This is the time of year where America celebrates college basketball as a spectacle, and more and more, as a business. In 2010, the NCAA struck a 14-year, $10.8 billion deal with CBS and Turner Broadcasting System for the rights to the tournament. Part of that money eventually devolves down to the teams, some of which have become truly enormous profit generators. At The Atlantic, we wondered what this year's bracket would look like if, instead of their on-the-court play, teams won and lost based on their most recent balance sheets. Using data from the Department of Education, we calculated which teams earned the biggest profits during the 2010-2011 fiscal year, then set them up against each other.
The Final Four: Louisville, Duke Ohio State, and the University of North Carolina. Your national champion: Louisville. By a longshot. (Click the bracket below for a full-size version.)
The government's numbers have one major flaw for our purposes. Colleges can hide the true cost of running a money-losing team with some fancy accounting -- essentially by covering up their losses with dollars from the school's general fund. As a result, many teams appear to finish the year breaking exactly even, despite the fact that they're actually in the red. On the bracket, I've marked those programs as having "unknown losses."*
But while the data won't tell you much about most of the money losers, it will tell you a lot about the money makers. Louisville has been college basketball's earnings leader three years running, raking in a monstrous $40.89 million in revenue in FY 2010-2011, and $27.55 million in profit. Second place Duke made a total of $28.91 million in revenue, netting $15.1 million.
College basketball teams earn income off three main things -- ticket sales, donations, and distributions from the NCAA itself, says Transylvania University Professor Daniel Fulks, who analyzes university athletic department finances on behalf of the NCAA. The ticket sales are the most straight-forward part of the equation. Large schools with large stadiums that can pack a crowd have an obvious built-in advantage. Unsurprisingly, four of the five highest revenue generating teams in this year's tournament -- Louisville, UNC, Syracuse, and Kentucky -- also led the NCAA in average per-game attendance.
But a successful team can get by without massive attendance. Duke, with its relatively modest 9,300 seat stadium, is the second most formidable revenue earner in the tournament. They do it with donations from alumni and boosters. Before Blue Devils fans are allowed to buy season tickets at Cameron Indoor Stadium, they're required to make a sizable donations. According to Duke Senior Associate Athletic Director Mike Cragg, the two worst seats in the house require an $8,000 dollar gift on top of the ticket price. Fans give all the way to up to the cost of a year-long scholarship, roughly $55,000. Many other universities have adopted similar practices.
Finally, there are the funds the NCAA distributes to conferences based on their performance in the national championship tournament. Conferences earn money based on the number of games their teams have played in the big dance during the past six years. The more games, the more the conference earns. Last year, the NCAA doled out about $180 million this way. It's up to each conferences to split up its haul between its teams.
Combined, those three categories make up three quarters of most basketball teams' revenue, Fulks says. Now consider Louisville. The Cardinals play in the brand new, 22,000 seat YUM Center, where prospective season ticket buyers are essentially required to make donations before they can claim a seat. According to Forbes, the team received more than $20 million in total contributions last year. It also plays in the Big East, which received the single biggest portion of last year's NCAA tournament bounty.
Wealthy teams, like Louisville, only stand to get richer. In the last few years, the top athletic conferences have signed lucrative television deals for football and basketball worth many millions of dollars to each of their member schools.
But just like in any other game, earning a nice financial return won't necessarily earn a college basketball team points on the court. Arizona is sitting out March Madness, even though it was the third most profitable school in Division I-A last year, with more than $14 million in net income. Other big spending, big-earnings schools such as the Universities of Illinois and Minnesota* will also be watching from home. On the other hand, Mississippi Valley State, which operated at a loss despite a shoestring budget of $682,000, got a shot at the tournament.
Thankfully, in real life, the big money doesn't always win.
*A note about the bracket: In matchups between teams with two unknown financial losses, I gave points for thriftiness and advanced the squad with lower expenses. When a program with an unknown loss played one with a known loss, I gave points for honesty and advanced the team with the known loss.
*An earlier version of this piece mistakenly stated that Wisconsin had not made the tournament (despite having them on my bracket). Having spent time working in the badger state, I realize that residents there rightly get frustrated about being mixed up with their next door neighbor. My sincere apologies.
Paul faced danger, Ani and Ray faced each other, and Frank faced some career decisions.
This is what happens when you devote two-thirds of a season to scene after scene after scene of Frank and Jordan’s Baby Problems, and Frank Shaking Guys Down, and Look How Fucked Up Ray and Ani Are, and Melancholy Singer in the Dive Bar Yet Again—and then you suddenly realize that with only a couple episodes left you haven’t offered even a rudimentary outline of the central plot.
The winners of the 27th annual National Geographic Traveler Photo Contest have just been announced.
The winners of the 27th annual National Geographic Traveler Photo Contest have just been announced. Winning first prize, Anuar Patjane Floriuk of Tehuacán, Mexico, will receive an eight-day photo expedition for two to Costa Rica and the Panama Canal for a photograph of divers swimming near a humpback whale off the western coast of Mexico. Here, National Geographic has shared all of this year’s winners, gathered from four categories: Travel Portraits, Outdoor Scenes, Sense of Place, and Spontaneous Moments. Captions by the photographers.
What if Joe Biden is going to run for the Democratic nomination after all?
Most Democrats seem ready for Hillary Clinton—or at least appear content with her candidacy. But what about the ones who who were bidin’ for Biden? There are new signs the vice president might consider running for president after all.
Biden has given little indication he was exploring a run: There’s no super PAC, no cultivation of a network of fundraisers or grassroots organizers, few visits to early-primary states. While his boss hasn’t endorsed Clinton—and says he won’t endorse in the primary—many members of the Obama administration have gone to work for Clinton, including some close to Biden.
But Biden also hasn’t given any clear indication that he isn’t running, and a column by Maureen Dowd in Saturday’s New York Times has set off new speculation. One reason Biden didn’t get into the race was that his son Beau was dying of cancer, and the vice president was focused on being with his son. But before he died in May, Dowd reported, Beau Biden tried to get his father to promise to run. Now Joe Biden is considering the idea.
Put simply: Climate change poses the threat of global catastrophe. The planet isn’t just getting hotter, it’s destabilizing. Entire ecosystems are at risk. The future of humanity is at stake.
Scientists warn that extreme weather will get worse and huge swaths of coastal cities will be submerged by ever-more-acidic oceans. All of which raises a question: If climate change continues at this pace, is anywhere going to be safe?
“Switzerland would be a good guess,” said James Hansen, the director of climate science at Columbia University’s Earth Institute. Hansen’s latest climate study warns that climate change is actually happening faster than computer models previously predicted. He and more than a dozen co-authors found that sea levels could rise at least 10 feet in the next 50 years. Slatepoints out that although the study isn’t yet peer-reviewed, Hansen is “known for being alarmist and also right.”
Even when they’re adopted, the children of the wealthy grow up to be just as well-off as their parents.
Lately, it seems that every new study about social mobility further corrodes the story Americans tell themselves about meritocracy; each one provides more evidence that comfortable lives are reserved for the winners of what sociologists call the birth lottery. But, recently, there have been suggestions that the birth lottery’s outcomes can be manipulated even after the fluttering ping-pong balls of inequality have been drawn.
What appears to matter—a lot—is environment, and that’s something that can be controlled. For example, one study out of Harvard found that moving poor families into better neighborhoods greatly increased the chances that children would escape poverty when they grew up.
While it’s well documentedthat the children of the wealthy tend to grow up to be wealthy, researchers are still at work on how and why that happens. Perhaps they grow up to be rich because they genetically inherit certain skills and preferences, such as a tendency to tuck away money into savings. Or perhaps it’s mostly because wealthier parents invest more in their children’s education and help them get well-paid jobs. Is it more nature, or more nurture?
A new EPA rule is designed to withstand legal challenges from Republicans while convincing world leaders to follow suit.
President Obama’s plan to reduce greenhouse-gas emissions is aimed at three major constituencies. First, there’s the plan’s immediate goal: significant decreases in the emissions in the U.S. between now and 2030. Second, the rule arrives as the world gears up for global emissions talks in Paris in December, and American action is seen as necessary to convince other countries to act. And third, Obama views the fight against climate change as an essential part of his legacy, alongside the Affordable Care Act.
“We’re the first generation to feel the impact of climate change, and the last generation that can do something about it,” Obama said at a press conference at the White House on Monday, repeating a line he’s used before. The president emphasized the moral case for reducing emissions throughout the speech, invoking Pope Francis’s call for action, and scolding “cynical” critics who charged his plan would hurt minorities and the poor. “If you care about low-income minority communities, start protecting the air they breathe and stop trying to rob them of their health care.”
And last year, Ypsilanti, Michigan, got a brief flare-up of Internet fame whenGawker reported on a scatological scofflaw who had been repeatedly pooping on local playground slides. A city-council member told MLive the acts were “weird and deliberate.” The manhunt launched a hashtag (#YpsiPooper), and an advertising company put up messages on a billboard it owned over the highway, urging residents to say something if they saw something: "Help us flush the pooper,” “Do your civic doody, report the pooper,” and “Help us catch the poopetrator.” The culprit—a resident of a nearby halfway house—was eventually identified and warned, which seemed to do the trick.
For physicians who treat sick children, professional “masks,” such as white coats and detached demeanors, can be both a help and a hindrance.
Nancy Hutton, an associate professor at the medical school of Johns Hopkins University, has one of the hardest jobs in medicine: She specializes in pediatric hospice and palliative care. She sees the sickest children—the ones with severe neurological problems that cause profound developmental delays, or with cancers slowly ravaging their bodies, or severe organ failures.
The worst, though, is when she doesn’t know exactly what’s wrong with a child. “That's even harder,” she said. “When you can't give something a name.”
Sometimes her job is to keep her patients comfortable: helping them keep food down without vomiting or easing their physical pain.
But other times, the child is dying. In those cases, it falls on Hutton to counsel the family.
Two hundred fifty years of slavery. Ninety years of Jim Crow. Sixty years of separate but equal. Thirty-five years of racist housing policy. Until we reckon with our compounding moral debts, America will never be whole.
And if thy brother, a Hebrew man, or a Hebrew woman, be sold unto thee, and serve thee six years; then in the seventh year thou shalt let him go free from thee. And when thou sendest him out free from thee, thou shalt not let him go away empty: thou shalt furnish him liberally out of thy flock, and out of thy floor, and out of thy winepress: of that wherewith the LORD thy God hath blessed thee thou shalt give unto him. And thou shalt remember that thou wast a bondman in the land of Egypt, and the LORD thy God redeemed thee: therefore I command thee this thing today.
— Deuteronomy 15: 12–15
Besides the crime which consists in violating the law, and varying from the right rule of reason, whereby a man so far becomes degenerate, and declares himself to quit the principles of human nature, and to be a noxious creature, there is commonly injury done to some person or other, and some other man receives damage by his transgression: in which case he who hath received any damage, has, besides the right of punishment common to him with other men, a particular right to seek reparation.
California Representative Adam Schiff, the ranking Democrat on the House Intelligence Committee, has decided to come out in favor of the nuclear agreement.
Earlier this year, California Representative Adam Schiff, the ranking Democrat on the House Intelligence Committee, told me he had serious doubts about Iran’s intentions as it pursued a nuclear deal with the United States and five other world powers. He also said he was somewhat worried about the scale of possible American concessions during the talks. Schiff, who I described in a post at the time as a “moderate’s moderate,” suggested to me that he wanted to see President Obama achieve an important foreign-policy success, but as a Jew, he wanted to make sure that an anti-Semitic regime—both he and Obama agree that Iran is ruled by an anti-Semite—would not be allowed to become a nuclear-weapons state. At the time, he told me he was “uncommitted” and that he would “remain uncommitted” until he had time to review a final deal, should a final deal materialize.