Matt Brown at Extra Points released the FRS reporting numbers for Fiscal Year 2025, giving us a better look at spending tied to the 2024 football season.
So we compiled the top Group of Six football budgets.
An FRS report, also known as an MFRS report, is the annual financial submission required from NCAA member institutions through the Membership Financial Reporting System. It details athletic department operating revenues, expenses, capital expenditures, and other data, including student aid and sports sponsorship, to promote transparency and compliance with NCAA rules. Division I schools also pair the report with independent Agreed-Upon Procedures.
It is not a perfect data set. It can be skewed in certain areas by institutional reporting, accounting structure, facility expenses, or how costs are categorized. But it is still the best comparative tool we have across college athletics.
Major hat tip to Brown and Extra Points Library for doing the legwork on requests to schools and compiling the information. These are expenses reported to the NCAA, due in January each year, and required of every Division I school. Private schools and some public schools are not required to disclose this information through FOIA or open records requests.
Fiscal Year 2025 is tied to the 2024 football season.
Highest Football Budgets For G6 Schools
| Rank | Team | Football Budget |
| 1 | Colorado State | $37,791,844 |
| 2 | South Florida | $33,352,741 |
| 3 | Boise State | $30,738,142 |
| 4 | Memphis | $24,770,267 |
| 5 | Oregon State | $23,847,864 |
| 6 | Texas State | $23,116,059 |
| 7 | Washington State | $22,896,017 |
| 8 | San Diego State | $22,274,018 |
| 9 | Utah State | $22,101,735 |
| 10 | UNLV | $21,767,260 |
| 11 | UTSA | $19,277,444 |
| 12 | FAU | $18,753,366 |
| 13 | East Carolina | $18,670,732 |
| 14 | Coastal Carolina | $18,448,826 |
| 15 | Fresno State | $17,970,586 |
| 16 | Charlotte | $17,371,211 |
| 17 | Arkansas State | $17,326,001 |
| 18 | James Madison | $16,951,555 |
| 19 | Jacksonville State | $16,697,769 |
| 20 | San Jose State | $16,017,209 |
| 21 | UMass | $15,945,233 |
| 22 | South Alabama | $15,926,207 |
| 23 | App State | $15,673,553 |
| 24 | North Texas | $15,394,392 |
| 25 | New Mexico | $15,386,871 |
G6 College Football Budgets By Conference
| Conference | Teams in Top 25 | Total Football Expenses | Average |
| New PAC-12 | 8 | $200,736,265 | $25,092,033 |
| American | 7 | $147,590,153 | $21,084,308 |
| Sun Belt | 5 | $84,326,142 | $16,865,228 |
| Mountain West | 3 | $53,171,340 | $17,723,780 |
| Conference USA | 1 | $16,697,769 | $16,697,769 |
| Mid-American | 1 | $15,945,233 | $15,945,233 |
| Total | 25 | $518,466,902 | $20,738,676 |
G6 CFB Budget Breakdown
The FY25 football expense budgets show a pretty clear top tier among Group of Six programs, with Colorado State, South Florida, and Boise State all originally clearing $30 million. The overall average among the top 25 programs listed was $20,738,676.08, which gives some useful context for how far above the group’s upper-middle tier the top spenders really were.
That said, Colorado State’s number needs a pretty important footnote. The Rams reported $37.8 million in football expenses, but the 2017 opening of Canvas Stadium is still on the books inside that football budget. That accounts for roughly $13.4 million of the total. Back that out, and Colorado State’s truer operating number is closer to $24.4 million, which would move the Rams from the top spot down behind South Florida, Boise State, and Memphis.
Several of the other top spenders are part of the future rebuilt Pac-12 picture, including Boise State, Oregon State, Washington State, San Diego State, Utah State, Fresno State, and Colorado State. Texas State, coming over from the Sun Belt, also lands high on the list at No. 6 with $23.1 million in FY25 football expenses.
The American Conference still has major spenders, too. South Florida was second overall at $33.4 million, while Memphis ranked fourth at $24.8 million. UTSA, FAU, East Carolina, Charlotte, and North Texas also landed in the top 25. The league may not have the same top-to-bottom football brand perception it once did, but the upper half is still spending real money.
The Sun Belt’s rise is also visible. Texas State, although Pac-12-bound, ranked sixth at $23.1 million, while Coastal Carolina, Arkansas State, James Madison, South Alabama, and Appalachian State all made the top 25. James Madison is especially notable, considering the Dukes were still an FCS institution as recently as 2021 and have quickly invested their way into the upper tier of this group. Jacksonville State has a similar story, having been an FCS institution in 2022 before quickly ramping up investment at the FBS level.
UMass is also worth noting here because during FY25, the Minutemen were still competing as an FBS independent. Their $15.9 million football expense figure placed them 21st on this list before their move into the MAC.
Overall, the growth within the Group of Five, soon to be the Group of Six after the dismantling of the Pac-12, still shows there are strong brands, programs, and real money at this level.
As mentioned above, the average of the top 25 football budgets in this group is $20,738,676.08. But the top 25 across all of FBS sits at $66,242,563, more than three times that amount. That gap highlights the unfortunate and growing disparity between the Power Four and the Group of Six.
