The University of North Carolina went all-in this past year, and the numbers show it.
In a bold push to reshape its athletic future, UNC made a splash with several high-profile hires-none bigger than Bill Belichick taking over as head football coach. Alongside him, Michael Lombardi stepped in as general manager of the football program, Jim Tanner joined the basketball side in a similar executive role, and Steve Newmark was tapped as the athletic director-in-waiting. That’s a lot of big names, and UNC didn’t hesitate to spend like a big-time program.
According to the university’s latest NCAA financial report, the Tar Heels racked up a record $188 million in athletic department expenses during the 2024-25 academic year. That’s not just a big number-it’s the largest in school history.
A portion of that spending, nearly $14 million, went directly to athletes through upfront name, image, and likeness (NIL) payments. It’s a sign of the times, and UNC is clearly leaning into the new era of college athletics.
But while the spending surged, the revenue didn’t quite keep pace. UNC brought in $173 million in revenue over the same period, leaving them with a $14 million shortfall by the end of the fiscal year on June 30, 2025. They covered the gap with department reserves, but it’s a deficit that underscores just how aggressive the school has been in trying to elevate its programs.
And here’s the twist-while the investment was massive, the on-field results were a mixed bag.
There were undeniable bright spots. UNC’s women’s programs delivered in a big way, with national championships in both soccer and lacrosse, plus a Final Four run in field hockey. Those are elite-level results that justify the investment and show the strength of the Tar Heels’ broader athletic portfolio.
But in the two marquee sports-football and men’s basketball-the returns were far less impressive.
Belichick’s debut season in Chapel Hill ended with a 6-7 record. It was a tough campaign that didn’t quite match the hype that followed his blockbuster five-year, $50 million deal.
On the basketball side, the men’s team barely made it into the NCAA Tournament field and exited in the first round. For a program with UNC’s hoops pedigree, that’s a tough pill to swallow.
Meanwhile, the financial commitment kept climbing. Athletic department expenses have ballooned by more than $67 million over the last four years, and there’s no sign of a slowdown.
The university has already committed to sharing $20.5 million in revenue with athletes across four sports and plans to add nearly 200 new scholarships. It’s a massive shift in how college athletics operates-and UNC is putting itself at the forefront.
During the 2024-25 fiscal year, the school shelled out roughly $35 million in coaching salaries and benefits. Another $29 million went toward support staff and administrative personnel-up more than $6 million from the previous year. And nearly $4 million in severance payouts were tied to football, a reminder of the cost that comes with turning the page and bringing in a new regime.
In total, it’s a picture of a program betting big-on Belichick, on NIL, on the future of college sports. The question now is whether those investments will start to pay off where it matters most: on the scoreboard.