Media Rights Revenue in College Football: The Effect of Performance, Market Size, and Conference Affiliation

Media rights revenue has emerged as a central component of financial sustainability for Power Five athletic programs, particularly in an increasingly commercialized collegiate football landscape. This study investigates the institutional, competitive, and structural factors that contribute to variations in media rights revenue across Power Five football programs. Using panel data from 65 public Power Five programs over five academic years and fixed-effects ordinary least squares regression, the study examines the relative influence of on-field performance, market characteristics, and conference affiliation. The results indicate that win totals and stadium capacity are significant predictors of media rights revenue, whereas factors such as enrollment, playoff appearances, and national championships do not show consistent effects. Notably, membership in the Big Ten positively correlates with media rights revenue, whereas membership in the Southeastern Conference shows a negative correlation, a finding that reflects historical disparities in media contract structures. These results offer theoretical insight into the relationship between institutional positioning and media valuation and provide practical implications for athletic departments and conference administrators seeking to optimize financial outcomes in an evolving media environment.

Keywords: Media Rights, Conference Realignment, College Football, Athletic Revenue.