Illustration: Eniola Odetunde/Axios

Wednesday was the worst day in college sports since March 12, when the coronavirus pandemic shut everything down.

Driving the news: The Ivy League announced that it will cancel all fall sports and will not consider resuming sports until Jan. 1, 2021 — and Stanford is permanently cutting 11 of its 36 varsity sports to help offset a projected $70 million, pandemic-fueled deficit.

  • The Ivy League was the first to cancel spring sports, calling off its basketball tournaments on March 10. Now, it's the first D-I conference to cancel football.
  • The 11 programs ended at Stanford: men's and women's fencing, field hockey, lightweight rowing, men's rowing, co-ed and women's sailing, squash, synchronized swimming, men's volleyball and wrestling.

The big picture: While Power 5 conferences could ultimately follow the Ivy League's lead, multiple sources tell Axios that no decisions will be made until late July.

  • It's also worth noting that Power 5 schools and Ivy League schools are dealing with different numbers. The former generates significant football revenue through TV contracts and ticket sales, while the Ivy League does not.
  • The Ivy League generated roughly $30 million in football revenue in 2019, while the Big Ten generated $1 billion, per The Athletic's Scott Dochterman.

The bottom line: If the Ivy League sets the trend once again, we could be headed for a football-less fall, which would have terrible financial repercussions.

  • And if Stanford — the gold standard of Olympic sports for decades — is eliminating 11 programs, what might happen at other schools?

Go deeper

Sep 24, 2020 - Sports

Pac-12 will play football this fall, reversing course

A view of Levi's Stadium during the 2019 Pac-12 Championship football game. Photo: Alika Jenner/Getty Images

The Pac-12, which includes universities in Arizona, California, Colorado, Oregon, Utah and Washington state, will play football starting Nov. 6, reversing its earlier decision to postpone the season because of the coronavirus pandemic.

Why it matters: The conference's about-face follows a similar move by the Big Ten last week and comes as President Trump has publicly pressured sports to resume despite the ongoing pandemic. The Pac-12 will play a seven-game conference football season, according to ESPN.

Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging. Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Education: The dangerous instability of school re-openings.
  4. World: Australian city to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  5. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  6. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Bond investors see brighter days

Illustration: Sarah Grillo/Axios

U.S. government bonds could breakout further after yields on the benchmark 10-year Treasury note ticked up to their highest since early June last week.

But, but, but: Strategists say this move is about an improving outlook for economic growth rather than just inflation.