UCF’s transition into the Big 12 continues to come with growing pains-and growing numbers. The Knights are seeing a significant financial evolution as they adapt to life in a Power Five conference, and the latest NCAA financial reporting gives us a clearer picture of what that looks like behind the scenes.
Revenue on the Rise
For the 2025 fiscal year (July 1, 2024 - June 30, 2025), UCF reported $108.89 million in total operating revenue. That’s a solid jump from the $98.16 million they brought in the year before. It’s a sign that the program is starting to reap the financial benefits of Power Five membership, even while still operating under a partial revenue share from the Big 12.
The Knights received $18 million from the conference this year-still a half-share as part of their phased entry into the league. That full share kicks in for the 2025-26 cycle, which should push revenue figures even higher. For now, the boost came from a combination of ticket sales, donor contributions, and conference distributions.
Football, as Expected, Leads the Way
Football continues to be the financial engine. Of the $8.37 million UCF pulled in from ticket sales, $6.39 million came from football alone. Contributions told a similar story: $27.9 million in total donations, with a whopping $23.8 million tied to football.
Media rights brought in $9.7 million, and NCAA distributions chipped in $378,683. Add in nearly $14 million from royalties, licensing, advertising, and sponsorships, and it’s clear that UCF is building a more robust revenue foundation-one that aligns with its ambitions in the Big 12.
Rising Costs Come With the Territory
Of course, with increased revenue comes increased spending. UCF reported $103.62 million in operating expenses for the year, up from $97.45 million the previous cycle. That rise is largely tied to the growing costs of competing at a Power Five level-think more travel, upgraded equipment, and bigger game-day operations.
Coaching salaries and benefits accounted for $19.24 million, with football again being the biggest slice of the pie at $9.36 million. Other sports combined for $5.49 million, while support staff and administrative compensation totaled over $17 million.
Recruiting also saw a bump. UCF spent $2.23 million on recruiting across all sports, up from $1.8 million the previous year. Football made up nearly 63% of that total, or about $1.4 million-an investment that reflects the pressure to compete with Big 12 peers on the recruiting trail.
Travel, Scholarships, and Facilities
Team travel was another major line item, totaling more than $6 million. Football travel cost nearly $2 million, with men’s basketball at just under $1 million. Other sports accounted for the remaining $2.45 million.
Student-athlete aid added up to $10.77 million, including $1.9 million designated for Alston Awards-payments tied to academic achievement under NCAA rules.
And then there’s the facilities side. UCF made a nearly $10 million debt service payment related to its Football Campus Project, which includes the Roth Tower expansion at FBC Mortgage Stadium and the Sharon and Marc Hagle Gateway. The Roth Tower project is still under construction, but it’s expected to be finished before the 2026 football season and projected to generate around $2.4 million annually in new revenue.
Still Paying Off the Move
As part of its exit from the American Athletic Conference, UCF paid $2.5 million this fiscal year-just one installment of the $18 million total exit fee. It’s a hefty price tag, but one the program clearly views as a long-term investment in its Big 12 future.
Not the Whole Picture-But a Telling One
It’s worth noting that this NCAA financial report doesn’t capture everything. It leaves out capital projects, operating funds, and capital gifts. So while the numbers are informative, they’re not the full story.
Still, what we can see is a program in the midst of transformation. UCF is spending more, earning more, and clearly betting big on its future in the Big 12. The transition hasn’t been cheap-but it’s already starting to show signs of payoff.