Ripple effects could be felt in other UW athletic programs

The 2025 Badger football season is one fans already want to forget − but the negative economic impact could be felt well beyond the final game on Nov. 29.

If the team’s poor performance continues, it could reduce the program’s profit by $20 million annually, according to a new report from the Center for Research on the Wisconsin Economy, housed at University of Wisconsin-Madison

The ripple effects can be felt in other university athletic programs subsidized by the football program, and could impact student applications to the university, alumni donations, and research output, according to the report − titled “The Economic Impact of Badger Football’s Declining Performance.”

Beyond the financial blow to the campus, the report estimates the city of Madison could could lose up to $160 million, and the state could lose up to $280 million “stemming from reduced attendance, game day spending, tourism and reputational value.”  

The UW Athletic Department disputes the findings of the report.  

“Wisconsin Athletics respects the work and research of our world-renowned academic partners, along with their passion for the sports that represent our institution,” a department statement said.

“Although we do not believe that this study portrays a complete and accurate representation of the economic factors around the football program, we all share a common interest in its successful future.

“We welcome the opportunity to collaborate with the Center for Research on the Wisconsin Economy on any future works on this topic,” according to the statement.

Badger football is profitable 

In 2023, the football team had revenue of $106. 7 million and expenses of $42.3 million, with the program earning more than $64 million, according to the U.S. Department of Education’s Equity in Athletics Data Analysis cited in the report.  

In 2024, Badger football had $107.4 million in revenue according to its NCAA membership filing, and had expenses of $49.6 million − posting a profit of $57.8 million. The Badgers men’s basketball program earned a $7.3 million profit that year.

If the winning percentage falls from nearly 80%, as it was during the 2017 to 2019 seasons, to 50%, that could mean “Badger Football’s annual profit could drop by about $20 million,” the report reads. 

The team this season so far has a 2-6 record with four games remaining in November.

Is it Luke Fickell’s fault? 

Short answer: not in the beginning.  

The report says the program’s profit didn’t decline during 2022 and 2023 despite the 14-12 regular season record. That was during Luke Fickell’s first two seasons as head coach.

“This is probably because there was a lot of excitement” about Fickell’s hiring, the report states.