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Texas athletic director Chris Del Conte. Photo: Tim Warner/Getty Images

Athletic departments are reeling from the loss of conference tournaments and March Madness revenues and could face a financial crisis in the coming months, especially if the football season is canceled.

Driving the news: More than 100 ADs at FBS universities were surveyed on their concerns, plans and goals in light of the coronavirus pandemic.

  • 89% listed academic progress among their top concerns in regard to their student-athletes over the next three months, followed by mental health (74%), lack of resources while off campus (53%) and sport performance (48%).
  • 75% listed donations among the most at-risk revenue streams, followed by ticket sales (74%), conference distributions (56%), NCAA distributions (51%), sponsorships (31%) and student fees (28%).
  • 67% listed a decrease in enrollment among the most likely outcomes of this crisis, followed by a slow down of the arms race as a result of greater overall frugality (53%) and a decrease in live fan interest for sporting events (53%).
  • 63% forecast a worst-case scenario in which their revenues drop by at least 20% during the 2020-21 school year.
  • 41% of Power Five ADs said they have a financial reserve in place that can be used for this type of crisis, compared to 26% of Group of Five ADs.
  • 40% approve or strongly approve the idea that high-earners should voluntarily offer to make a personal financial sacrifice; 15% disapprove or strongly disapprove.

What to watch: Iowa State just announced that nearly everyone in the athletic department will take a one-year, 10% pay cut, and that coaches will suspend all bonuses and incentives for one year. Expect more schools to follow.

  • "I've talked to many of my peers, and they want to do what we just did," said Iowa State AD Jamie Pollard.
  • "If this catches fire, you wouldn't want to be the coach who doesn't do something" Ohio University professor David Ridpath told USA Today.

Go deeper: Inside the world of college sports financing

Go deeper

Updated 2 hours ago - Sports

MLB enters first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is in a management lockout — the first work stoppage since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost reported Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.

Symone Sanders leaving VP's office

Vice President Kamala Harris and her press secretary Symone Sanders. Photo: Alex Wong/Getty Images

Symone Sanders, senior advisor and chief spokesperson to Vice President Kamala Harris, is leaving the VP’s office by the end of this year, three White House officials told Axios on Wednesday.

Why it matters: The VP has faced an onslaught of criticism in her first year centered on her leadership and staff, adding to the suggestion, she’s not the Democratic Party’s preferred nominee for 2024.