and universities in the United States with its school-record revenue of $251,615,345. The Buckeyes ranked ahead of Texas, Alabama, Michigan and Georgia in the category, with LSU, Texas A&M, Florida, Penn State and Oklahoma rounding out the top 10.
Ohio State also topped USA TODAY's list in total expenses at $225,733,418, with Texas, Alabama, Michigan and LSU as the top-five schools. Georgia, which ranked fifth in total revenue, ranked 10th in expenses at $169,026,503. Georgia's difference in revenue and expenses netted the Bulldogs over $34 million in profit for the 2022 fiscal year. Ohio State's athletic department had a profit of $25 million.
Ohio State released its annual financial report on Jan. 26 that included information about the school's athletic revenue between July 1, 2021, and June 30, 2022. The athletic department generated its total revenue from $59,649,921 in ticket sales, $62,982,851 in contributions, $48,908,898 in media rights and $30,088,073 in royalties, licensing, advertisements and sponsorships.
As for expenses, Ohio State spent $24,564,657 in athletics student aid, $11,823,427 in payments made to visiting opponents, $42,240,992 in coaching compensation, $39,514,342 in support staff compensation, $3,384,022 in recruiting expenses, $10,545,312 in team travel expenses, $6,963,625 in-game expenses, $19,128,187 in athletic facilities debt, leases and fees and $28,900,288 in direct overhead and administrative costs.
Ohio State football led all programs with $109,176,080 in generated revenue. Men’s basketball was second at $23,640,053, while wrestling was the only other individual sport to create more than $1 million in revenue ($1,549,834). $110,156,200 of the athletic department’s income was not tied to any specific team.
The football program also had the highest operating expenses of any sport ($69,127,911), followed by men’s basketball ($12,121,000) and women’s basketball ($5,236,137). Football and men’s basketball were the only Ohio State sports to generate more revenue than their expenses during the 2022 fiscal year.