South Carolina WBB: A Powerhouse Program Operating at a Deficit

The Harsh Financial Reality of Women’s College Athletics

Success on the court doesn’t always translate to financial success, and South Carolina women’s basketball is the perfect example. Despite an undefeated 38-0 season and a national championship under Dawn Staley, the Gamecocks still reported a $5.6 million deficit for fiscal year 2024.

That’s more than Auburn, a team that barely made the NCAA Tournament and exited in the First Four, despite Auburn’s reported $5.1 million loss.

This raises a critical question: Why is one of the most dominant programs in women’s basketball history struggling financially?

Breaking Down the Numbers

A review of South Carolina’s financial report, combined with insights from new athletic director Jeremiah Donati, highlights several key factors:

• USC WBB generated nearly $5.9 million in revenue but still ran a deficit, largely due to coaching salaries.
• Women’s sports, in general, do not receive the same media rights revenue as men’s programs.
• Iowa and UConn earned nearly twice as much as South Carolina from ticket sales, signaling potential room for price adjustments.

Despite consistent success, the Gamecocks’ women’s basketball program has averaged a $5.59 million deficit over the past three years—even during their title-winning seasons.

Dawn Staley: “We Have Been Held Back”

Even Staley acknowledges the financial disparity, pointing out that while her program lost $5.6 million last year, the men’s basketball team posted a $3.5 million profit.

“We may not make more than we spend—like a lot of programs,” Staley said in January. “A lot of men’s programs don’t make what they spend—but, for all of the existence of women’s basketball, we have been held back.”

And as Columbia Mayor Daniel Rickenmann noted, South Carolina’s financial reports don’t reflect the full impact of the program:

• 24 million people watched USC’s national championship victory—a massive boost in brand exposure.
• Enrollment interest spikes when teams dominate on national stages.
• The program’s success drives tourism and local business growth.

“The women’s program has helped Columbia elevate,” Rickenmann said. “It has been unbelievably elevating for the university, our fans, and the local economy.”

Finding Solutions: Can the Deficit Be Reduced?

Donati acknowledges that the financial model must evolve, especially with upcoming House settlement payments that could require South Carolina to pay student-athletes up to $20.5 million starting in July.

“We just can’t go on as business as usual,” Donati said. “We have to find ways to increase revenue while maintaining the program’s elite status.”

Some potential solutions include:

• Ticket price adjustments: South Carolina has led NCAA women’s basketball attendance for a decade but earns far less than Iowa and UConn from ticket sales.
• Corporate sponsorships: LSU, despite a smaller arena, nearly matches USC’s ticket revenue through strategic sponsorships.
• Leveraging new media rights deals: NCAA women’s basketball will start receiving tournament “units” in 2025, but current media deals still heavily favor men’s programs.

Where Is the Money Going?

The biggest expense for USC women’s basketball? Salaries.

• More than half ($6.53 million) of the program’s $11.5 million budget is tied to coaching salaries.
• Staley’s recent contract extension makes her the highest-paid coach in women’s college basketball, increasing her salary by $800,000 annually—reaching $4 million this season.
• Championship bonuses added another $500,000 to Staley’s earnings last season.

Additionally, travel costs surged to $1.8 million, likely due to the Gamecocks opening their season in Paris.

The Media Rights Disparity

A major issue facing women’s basketball is the massive revenue gap between men’s and women’s tournament payouts.

• The NCAA men’s tournament distributes $2.1 million per game to conferences.
• The women’s tournament? Just $115,000 per game—meaning each SEC school receives only $7,000 when USC plays in March Madness.

Additionally, SEC media rights distribution skews heavily toward football and men’s basketball.

• Football received over $15 million from the SEC’s payout.
• Men’s basketball got over $4 million.
• Women’s basketball? $0.

What’s Next for South Carolina?

Donati and his team are re-evaluating ticket prices, exploring new corporate partnerships, and pushing for more media rights revenue.

“We will find a way to close that gap,” Donati said.

While eliminating the deficit may not be possible right now, the goal is clear: ensure that one of the most dominant teams in college basketball history gets the financial backing it deserves.