The University of North Carolina went on a major hiring spree this past year. Bill Belichick came in as football coach, Michael Lombardi stepped up as football general manager, Jim Tanner joined the basketball program in a similar capacity, and Steve Newmark was named athletic director-in-waiting.
The spending that followed tells its own story.
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UNC’s latest NCAA financial report shows the athletic department hit a record $188 million in expenses for the 2024-25 academic year. That includes nearly $14 million paid out upfront to athletes through name, image and likeness deals.
Revenue came in at $173 million, leaving the Tar Heels with a $14 million deficit at the end of the fiscal year on June 30, 2025. Department reserves covered the gap.
On the field, there were real wins. UNC took home national titles in women’s soccer and women’s lacrosse, and the field hockey team made the Final Four. Football and men’s basketball were a different story.
The football team finished 6-7, and the men’s basketball program barely squeaked into the 68-team field before getting knocked out in the first round.
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NC State Wolfpack offensive lineman Jr. Anthony Carter (75) and North Carolina Tar Heels linebacker Mikai Gbayor (4) fight is interrupted by a referee during the second half of the game at Carter-Finley Stadium. Mandatory Credit: Jaylynn Nash-Imagn Images
Meanwhile, the bills kept climbing, per WRAL. Athletic department costs have gone up more than $67 million over four years and aren’t slowing down. The school plans to share $20.5 million in revenue with athletes across four sports and add close to 200 scholarships.
Belichick, who signed a five-year, $50 million deal, just wrapped his first season in Chapel Hill. During the fiscal year covered in the report, UNC paid around $35 million in coaching salaries and benefits, plus over $29 million for support staff and administrators.
That’s more than $6 million higher than the year before. Nearly $4 million in severance also went out, all tied to football.
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