But what Vaccaro said in 2001 was true then, and it’s true now: corporations offer money so they can profit from the glory of college athletes, and the universities grab it. In 2010, despite the faltering economy, a single college athletic league, the football-crazed Southeastern Conference (SEC), became the first to crack the billion-dollar barrier in athletic receipts. The Big Ten pursued closely at $905 million. That money comes from a combination of ticket sales, concession sales, merchandise, licensing fees, and other sources—but the great bulk of it comes from television contracts.
via The Shame of College Sports – Magazine – The Atlantic.
Great and very long article, so long I thought I’d add another excerpt that I found most interesting and well put…
Ultimately, Byers prevailed and effectively neutered the AAU. In November 1978, President Jimmy Carter signed the bipartisan Amateur Sports Act. Amateurism in the Olympics soon dissolved—and the world did not end. Athletes, granted a 20 percent voting stake on every Olympic sport’s governing body, tipped balances in the United States and then inexorably around the world. First in marathon races, then in tennis tournaments, players soon were allowed to accept prize money and keep their Olympic eligibility. Athletes profited from sponsorships and endorsements. The International Olympic Committee expunged the word amateur from its charter in 1986. Olympic officials, who had once disdained the NCAA for offering scholarships in exchange for athletic performance, came to welcome millionaire athletes from every quarter, while the NCAA still refused to let the pro Olympian Michael Phelps swim for his college team at Michigan.