IN NOVEMBER OF 2015, A FEW DAYS BEFORE the Big Game between UC Berkeley and Stanford, California State Sen. Nancy Skinner attended an Oakland Rotary Club meeting. That day, as it often does, the club was discussing athletics, and it had invited antitrust economist Andy Schwarz, a longtime critic of the National Collegiate Athletic Association (NCAA). Schwarz, “a Stanford guy,” shared the stage with the Cal Band, which played Cal songs, before he began his presentation.
There’s money in college sports. Lots of it.
March Madness, the national basketball tournament, alone brings in more than $900 million annually for the NCAA, the nonprofit that oversees college athletics in America. And big-time college football generates even more revenue than basketball. The athletes who play these sports, however, reap none of that windfall and are, in fact, forbidden by the time-honored rules of amateurism, from profiting off their sport.