March Madness Final 4 Team Men’s and Women’s Basketball Revenues

• Women’s college basketball is growing in popularity, but revenue still lags that of men’s teams.
• There are also differences in the incomes of the women’s teams participating in this year’s Final Four.
• Revenue disparity is expected to narrow due to viewership growth and NIL contracts.

Although the popularity of women’s college basketball has skyrocketed, there remains a significant disparity in team income compared to men’s teams.

The last four men’s teams still competing to win the NCAA Division I Tournament will have an average annual revenue of $19.3 million in 2022, nearly the $5.2 million average for the four women’s teams, according to data from the U.S. Department of Education. It is 4 times more. The latest year available is his 2022 data.

Primary sources of revenue include conference television contracts distributed among member schools, NCAA championship contests, sponsorships, and ticket sales.

On the men’s side, defending national champion University of Connecticut reported $24.1 million in revenue in 2022, compared to North Carolina State, which had the lowest revenue of the four teams in the 2024 Men’s Final Four at $15.4 million. 56% higher than universities.

For women, the University of South Carolina, which has won two national championships in the past seven years, led the way with $9.5 million. That’s about 760% more than the $1.1 million earned by North Carolina State University, the lowest earner in the women’s Final Four.

Men’s college basketball final four schools earn:

1. University of Connecticut — $24.1 million

2. University of Alabama — $19 million

3. Purdue University — $18.9 million

4. North Carolina State University — $15.4 million

Revenues for the women’s college basketball final four schools:

1. University of South Carolina — $9.5 million

2. University of Connecticut — $8.5 million

3. University of Iowa — $1.7 million

4. North Carolina State University — $1.1 million

Star power closes the gap

The good news for women’s college basketball is that it has star players like the University of Iowa. More people are taking notice, including Caitlin Clark, Angel Reese of Louisiana State University, JuJu Watkins of the University of Southern California, and Paige Backers of the University of Connecticut.

Iowa State’s tournament win over LSU averaged 12.3 million viewers on ESPN, according to Nielsen. Additionally, only one of the first 64 games in the men’s tournament drew a larger crowd, with North Carolina State’s win over Duke in the Elite Eight drawing an average audience of 15.1 million, according to ESPN. It is said to have attracted a large number of viewers.

Much of women’s basketball’s newfound popularity can be attributed to the introduction of name, image, and likeness (NIL) transactions. Bruce B. Siegel, a partner in the entertainment and sports practice group at law firm Greenspoon Marder. The firm also serves as an advisor and representative for his NIL organization, Anchor Impact Fund, which works with Vanderbilt University athletes.

NIL contracts allow college athletes to earn money to promote products and companies.

“I think NIL played a very important role because now we can truly see what the Caitlin Clarks, the Angel Reeses, the Fraujay Johnsons of the world are capable of, the JuJu Watkins.” Siegel told Business Insider. “They can go out and merchandise and appear in commercials, be active on social media, and participate in sponsorships that highlight them, making the whole fan experience more exciting.” I think it will be.”

It will take some time for income inequality to narrow.

This growing popularity could significantly increase revenue for women’s sports.

The bad news is that it will likely be a while before hopes of closing the gap with men’s sports become a reality.

Many women’s college basketball teams have set attendance records and may see increased revenue from subsequent ticket, merchandise and benefit sales. for example, 30 of 32 regular season games The University of Iowa women’s basketball team played in front of a record-setting or sold-out crowd. According to the Associated Press, schools that hosted the Hawkeyes experienced an average 150% increase in game attendance compared to games against other schools.

But television contracts are the biggest source of revenue for college sports teams, and women’s teams will likely take even longer for their TV contracts to grow.

For example, the NCAA’s television contract with ESPN to broadcast championship events for 40 college sports, including women’s basketball, expires in 2032. That contract is worth $115 million a year, which must be shared by all sports, but women’s basketball will generate the most revenue and get the biggest slice of the pie.

Meanwhile, the NCAA sold television rights for the men’s basketball championship separately from other sports. The men’s college basketball contract is worth more than $1.1 billion annually and also runs through 2032.

Those watching the income gap between women’s and men’s college basketball teams narrow may need to be patient.

Correction: April 6, 2024 — A previous version of the article incorrectly listed the names of two Final Four schools. The tournament will feature the University of Iowa and the University of South Carolina.