The G6 money map: Who's actually making money off their brand?

Every G6 conference except the MAC looks dramatically different from what it did at the beginning of the decade.

The Pac-12 stripped the Mountain West’s commercial core. CUSA lost every member except Western Kentucky, Middle Tennessee and FIU, and rebuilt from scratch. The American absorbed programs from CUSA. The Sun Belt lost Texas State to the Pac-12 and picked up Louisiana Tech from CUSA. The Mountain West reloaded with FCS power North Dakota State and Northern Illinois from the MAC, who backfilled with Sacramento State from FCS. Programs changed patches, changed travel partners, changed TV windows. The whole map got redrawn.

The money hasn’t moved.

We took the FY25 licensing and sponsorship numbers — compiled by Matt Brown of Extra Points from NCAA financial filings — regrouped them by 2026 conference memberships and looked at it through a G6 lens. The stratification tracks almost perfectly with market size, institutional investment and brand equity built under conference groupings that in many cases no longer exist. The data predates the current lineup — FY25 closed June 30, 2025, a full year before any of these moves took effect — so what it reflects is the old order. The dynamics that defined these conferences before realignment completely redrew the map.

Whether the next round of MMR deals, TV contracts and corporate partnerships breaks from those patterns is the question nobody can answer yet. Hard to say what the ceiling and floor will be for leagues that barely resemble what they were five years ago. What we can see is where each conference’s schools stood commercially before the patches changed to where they are now.

The Pac-12’s Mountain West raid is the clearest illustration of what the money means in practice. The conversation has been about football — travel partners, scheduling and TV windows — but the FY25 licensing data exposes the financial logic underneath: the five schools the Pac-12 pulled from the MW (Boise State, San Diego State, Fresno State, Colorado State and Utah State) combine for $36.3 million in licensing revenue — including three of the top four earners in the old conference. The seven Mountain West schools left behind combined for $23.2 million — the conference has since rebuilt to 10 members by adding UTEP (CUSA), Northern Illinois (MAC) and North Dakota State (FCS), but the gap between what the Pac-12 took and what remained tells the story. Conference realignment follows the money, and the money follows the brand — the Pac-12 didn’t just take the Mountain West’s best football programs, it stripped the conference of its commercial core.

The American Conference posts the highest total licensing revenue of any G6 league at $51.2 million across 10 public schools, but the service academies distort the picture — Navy alone generates $13.6 million, more than Auburn or Purdue report, and Army adds $8.8 million. Remove those two programs, whose brand equity is institutional rather than athletic, and the American’s average drops to $3.6 million per school, closer to the post-raid Mountain West than the conference’s aggregate suggests.

The more revealing story is in the Sun Belt, Conference USA, the MAC and the Mountain West after the raid — the four conferences where programs have at times punched above their weight class on the field without the commercial returns to match. The Sun Belt’s median is $1.50 million per school, CUSA’s is $1.74 million, the MAC’s is $942,000 and the Mountain West’s top earner after the Pac-12 raid is Hawaii at $4.5 million.

The conference patch on the jersey does not make UAB a better program than it was in CUSA, and San Diego State is not suddenly automatically a different team because it traded a Mountain West patch for a Pac-12 one — the product on the field comes off the same assembly line, like a pair of jeans made on the same machines with the same fabric as the store brand but wearing a different label. The perception that comes with the label, though, changes everything around the product: TV slots, broadcast windows, national visibility and corporate partnership interest. That is why programs are almost always willing to pay what it takes to move up a conference tier, even when the move is not exactly the deluxe apartment in the sky.

Meanwhile, UConn — an FBS independent riding decades of basketball brand equity — generates $10.98 million, which would rank third in the G6 ahead of every Mountain West, Sun Belt, CUSA and MAC program.

Some people want to say markets don’t matter anymore in college athletics. The licensing revenue across the G6 suggests the financial structure has not caught up to that argument.

G6 National Rankings — FY25

G6 Rank | School | Conference | Revenue | Nat'l Rank

1 | Navy | American | $13,591,947 | 26

2 | San Diego State | Pac-12 | $13,473,106 | 27

3 | UConn | Independent | $10,983,434 | 34

4 | Oregon State | Pac-12 | $10,472,846 | 38

5 | Army | American | $8,825,000 | 44

6 | Boise State | Pac-12 | $8,595,204 | 46

7 | Memphis | American | $6,738,181 | 52

8 | Colorado State | Pac-12 | $6,702,402 | 53

9 | USF | American | $5,222,866 | 57

10 | Washington State | Pac-12 | $4,513,949 | 59

11 | Hawaii | Mountain West | $4,467,673 | 60

12 | Fresno State | Pac-12 | $4,421,200 | 61

13 | Air Force | Mountain West | $4,214,783 | 62

14 | Old Dominion | Sun Belt | $3,956,783 | 63

15 | Appalachian State | Sun Belt | $3,829,340 | 64

16 | UTSA | American | $3,681,860 | 65

17 | North Texas | American | $3,577,328 | 66

18 | Wyoming | Mountain West | $3,566,654 | 67

19 | UAB | American | $3,561,462 | 68

20 | Nevada | Mountain West | $3,496,980 | 69

21 | UNLV | Mountain West | $3,469,382 | 70

22 | East Carolina | American | $3,437,475 | 71

23 | Marshall | Sun Belt | $3,277,739 | 72

24 | Utah State | Pac-12 | $3,087,240 | 73

25 | Kennesaw State | CUSA | $3,086,799 | 74

26 | New Mexico | Mountain West | $2,942,400 | 76

27 | Georgia State | Sun Belt | $2,689,383 | 78

28 | Texas State | Pac-12 | $2,684,346 | 79

29 | UTEP | Mountain West | $2,601,958 | 81

30 | Western Michigan | MAC | $2,439,636 | 82

31 | North Dakota State | Mountain West | $2,425,925 | 83

32 | FIU | CUSA | $2,064,796 | 89

33 | Western Kentucky | CUSA | $2,043,496 | 90

34 | Middle Tennessee | CUSA | $1,779,405 | 96

35 | Ohio | MAC | $1,773,372 | 97

36 | James Madison | Sun Belt | $1,760,815 | 98

37 | Sam Houston | CUSA | $1,699,267 | 100

38 | Buffalo | MAC | $1,667,715 | 101

39 | South Alabama | Sun Belt | $1,601,369 | 103

40 | Georgia Southern | Sun Belt | $1,592,217 | 104

41 | New Mexico State | CUSA | $1,464,135 | 106

42 | Coastal Carolina | Sun Belt | $1,409,921 | 108

43 | FAU | American | $1,363,050 | 109

44 | Charlotte | American | $1,191,718 | 118

45 | San Jose State | Mountain West | $1,070,840 | 124

46 | Akron | MAC | $1,025,835 | 126

47 | Miami (OH) | MAC | $1,020,942 | 127

48 | Kent State | MAC | $1,008,154 | 128

49 | Bowling Green | MAC | $942,017 | 134

50 | Missouri State | CUSA | $933,663 | 136

51 | Northern Illinois | Mountain West | $933,280 | 137

52 | UL Monroe | Sun Belt | $841,376 | 142

53 | Ball State | MAC | $753,699 | 148

54 | Southern Miss | Sun Belt | $684,102 | 155

55 | Louisiana Tech | Sun Belt | $655,249 | 157

56 | Troy | Sun Belt | $620,660 | 160

57 | Toledo | MAC | $473,723 | 175

58 | Louisiana-Lafayette | Sun Belt | $398,883 | 178

59 | UMass | MAC | $334,868 | 186

60 | Eastern Michigan | MAC | $334,276 | 187

61 | Central Michigan | MAC | $325,448 | 190

62 | Arkansas State | Sun Belt | $278,656 | 195

63 | Jacksonville State | CUSA | $0 | 228

63 | Sacramento State | MAC | $0 | 229

Private schools (Tulane, Rice, Tulsa, Liberty) and state-related schools not in MFRS data (Temple, Delaware) not included. As Brown and Huron note, $0 reports likely reflect institutional accounting differences or revenue recorded through affiliated entities.

Conference by Conference

Pac-12

School | Revenue

San Diego State | $13,473,106

Oregon State | $10,472,846

Boise State | $8,595,204

Colorado State | $6,702,402

Washington State | $4,513,949

Fresno State | $4,421,200

Utah State | $3,087,240

Texas State | $2,684,346

Total: $54.0M | Average: $6.74M | Median: $5.61M

Oregon State at $10.5 million and Washington State at $4.5 million carry brand equity from decades in the power version of the Pac-12, and those numbers reflect their former tier, not their current one. The five former Mountain West members and Texas State are getting a brand upgrade from the Pac-12 association while Oregon State and Washington State are experiencing the opposite — and whether that dynamic shows up in future licensing filings is one of the more interesting questions this data raises.

American

School | Revenue

Navy | $13,591,947

Army | $8,825,000

Memphis | $6,738,181

USF | $5,222,866

UTSA | $3,681,860

North Texas | $3,577,328

UAB | $3,561,462

East Carolina | $3,437,475

FAU | $1,363,050

Charlotte | $1,191,718

Total (public): $51.2M | Average: $5.12M | Median: $3.63M

Not included: Tulane, Rice, Tulsa (private), Temple (not in MFRS data)

The highest aggregate total in the G6, bolstered by two national brands in Army and Navy and three established market brands in Memphis, USF and Tulane (whose revenue is not captured in public MFRS data). After those five, the numbers drop, though most of the schools that moved to the American from Conference USA in the last round of realignment are getting brand lifts compared to their former home — UTSA, North Texas and UAB all sit between $3.4 million and $3.7 million. Charlotte and FAU at the bottom of the table have not seen that same lift yet.

Mountain West

School | Revenue

Hawaii | $4,467,673

Air Force | $4,214,783

Wyoming | $3,566,654

Nevada | $3,496,980

UNLV | $3,469,382

New Mexico | $2,942,400

UTEP | $2,601,958

North Dakota State | $2,425,925

San Jose State | $1,070,840

Northern Illinois | $933,280

Total: $29.2M | Average: $2.92M | Median: $3.21M

The Mountain West lost five schools to the Pac-12 and rebuilt to 10 members by adding UTEP from CUSA, Northern Illinois from the MAC and North Dakota State from the FCS. Six of the 10 members fall between $2.4 million and $4.5 million, making this a tight revenue band once you remove the top and bottom. UNLV at $3.5 million is worth watching — a program playing in a $2 billion stadium in Las Vegas whose licensing revenue has not yet caught up to the investment in its on-field product. North Dakota State’s $2.4 million in FY25 licensing revenue was earned while still in the FCS — already exceeding what several established FBS programs generate.

Sun Belt

School | Revenue

Old Dominion | $3,956,783

Appalachian State | $3,829,340

Marshall | $3,277,739

Georgia State | $2,689,383

James Madison | $1,760,815

South Alabama | $1,601,369

Georgia Southern | $1,592,217

Coastal Carolina | $1,409,921

UL Monroe | $841,376

Southern Miss | $684,102

Louisiana Tech | $655,249

Troy | $620,660

Louisiana-Lafayette | $398,883

Arkansas State | $278,656

Total: $23.6M | Average: $1.69M | Median: $1.50M

The Sun Belt’s geographic footprint — Virginia to Louisiana — creates market conditions so varied within the same conference that direct peer comparisons require context about individual MMR structures and institutional accounting. JMU at $1.76 million is worth noting only because of the timeline question: the Dukes made the CFP last December and hired Billy Napier from Florida, but licensing revenue tracks sustained commercial development over years, not single-season breakthroughs. That number will be more interesting in FY27 and FY28 than it is today.

Conference USA

School | Revenue

Kennesaw State | $3,086,799

FIU | $2,064,796

Western Kentucky | $2,043,496

Middle Tennessee | $1,779,405

Sam Houston | $1,699,267

New Mexico State | $1,464,135

Missouri State | $933,663

Jacksonville State | $0

Total (public): $13.1M | Average: $1.63M | Median: $1.74M

Not included: Liberty (private), Delaware (state-related)

Several CUSA programs are still in the early stages of their FBS transitions, and as Brown notes, some of the lower figures and $0 reports likely reflect how institutions categorize revenue internally rather than actual commercial output. The numbers here need more institutional context than the raw data provides.

MAC

School | Revenue

Western Michigan | $2,439,636

Ohio | $1,773,372

Buffalo | $1,667,715

Akron | $1,025,835

Miami (OH) | $1,020,942

Kent State | $1,008,154

Bowling Green | $942,017

Ball State | $753,699

Toledo | $473,723

UMass | $334,868

Eastern Michigan | $334,276

Central Michigan | $325,448

Sacramento State | $0

Total: $12.1M | Average: $0.93M | Median: $942,017

No MAC school exceeds $2.5 million, and the conference’s combined $12.1 million falls short of what San Diego State generates by itself. UMass returns to the MAC for football after years as an independent. Sacramento State joins as a new FBS member; its $0 filing reflects the transition from FCS. The MAC’s weeknight TV strategy has built national brand recognition for the conference, but that visibility has not translated to individual institutional licensing growth across the membership.

UConn (Independent)

UConn’s $10.98 million ranks third in the G6, ahead of every Mountain West, Sun Belt, CUSA and MAC program. The basketball brand built the commercial infrastructure; football benefits from it. As an independent, UConn captures all of its licensing revenue without conference distribution affecting the picture. That number also makes UConn one of the more attractive conference realignment targets currently outside the Power 4 — an elite basketball program with state flagship status and football infrastructure whose licensing revenue already exceeds what Auburn, Purdue, LSU and a dozen other P4 programs generate. The ACC, Big 12 and Pac-12 would all have reason to be interested, even if the bridge with the American is likely burned.

The Scoreboard

Conference | Schools | Total | Average | Median | High | Low

Pac-12 | 8 | $54.0M | $6.74M | $5.61M | $13.47M | $2.68M

American | 10 | $51.2M | $5.12M | $3.63M | $13.59M | $1.19M

Mountain West | 10 | $29.2M | $2.92M | $3.21M | $4.47M | $0.93M

Sun Belt | 14 | $23.6M | $1.69M | $1.50M | $3.96M | $0.28M

CUSA | 8 | $13.1M | $1.63M | $1.74M | $3.09M | $0

MAC | 13 | $12.1M | $0.93M | $0.94M | $2.44M | $0

A handful of G6 programs — Navy, San Diego State, UConn, Oregon State, Army, Boise State — generate licensing revenue that exceeds what multiple Power 4 schools report, and they built those positions through decades of sustained commercial development in markets that reward the investment — not through a single breakthrough season or a well-timed portal class. Navy at $13.6 million and the programs at the bottom of the Sun Belt, CUSA and MAC are nominally peers in the same tier of college football, operating in financial realities that have almost nothing in common.

The licensing line is the one revenue category that can move — TV contracts are locked into long-term deals, stadiums have finite capacity, but there is no structural cap on how much a program can earn from its brand. As Brown notes, that reality is why so much of the revenue conversation in college athletics now centers on improving income through corporate partnerships and licensing — jersey sponsorships, field-level naming rights, new sponsorship assets, better performance on existing licensed goods. Hiring the right coaches, funding House payments and establishing the scholarships needed to compete all cost money, and the programs that can generate and spend it efficiently will have a major advantage.

That is also what makes this data a predictor: the programs generating real licensing revenue are the ones conference commissioners call when realignment begins, and the ones that are not are the ones who read about the moves afterward. On-field success and commercial success are supposed to go hand in hand. For most of the G6, the licensing data says they have not caught up to each other yet.

All data sourced from Matt Brown’s Extra Points and the Extra Points Library, with charts by Huron Consulting.