College sports is a $20.5 billion cash machine — but most top programs are losing money, forcing schools to get wildly creative with revenue. Stadiums are now entertainment hubs with concerts, restaurants, and luxury hotels. With NIL deals exploding and athlete compensation soaring, universities are pivoting fast: forming public-private partnerships, spinning off nonprofit arms, or even turning athletic departments into LLCs. The old amateur model is dead — and schools are scrambling to stay competitive in this high-stakes, high-revenue new world.
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