USA Today has released its annual athletic finance data from public colleges and universities in Division I covered by Freedom of Information laws. Full G5 chart based on the USA Today data at the end of the article.

Arkansas State has the largest budget in the Sun Belt at $39.5 million which is 73rd largest among the reporting schools.

Red Wolves Athletic Director Terry Mohajir believes Arkansas State may move into the top five next year because the current USA Today numbers do not include the North End Zone project or any other capital projects.

A-State's budget is larger than all MAC schools and all C-USA schools except Old Dominion, larger than three Mountain West schools, San Jose State ($31.3 million), Utah State ($34.4 million), and Nevada ($37 million). A-State is $8.8 million behind East Carolina, the smallest reported budget in the AAC.

Arkansas State has the lowest subsidy (tuition and fees transferred to support athletics) as a percentage of the athletic budget of any school in the Sun Belt. Only 31.99% of A-State's budget is from subsidies. Boise State and New Mexico are the only Group of Five schools to be less reliant on subsidies as a percentage of the athletic budget.

In total dollars transferred from the university or students, only six Group of 5 FBS schools transferred less to support athletics. A-State's subsidy was $12.6 million, Boise State's transferred $8732 less than A-State, Nevada $12.5 million, New Mexico $11.7 million, Louisiana Tech $10.7 million, Southern Miss $8.8 million and ULM $7.2 million.

Among the so-called Group of 5, Arkansas State had the 12th highest self-generated revenue (Revenue minus allocation). A-State's $26.8 million trailed in order, UConn, Cincinnati, Boise State, New Mexico, Houston, Memphis, UCF, East Carolina, South Florida, San Diego State, and Hawaii. UConn had $41.1 million in self-generated revenue and Hawaii $27.3 million.

Sun Belt schools took four of the five bottom spots in self-generated income with UTA at the bottom, then UALR, Coastal Carolina, Ball State, and Georgia State. Looking only at FBS members, the Sun Belt still holds four of the five bottom spots with Troy then ULM replacing the two basketball schools.

Louisiana ($15.5 million), Appalachian State ($13.8 million), Georgia Southern ($12.1 million), Texas State ($10.7 million) and South Alabama ($10 million) were the only other Sun Belt schools to self-generate $10 million or more dollars in the athletic department. UAB and New Mexico State were the only FBS schools to self-generate less than $10 million that were not in the MAC or Sun Belt.

Chart below DI rank is the school's ranking on the list of reporting schools in total revenue. Allocation is money transferred from the school and/or students. Subsidy is percentage of the athletic budget coming from school and student sources, self-generated is the amount of athletic revenue coming from sources other than the school or students.