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I used to have a link showing the most major conference athletic programs lost money. IIRC, it was less than 10 schools that made more than $1 million in profit in 2006, even after alumni donations, meanwhile there were over 100 teams in D-I that lost more than $1 million.
here is no degree granted for athletic performance so far as I know.
Bully for Duke's cross country team-- what's the SAT average of their men's basketball team and their football team?