Marshall University argued that financial pressure is widening the gap between high-major athletic teams and the field and that programs the size of the Thundering Herd still deserve a voice in the future of college sports in a paper released on Thursday.
The work, titled “From the Mountains, Not the Sidelines†and authored by Marshall President Brad Smith, athletic director Gerald Harrison and Board of Governors Chairwoman Kathy Eddy, lobbied to give smaller colleges a say in the conversations surrounding issues in college sports.
It begins by citing Marshall’s history and states the importance of college athletics on the university, the greater Huntington community and its economy.
“Marshall has learned through hardship and triumph that moments matter – and working together is often the first step to a better future,†the paper reads. “At Marshall, athletics is one of our most visible, unifying and economically important assets.â€
A Sun Belt Conference study said mentions of Herd football generated more than $63.7 million in total dollar value over the last three years, the paper said.
“Game days matter,†the paper said. “Visitor spending associated with a typical Marshall home football game generates activity for hotels, restaurants, retailers, gas stations, service providers and small businesses throughout the region.â€
Marshall estimates that every dollar of athletics expenditure supports 63 cents in additional economic activity across West Virginia.
Therefore, Marshall would argue the financial struggles of college sports at the highest level still affect non-autonomy schools outside of the Southeastern Conference and Big Ten.
Marshall cited a report from Ohio State’s student newspaper, The Lantern, that the Buckeyes lost nearly $38 million in the same fiscal season in which they won the College Football Playoff for 2024.
“Public perception often assumes that universities make enormous profits from athletics,†the paper reads. “The reality is often the opposite.â€
Marshall calls it a structural crisis rather than one of mismanagement. It argues that name, image and likeness compensation, the transfer portal, conference realignment, revenue sharing, escalating costs and mounting legal uncertainty are the rotten apples.
“Student-athletes deserve opportunities to benefit from the value they help create,†the paper said. “That principle shouldn’t be in dispute. They deserve support, visibility, safety and education – but the concern is whether the current system can provide these opportunities while also preserving broad-based participation, women’s and Olympic sports, academic support and competitive opportunities outside the wealthiest conferences.â€
Marshall hopes to separate the divides stemming from moments like those at Atlantic Coast Conference media days – where SMU’s Rhett Lashlee congratulated Duke on winning the title by saying, “When you win the ACC, they should have been in the playoffs instead of a team from the Sun Belt.â€
It creates a situation like a group of crabs trying to escape buckets -- the gap between the Sun Belt and ACC is obvious, but the gap between the ACC and SEC may be just as much. It makes Marshall’s position one in which the little guy needs a chance to speak up, pointing out that the Herd does not compete on the same scale financially as its Power Four counterparts.
“Marshall ranked 13th among the Sun Belt’s institutions in undergraduate enrollment in 2024 but ranked fourth in the conference in both athletics revenue and athletics expenditures,†the paper said. “That means Marshall is investing above its size, and it reflects the importance of athletics to our students, alumni, fans, community and state.â€
Marshall said financial expectations continue to rise. It spent $10 million above the Sun Belt median for athletics spending in 2024 but remains far below the Division I FBS median of $100 million in the same year. It shows Marshall is spending more than most in the conference but would have had to more than double its number of $49 million to reach the national median.
Marshall reiterated the importance of a 50-50 split of funding from the university and athletic department-generated revenue — a common theme in Board of Governors meetings. Marshall sits at about 54% subsidization by the university.
“Long-term sustainability, however, requires a more durable model built on support and revenue generation that reduces overreliance on university support and grows revenue from tickets, philanthropy, corporate sponsorships, media opportunities, licensing, annual giving, premium experiences and NIL-aligned support,†the paper read.
In sum, Marshall is arguing that the playing field should be level and that it takes a village to fix, rather than one conference or individual school.
“A fair system does not mean every school has the same budget, it means every school has a meaningful chance to compete, educate, develop and sustain opportunity,†the paper said.
Marshall believes the principles to guide the future of college athletics are a level playing field, transparency and accountability, sustainable revenue sharing, protection of Olympic and women’s sports and national consistency.
A level playing field argues that schools at lower levels must retain the ability to compete despite financial discrepancy.
Transparency argues for clear and enforced rules — more important in recent weeks with dozens of lawsuits and injunctions surrounding eligibility each offseason.
It also argues a move forward cannot sacrifice participation opportunities for women’s sports and Olympic sports.
Marshall’s letter ends with a call to action for its supporters, an encouragement to buy tickets and join foundations like the Big Green or to support NIL opportunities that align with Marshall’s values.
“This much is clear – the next era will require active participation from all who love and benefit from Marshall athletics,†it reads.
