With the NIL era of college sports in full swing, there are a myriad of unknowns. Questions have arisen about how athletes will balance sponsorship deals with school responsibilities, how schools will manage compliance and fairness and how potential roster cuts will impact team dynamics. One thing is for sure, however — money matters, particularly in women’s basketball, where there is enormous revenue potential, as well as a long history of low investment.
Alexis Ohanian, a Class of 2005 alumnus and co-founder of Reddit recognized this financial disparity and took decisive action Dec. 12 with a multi-million dollar donation to the Virginia women’s basketball program through the Virginia Athletics Foundation. Ohanian is hoping Virginia can be a dominant force in women’s basketball once more, and given that the donation is the largest in program history, the money is going to bring on some major positive change not only for the near future, but also women’s sports at-large. Others should follow suit and donate.
While the effects of NIL are certainly polarizing, there is no stopping the fact that it is reshaping the reality of college sports, and programs are adapting. Schools that generate the most money from football — the highest grossing college sport — are able to more easily fund the rest of their teams in order to attract players. However, at a school like Virginia, where the football program is not selling out stadiums, donations like Ohanian’s are necessary to keep lesser funded programs competitive — especially in women’s sports, which have historically received less funding.
Historically, women’s sports have seldom been given the spotlight — but that trend is dwindling. The revenue potential in women’s basketball has become especially clear these last few years, with the rise of NIL and a particularly famous draft class. Players like Caitlin Clark, Angel Reese and Cameron Brink have become household names, demonstrating that women’s basketball can capture widespread public interest.
Their standout performances have driven record-breaking viewership, as seen in the 2023 NCAA Women’s Basketball Championship, which drew 9.9 million viewers — the most-watched women’s college basketball game ever, and the most pro or college watched basketball game since the 2019 men’s basketball championship.
In the late 1980s and early 1990s, Virginia was one of the top programs in women’s basketball. The team made an appearance in almost every NCAA Tournament and had three consecutive runs in the NCAA Final Four from 1990 to 1992. More recently however, the Cavaliers have encountered some trouble. They have only made one NCAA Tournament appearance since 2010 and have not posted a winning record since the 2017-18 season.
With a current overall record of 7-5, the Cavaliers are hoping to end this losing stint, and Ohanian’s donation could help motivate this comeback, particularly with NIL and the new NCAA rules, where finances are becoming more relevant than ever. The exact dollar amount of the donation has not been announced, but sources claim it is around $776,000 annually over the next four years.
Ohanian’s donation coincides with the clear sign that times are changing. Women’s basketball is soaring in popularity and will continue its ascent as a major college sport. Obviously, it needs increased investment, but some progress has undeniably occurred as of late.
“All the people in my replies would say ‘Oh, no one cares about women’s sports,’” Ohanian said on a podcast with Louisiana State basketball player Flau'jae Johnson. “You cannot make that argument anymore, because the dollars don’t lie.”
Ohanian is right. Aside from staggering viewership, increasing NIL deals have also proven how profitable women’s basketball is. First, female athletes average 3.5 endorsement deals per year compared to male athletes, who average 2.5, and while college football makes up the most NIL earnings, women’s basketball ranks second. Additionally, there has been a major jump in NIL earnings for female athletes. Of the top 100 NIL athletes in 2022, 38 percent were women and 62 percent were men. In 2023, 52 percent were women and 48 percent were men.
In particular, women’s basketball deals also increased by 60 percent from 2022 to 2023. Just like Ohanian said, the dollars do not lie.
“NIL made it so crystal clear that [women’s basketball players] were so valuable to these colleges, to these programs, to that league, and [the NCAA] has just been dropping the ball for decades,” Ohanian said to Johnson.
By investing in Virginia’s women’s basketball program, Ohanian is not only recognizing this shift in attention, but also the recent developments in NIL and the NCAA which demand increased funding.
In addition to NIL, cases like Johnson v. The NCAA has made it so that starting in the fall of 2025, athletes can be paid directly by their schools through revenue-sharing programs, as opposed to just NIL and scholarship money.
Unlike most other women’s sports, Virginia women’s basketball has the potential to earn money through more expensive ticket sales, merchandise and TV broadcasts. For instance, South Carolina’s women’s basketball team has become a powerhouse over the past decade, regularly selling out the 18,000-seat Colonial Life Arena. Not only does this highlight how profitable the sport can be, but it proves that these athletes will be eligible for payments, and donations like Ohanian’s will be able to help.
Women’s basketball is experiencing unprecedented growth, with rising viewership, increased NIL opportunities and star players capturing national attention. Ohanian’s generous donation to Virginia’s women’s basketball program comes at the perfect time, recognizing the critical role of financial investment in this new NCAA era. By providing resources to attract top talent, pay players, and capitalize on NIL opportunities, Ohanian’s contribution positions Virginia to capitalize on the momentum in women’s basketball and build toward a stronger future for the program.
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