How many colleges make a profit from athletics?

Answer 1

Ticket sales, consession stand contracts, team logo clothing, alumni donations, booster activities. The guy who sells you the hotdog or slice of Pizza, or beer has to pay the college for the privilege of selling in the stadium. Team logos are usually copywrited so Nike has to pay USC to print their name and logo on a sweatshirt. Alumni secure "choice seats" or the right to a private box by donating heavily to athletic departments. Probably the big thing for top teams is the broadcast rights which ESPN, ABC, and other networks will pay for. I'd be surprised if the blimp didn't have to pay for the right to fly over the stadium. Post season Bowl games are also sources of revenue for the schools with top teams. I use football as an example because in most big colleges, it pays for other sports programs because of popularity and vast seating capacity.

Answer 2

Most intercollegiate athletic programs are subsidized by their college/university. Factors such as title 9, travel expenses, NCAA rules, facilities needed, etc. make collegiate sports very expensive. I once heard only a dozen or so Division 1 programs weren't subsidized. And those are schools with nation-wide fan base (a la Notre Dame) that make money off of licensing and merchandise.