American campuses are struggling to cope with unprecedented changes that are impacting their intercollegiate athletic programs. While in theory they retain the ultimate ability to decide the range and level of sports they sponsor, the facilities they provide, what athletic conferences they join, and how much they spend, reality is that they have only partial control over their own revenue streams and costs. This is one of the reasons why the growth in the typical institution’s intercollegiate athletic expenditures consistently has outpaced price inflation. Judicial decisions, especially House v. the National Collegiate Athletic Association, have forced many institutions to pay large sums to attract skilled athletes to their campuses. As a consequence, institutions now routinely switch athletic conferences, primarily in order to increase their revenues. It is “all about the Benjamins.” Amidst this, we ask a simple and direct question. What about the students? Specifically, are there any economic benefits that accrue to students after they graduate that can be traced to intercollegiate athletics?