That Penn State digression made me curious to see what the profit as a percent of revenue was overall, and when you subtract total subsidies and total expenses from total revenues, you're looking at a loss of 27%.

Only 7 schools had a positive return of 10% or more.

At the other end of the spectrum is Missouri-Kansas City, where expenses already exceed revenues even before you factor out the subsidies. Throw out those revenues, and you're looking at a loss of $10.3M, which actually exceeds revenues ($9.3M). So the taxpayers/students/fans in Missouri are living the old sports saw, "We're giving a hundred and ten (point six-two) percent!"