According to USA Today Sports, IU's athletic department yielded $166 million in revenue for the 2022 fiscal year — No. 13 amongst the 232 schools in the study and No. 5 in the Big Ten — putting IU behind top-earner Ohio State, Michigan, Penn State and Michigan State.
Below is the list of Big Ten school’s athletic departments and where their revenue in the 2022 fiscal year ranks amongst the 232 public schools in the data collected by USA Today Sports:
No. 1 Ohio State: $251 million
No. 4 Michigan: $210 million
No. 9 Penn State: $181 million
No. 12 Michigan State: $172 million
No. 13 Indiana: $166 million
No. 21 Iowa: $151 million
No. 22 Wisconsin: $150 million
No. 24 Illinois: $145 million
No. 26 Nebraska: $143 million
No. 29 Minnesota: $135 million
No. 37 Purdue: $115 million
No. 42 Rutgers: $109 million
No. 43 Maryland: $107 million
The 13 Big Ten public schools — excluding the conference's only private school Northwestern — combined for $2.04 billion in revenue. The 13 Southeastern Conference (SEC) public schools — excluding private school Vanderbilt University — combined for $2.17 billion.
An article published Wednesday by USA Today's Steve Berkowitz helps conceptualize the financial data from Power Five schools. Berkowitz said USA Today Sports obtained the data via financial reports the schools must annually submit to the NCAA.
"The numbers for those two conferences (Big Ten and SEC) and the others in the Power Five showed a significant, expected rebound from 2021 amounts that were heavily impacted by the COVID-19 pandemic,” Berkowitz said in the article. “But when taking inflation into account, neither the combined revenue nor the combined spending of the 52 Power Five public schools in 2022 returned to pre-pandemic levels.”