BOISE, Idaho — Boise State Athletics is projecting a cumulative deficit of between $14 million and $18 million for fiscal year 2027 as the department adjusts to rising costs associated with student-athlete revenue sharing and its move into the Pac-12 Conference.
Athletic Director Jeramiah Dickey said the financial challenges reflect a broader shift in college athletics and the increasing cost of competing at the highest level.
“We knew this day was coming,” Dickey said. “That's what's so frustrating for me… I know it's not sustainable.”
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Boise State's current deficit
According to Idaho State Board of Education budget documents, Boise State Athletics is projecting a nearly $2 million cumulative deficit for FY2026.
The department initially projected a deficit of nearly $13.5 million, but a surplus from the previous year helped offset much of that shortfall.
That surplus was largely tied to Mountain West Conference revenue earned in FY2025 but received during FY2026.
Dickey said the Mountain West settlement and move to the Pac-12 are not responsible for the current deficit. Instead, he pointed to the new revenue-sharing model as a major expense.
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Revenue sharing becomes a major expense
Boise State budgeted nearly $10 million for student-athlete revenue sharing during FY2026.
Dickey said that amount is expected to increase to approximately $13.5 million for the upcoming fiscal year.
“Revshare has to continue to grow,” Dickey said.
The department also faces higher costs for salaries, benefits, travel and other operating expenses.
Dickey said Boise State has spent the past several years preparing for the changing financial landscape.
“Every time a dollar comes in, it is going back out to invest into our staff, student-athletes and supporters and the things that we inherited and had to continue to elevate,” Dickey said.
Looking for new revenue
Boise State Athletics is looking for additional revenue through concerts and other events at Albertsons Stadium and ExtraMile Arena, along with continued fundraising and donor support.
Dickey said Boise State's financial challenges are not unique as universities across the country adjust to the new college athletics model.
“We can't do this alone,” Dickey said. “It takes a team.”
Despite the financial pressure, Dickey said Boise State remains committed to investing in student-athletes beyond athletics.
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“We're doubling down. This will never be transactional for us,” Dickey said. “Our why is to prepare our student-athletes for life, and our goal is to compete for championships.”
What happens next?
The FY2027 deficit projection is not final. Boise State said the amount of revenue sharing will be determined in fall 2026, which will have a significant impact on the athletics budget.
The State Board of Education said Boise State has sufficient institutional reserves to absorb the projected deficit without putting the university itself into a financial deficit.
Boise State Athletics' budget will continue to be monitored monthly as the department works with the university's CFO's office.
