The 2025 FCS Revenue Numbers Are IN 👀💰 And Some of Y'all Owe the SWAC an APOLOGY

The 2025 FCS Revenue Numbers Are IN 👀💰 And Some of Y'all Owe the SWAC an APOLOGY

The Receipts Are Here. The Data Is Public. And the Narrative? It's About to CHANGE.

Those 2025 fiscal numbers just dropped from ProPublica's Nonprofit Explorer, and let me tell you—some folks need to sit down and have a LONG conversation with themselves.

For YEARS, the SWAC has been criticized. The model was "outdated." The approach was "wrong." We should be "mimicking non-HBCU FCS conferences."

Well...

THE SWAC IS NUMBER ONE IN FCS CONFERENCE REVENUE. Period.

Not close. Not "competitive." NUMBER. ONE.

Let that sink in.

📊 THE NUMBERS (2025 FISCAL YEAR)

Let's break down the Top 5 FCS Conferences by revenue:

1. SWAC: $25.6M revenue, $21.1M expenses, $4.5M profit (17.6% margin)

2. Big Sky: $16.9M revenue, $16.8M expenses, $0.1M profit (0.6% margin)

3. MEAC: $14.1M revenue, $11.9M expenses, $2.2M profit (15.6% margin)

4. Missouri Valley: $13.6M revenue, $7.69M expenses, $5.91M profit (43.5% margin)

5. CAA: $2.04M revenue, $1.48M expenses, $0.56M profit (27.5% margin)

Read that again. The SWAC generated $25.6 MILLION in revenue. That's nearly $9 MILLION more than the second-place Big Sky Conference.

And the profit? $4.5 MILLION. With a healthy 17.6% margin.

Where's the criticism NOW?

🏆 WHY THE SWAC MODEL WORKS

Let's talk about what makes the SWAC different—and why trying to "mimic non-HBCU FCS conferences" was NEVER the answer.

THE SWAC HAS ITS OWN NICHE. And that niche is PRINTING MONEY.

SWAC's financial trajectory speaks for itself. $25.6M revenue. $22.4M in assets. ZERO liabilities. (Source: ProPublica Nonprofit Explorer)

THE REVENUE GENERATORS:

That last one needs emphasis: The SWAC has pulled in $10.8 MILLION from winning consecutive years in the NCAA Tournament First Four and earning those precious units—which are paid out over SIX YEARS.

That's strategic. That's smart. That's MONEY IN THE BANK.

🏟️ THE CLASSIC GAMES: YOU CAN'T REPLICATE THIS

Let's talk about what makes SWAC events SPECIAL.

The Bayou Classic at the Mercedes-Benz Superdome in New Orleans. Southern vs Grambling. A packed house. An atmosphere you can't manufacture. (Photo: Bayou Classic)

The Bayou Classic isn't just a football game—it's a CULTURAL EVENT. Tens of thousands pack the Superdome every Thanksgiving weekend. The Battle of the Bands alone is worth the price of admission.

The Magic City Classic in Birmingham hosts 60,000+ fans EVERY SINGLE YEAR. Alabama State vs Alabama A&M. This is what HBCU football looks like. (Photo: Padraic Major)

The Magic City Classic brings over 60,000 fans to Birmingham ANNUALLY. That's not a typo. 60,000+ fans for an FCS game. Show me another FCS conference that can do that.

Jackson State at the SWAC Championship. The pageantry. The passion. The PRIDE. This is what we're protecting. (Photo: SWAC)

The SWAC Championship game is one of the LARGEST non-FBS conference championship games in the country. The attendance, the media coverage, the cultural significance—it's unmatched.

You can't manufacture a Bayou Classic.

You can't create a Magic City Classic from scratch.

You can't build the cultural significance of the SWAC Championship overnight.

These are ASSETS. And the SWAC is leveraging them.

🚨 HAMPTON AND NC A&T: THE RECEIPTS DON'T LIE

Now let's address the elephant in the room.

Hampton and NC A&T left the MEAC citing "revenue opportunities" and "better competitive environments."

They went to the CAA.

Let's look at the CAA's numbers:

The CAA's financial reality: $2.04M in revenue. And the conference has been BLEEDING programs. Villanova left. Others followed. (Source: ProPublica Nonprofit Explorer)

The CAA is generating $2.04 MILLION in total revenue.

The MEAC—the conference they LEFT—is generating $14.1 MILLION.

The SWAC is generating $25.6 MILLION.

So you left a $14 million conference... for a $2 million conference... because of "revenue opportunities"?

Make it make sense.

And it's not just Hampton and NC A&T. The CAA has been HEMORRHAGING programs. Villanova left. Other top programs have departed. The conference is at rock bottom and the trajectory isn't looking good.

As Mr. Ford would say: Should they "take they ass back to MEAC?"

The receipts suggest that might not be the worst idea.

👀 THE MEAC SURPRISE

Here's something that should make some folks VERY uncomfortable.

The MEAC—yes, the conference that's been losing football programs—is sitting at NUMBER THREE in FCS conference revenue.

With only SIX full-time football members.

MEAC's 2025 numbers: $14.1M revenue, $11.9M expenses, $2.2M profit. With only 6 football schools. (Source: ProPublica Nonprofit Explorer)

2025 saw a great turnaround for the MEAC in terms of limiting liabilities and expenses. They're running a tighter ship and the numbers reflect it.

Meanwhile, the schools that left claiming they needed "more revenue"... are in a conference generating 1/7th of what the MEAC generates.

The irony is THICK.

🏔️ BIG SKY: ALL THAT FOOTBALL, THIN MARGINS

The Big Sky Conference is home to some of the top-tier football programs in ALL of FCS. Montana, Montana State, Sacramento State—these are powerhouse programs.

And yet...

Big Sky's financials: $16.9M revenue, $16.8M expenses. That's a 0.6% profit margin. (Source: ProPublica Nonprofit Explorer)

$16.9 MILLION in revenue.

$16.8 MILLION in expenses.

$100,000 in profit.

0.6% profit margin.

ZERO POINT SIX PERCENT.

For a conference with multiple nationally-ranked football programs and prime geographic positioning, that's... concerning.

And here's the kicker: North Dakota State is leaving for the FBS. Will other Big Sky schools follow? And when they do, what happens to that already razor-thin revenue base?

Whispers say more departures are coming. The landscape is SHIFTING.

🏈 MISSOURI VALLEY: THE PROFIT KINGS

Credit where it's due—the Missouri Valley Football Conference is running the most EFFICIENT operation in FCS.

Missouri Valley: $13.6M revenue, $7.69M expenses, $5.91M profit. That's a 43.5% margin. (Source: ProPublica Nonprofit Explorer)

$13.6 MILLION in revenue.

$7.69 MILLION in expenses.

$5.91 MILLION in profit.

43.5% profit margin.

They're not generating the most revenue—that crown belongs to the SWAC—but they're keeping the most of what they make. That's smart business.

📣 COMMISSIONER McCLELLAND: THE TRAJECTORY IS UPWARD

During the 2026 SWAC Golf Championships, Commissioner Charles McClelland made the direction of the conference crystal clear.

SWAC Commissioner Charles McClelland. Under his leadership, the SWAC has become the highest-revenue FCS conference in America. The trajectory? Only onwards and upwards. (Photo: SWAC)

The trajectory is only ONWARDS and UPWARDS.

The SWAC isn't looking backward. They're not trying to mimic other conferences. They're doubling down on what makes them unique—the classic games, the cultural events, the media network, the championship experiences.

And the revenue numbers prove it's WORKING.

👀 COMING SOON: THE D3/NAIA SCHEDULING DECISION

Speaking of SWAC decisions that have raised eyebrows...

The conference's policy on scheduling Division III and NAIA opponents has been a topic of conversation. Some institutions have questioned whether this impacts their ability to fill schedules and generate home game revenue.

STAY TUNED: An in-depth analysis of the no D3/NAIA games policy and how it will impact SWAC institutions is COMING SOON. The debate is real, the stakes are high, and both sides have valid points.

That article is next. You won't want to miss it.

💭 WHAT DOES THIS MEAN?

The SWAC has gotten a LOT of flak for their model of doing business.

"They're not competitive enough in football."

"They need to join the FCS playoffs."

"They should mimic other conferences."

But here's the thing: THEY'RE CASHING IN.

$25.6 MILLION in revenue.

$22.4 MILLION in assets.

$0 in liabilities.

17.6% profit margin.

The Celebration Bowl, the classic games, the SWAC TV network, the NCAA Tournament units—this model is WORKING.

Moving away from or "promoting that we mimic non-HBCU FCS conferences" is NOT where it's at—especially in football. The SWAC institutions benefit from UNIQUE opportunities that other conferences simply cannot replicate.

🔥 THE BOTTOM LINE

The 2025 FCS revenue numbers are out, and they tell a clear story:

1. The SWAC is the HIGHEST revenue FCS conference in America

2. Hampton and NC A&T left MEAC for CAA... which generates 1/7th the revenue

3. The MEAC is THRIVING despite only having 6 football members

4. Big Sky has elite football but is operating on razor-thin margins

5. Missouri Valley is the most EFFICIENT operation in FCS

6. The CAA is at rock bottom and bleeding programs

The data is public. The receipts are verified. The narrative needs to change.

To everyone who spent years criticizing the SWAC model: The numbers are in.

Y'all owe them an APOLOGY.

What do YOU think about these numbers? Should Hampton and NC A&T "take they ass back to MEAC"? Is the SWAC model the blueprint? Drop your takes below! 👇

Source: ProPublica Nonprofit Explorer (2025 Fiscal Year) - Form 990 Tax Filings