Joe Hermitt/PennLive

By Aaron Kasinitz | akasinitz@pennlive.com

Penn State athletics released its NCAA financial report last week, which provided a detailed look at the department's finances from the 2015-16 school year. That got us thinking about where the Lions' football program ranks in the Big Ten in terms of revenue and expenditures.

So, we decided to compare the most recent data and rank the conference’s football teams based on revenues pulled in during fiscal year 2016.

This data, made public through the Department of Education, measures revenues and expenses from June 30, 2015, to the same date in 2016. That means any revenue raked in during the 2016 football season — when PSU won the Big Ten title — are not counted, because schools have not yet compiled that information.

We’ll discuss how the Lions’ on-field success could bolster their revenue streams later this offseason, but for now, take a look at how much each Big Ten team made and spent in fiscal year 2016.

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14) Purdue

Revenue: $18.7 million

Expenses: $16.9 million

Skinny: The Boilermakers haven’t given fans much to get excited about over the past several seasons. If Purdue wants to bring fans to games and sell merchandise, it has to inch toward competitiveness in the Big Ten West.

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13) Rutgers

Revenue: $25.2 million

Expenses: $25.2 million

Skinny: The Scarlet Knights reported the same total in expenses as they did in revenue, which is not a good financial sign for a major college program. Most Big Ten athletic departments make enough money through the football team to help the rest of their sports stay afloat, but that's not the case at Rutgers.

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12) Maryland

Revenue: $30.1 million

Expenses: $20.8 million

Skinny: Fiscal year 2016 incorporates Maryland’s second season of Big Ten football. The Terrapins are investing in their football team by building a massive indoor practice facility on campus, and the hope is that the sparkling facilities help lead to improved play, more fan support and — eventually — greater revenues.

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AP Photo/Bradley Leeb

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11) Illinois

Revenue: $32.9 million

Expenses: $18.2 million

Skinny: Illinois fired coach Tim Beckman a week before the 2015 season began after it said an independent investigation revealed player mistreatment. The Illini hope to have steadied the program under coach Lovie Smith, and if Smith can produce on-field results, the program can likely move up this list of revenue producers.

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10) Indiana

Revenue: $35.2 million

Expenses: $24.2 million

Skinny: The Hoosiers’ men’s basketball team is one of the most profitable in the country, so Indiana’s athletic department can live with middling numbers from the football program.

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AP Photo/David Banks

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9) Northwestern

Revenue: $36.2 million

Expenses: $24.6 million

Skinny: Pat Fitzgerald has kept the Wildcats consistently competitive over the past several seasons, and the school reaps modest financial benefits.

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8) Minnesota

Revenue: $49.3 million

Expenses: $25.5 million

Skinny: The Gophers dealt with some turmoil in 2015, as Jerry Kill stepped away from the program amid rising concerns about his health. Business-wise, though, Minnesota’s football program was stable in fiscal year 2016.

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7) Iowa

Revenue: $56.6 million

Expenses: $30.2 million

Skinny: The Hawkeyes won their division in 2015, which helped the program regain some momentum and reinvigorate a rabid fan base.

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AP Photo/Gail Burton

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Revenue: $64.7 million

Expenses: $32 million

Skinny: The Spartans seem destined to serve as little brother the other Big Ten program in Michigan, but they did capture the Big Ten title in fiscal year 2016 and raked in a healthy $64.7 million in revenues.

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5) Nebraska

Revenue: $65 million

Expenses: $27.5 million

Skinny: The Cornhuskers have long benefitted from a loyal fan base. Support hasn’t wavered much, even as the team has struggled to keep up with other Big Ten heavyweights on the field.

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4) Wisconsin

Revenue: $71.2 million

Expenses: $20.8 million

Skinny: Wisconsin was the only Big Ten school to rake in more than $35 million in revenue but spend less than $23 million in expenses.

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Joe Hermitt | jhermitt@pennlive.com

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3) Penn State

Revenue: $75.5 million

Expenses: $36.2 million

Skinny: Penn State’s revenues dipped after the school fired Joe Paterno in the wake of sexual assault accusations against Jerry Sandusky in 2011, but its numbers have rebounded and trended up over the past three seasons. The 2016 Rose Bowl bid should help matters moving forward, too.

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2) Ohio State

Revenue: $86.6 million

Expenses: $37.4 million

Skinny: Urban Meyer has his Buckeyes program established and humming along. Fiscal Year 2016 began the summer after Ohio State’s most recent national championship.

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AP Photo/Lynne Sladky

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1) Michigan

Revenue: $97.1 million

Expenses: $36.6 million

Skinny: The Wolverines have one of the nation’s largest fan bases, and Jim Harbaugh’s arrival as head coach seemed to rejuvenate Michigan’s supporters during fiscal year 2016. The Maize and Blue saw a year-over-year revenue increase of $8.9 million.

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Curious what these programs are spending money on and how they're raking in profits?

Sources of revenue for football programs include ticket and merchandise sales and money from the Big Ten and media contracts. Coaching salaries, stadium operations and traveling costs are among the expenses.

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