I don't think your supposition jibes with how mandated reporting works.
Per the NCAA: "Member institutions submit financial data detailing operating revenues and expenses related to its intercollegiate athletics program to the NCAA on an annual basis. The financial data are subject to agreed-upon procedures performed by a qualified independent accountant annually for DI members ..."
Check out this document:
http://www.ncaa.org/sites/default/files/2018NCAAFIN_Agreed_Upon_Procedures_20180525.pdf
From page 19:
Category -- Program, Novelty, Parking and Concession sales: Input revenues from game programs, novelties, food and concessions, parking. Advertising should be included in Royalties, Licensing, Advertisement and Sponsorships.
(The U reports 0 for royalties, licensing, advertising, etc.)
Checking out Wisconsin's report for 2013, I see $1.958 million in the slot for programs, concessions, etc.
The only other line item revenue from this area could be stuffed into is Contributions, which includes: "Amounts received from individuals, corporations, associations, foundations, clubs or other organizations designated for operations of the athletics program." The U reports $7.7 million in this area. But Wisconsin reported $11 million in this slot in its 2013 report, along with revenue from concessions, etc.
My background is in journalism and publishing, and back in the late '90s I looked into this. The U was contracting with Dave Mona's outfit to produce its game program. The arrangement was that Mona's group sold the advertising and got the thing designed and printed. I'm pretty sure the U received nothing, other than getting its program printed at no cost to itself. That's what I was told by an individual contracted to sell the advertising.
JTG
