One of the most intriguing things about this country is the craziness that is College sports. Most people are aware of the four major professional sports (NFL, MLB, NHL and NBA), but very few outside of America can comprehend the magnitude of college sports. I have to mention that while I really enjoy college sports (an understatement), I am not a fan of many aspects of how they are run.
There are two major sports at the college level that bring in a lot of revenue (American football and men's basketball, collectively referred to as revenue sports) and every university has about 20 other sports that are pretty much dependent on profits made by the revenue sports to survive. College football and basketball are deeply interwoven into the fabric of every major university (pretty much) and can evoke unbelievable levels of passion among the student base and alumni - so much so that the major programs have football stadiums that seat 90000+ fans and sell out EVERY single game.
The athletes that generate this passion and revenue are students at these universities and typically get a tuition waiver and a stipend (amounting to about $20 k a year). The National Collegiate Athletic Association (NCAA) keeps a "tight" watch to make sure no illegal transactions take place between the students and the university. These athletes are recruited by college programs while they are in high-school and university coaches bend over backwards to attract their attention. Think of 50+ year old millionaire coaches impressing 17 year old kids by dropping a home-visit on a helicopter (and I am not even kidding here). Recruiting of big-time players can become quite shady involving "handlers", middle-men and even sneaker companies.
On the economic side, most major football programs run annual revenues of $50 M with profits running in the tens of millions. College coach salaries are in the millions (even excluding handsome bonuses). Money is generated by ticket sales, TV revenue (for instance, CBS pays about $ 1 billion a year for exclusive rights to the season-ending college basketball tournament) and alumni donations (in some extreme cases, people have donated in excess of $100 M. I will touch upon this again later in a post on alumni donations).
On the insanity scale, nothing can perhaps quite match the craziness of the NCAA basketball tournament - 64 of the 330 or so "division 1" colleges are selected to play in a direct-knockout over four weeks in march/april and about half of the American workforce participates in the so-called "tournament pools" which is essentially a betting game. The apparent loss of productivity and the billions of $ that change hands is always talked about. Needless to say, Vegas is all over this one.
The end of the season in college football, on the other hand, is a complete mess. There are no playoffs... instead, about 64 of the 100 or so division 1A football programs, participate in -ONE- so-called "bowl" game each, with 5 major "BCS" bowls paying $15 M to each participating team (payout in the other bowls isn't anywhere near this amount). The two teams that play in so-called national championship are selected by a much-maligned computer ranking system that weights winning percentage, strength of schedule and human rankings. The system is so messed up that the Feds are looking into the legitimacy of the BCS.
American college sports is a billion dollar industry many times over (revenues growing by 50% during the current recession) and is increasingly becoming an arms race with the big players (Florida, Texas, Ohio State, etc) controlling the landscape.
So.. what about other sports in college? Though not adequately appreciated, an overwhelming majority of student-athletes use sports primarily as an opportunity for funded education and as a stepping-stone for a professional career in something other than sports - what a concept !! - (save for some specialist schools in Florida and California that produce Olympic athletes). As a side note, Stanford is one of the best at Olympic sports (Stanford-associated athletes won 25 medals in Beijing '08).

