Nearly 1,000 colleges compete in the @NAIA, @NCAADII and @NCAADIII. The Division I financial model may be broken. That does not mean the small-college model is. Small colleges operate differently: • Different economics • Different institutional goals • Athletics drives enrollment • Opportunity is part of the model The concern is that solutions built to fix Division I…through Congress, the courts or national policy…can still reach the small-college level if everyone is forced to play by the same rules. That would be catastrophic. We can’t break one model trying to fix another.

D-I athletics right now: • UCLA: $219M cumulative deficit • Rutgers: $516.9M in cumulative shortfalls since joining the Big10 • Iowa State: $147M projected budget gap • NC State: $18.5M projected deficit • Dozens of varsity programs eliminated in the last year • New fees passed to fans More money than ever, still not enough. Fewer opportunities. Greater instability. This isn’t what college sports should be.