RALEIGH — In the first season of direct revenue sharing with athletes and conference revenue distribution based on success and television viewership, NC State is currently projected to have an $18.5-million athletics department deficit.

The athletics department presented its annual budget outlook to a board of trustees committee Thursday. NC State is projected to have $126.1 million in revenues and $144.6 million in expenses for the current year at this point. 

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Those figures could change by the end of the fiscal year, and NC State athletics director Boo Corrigan called the numbers “conservative.”

“We are going to fight and claw our way to a balanced budget,” said Corrigan, who has led the department since 2019. “To remain competitive, we need to be in this world. We need to be in this revenue-share world. It is really important. I believe it’s important to this institution.”

The department is evaluating uses of donated discretionary money and partnering with campus leadership to address the shortfall. The university already provided $5 million to the athletics department in the current fiscal year.

Chancellor Kevin Howell said that “all schools across the country are going through this” and backed Corrigan and university leadership.

“We’re going to continue to be as competitive as the next school down the road or any university in the country,” said Howell, a former wrestler at NC State.

The expenses include $18 million in direct revenue sharing with athletes for the first time. This academic year schools have been allowed to share up to $20.5 million with athletes. Additional scholarships at NC State account for the $2.5 million difference. Corrigan said the football program received $13 million, men’s basketball $4 million and women’s basketball $1 million in direct revenue share, figures WRAL previously reported.

The revenue figure includes $44.4 million in distribution from the Atlantic Coast Conference, which is relatively flat over a three-year period as the league rewards schools that have greater on-field success in football, men’s basketball and women’s basketball and those with greater television viewership in football and men’s basketball.

A long run in the NCAA Tournament by the men’s basketball program, for example, would give the department more success initiative and viewership distribution money. Barring that, the unequal distribution “will have a bit of negative impact on us,” said Beverly Armwood, the department’s chief financial officer.

Corrigan said there is no single solution to the department’s financial challenges or what he said was an unsustainable model where the schools agree to rule or a cap, then immediately seek to find ways around it. The cap on revenue sharing will increase to $21.3 million for the 2026-27 season.

Corrigan said the men’s basketball program would add a required seat donation for season tickets as NC State rolled out for football and women’s basketball this season. The program generated $4 million from football last year, Armwood said.

NC State will host two concerts at Cater-Finley Stadium, including Guns ‘N Roses on July 23 and Noah Kahan on July 25. Last year’s Chris Brown concert netted the department $500,000, according to Armwood’s presentation.

“We got to continue to look at as many other things as we can to try to continue to increase,” Corrigan said. “What I don’t want to do — and what we’re committed to not doing — is all of a sudden we’ve outpriced everyone for tickets to our game. You can still buy a $25 ticket to a basketball game. It’s up top. In football, you can still get an affordable ticket, but we’re not looking at all of a sudden just going across the board an 18% performance fee.”

Tennessee, for example, added a 10% “talent fee” on its 2025 football season tickets to fund revenue-sharing.

Corrigan said there are “a number of conversations going on right now with different people” for the naming rights to Carter-Finley Stadium, a possibility the school first announced in November 2024. He said they are looking for a long-term deal worth several million dollars per year.

NC State is talking with the Wolfpack Club, which funds all of its scholarships, its multimedia rights partner Learfield and its apparel partner Adidas as well as others to find, free up or redistribute additional dollars.

“Everyone is pulling every level you can,” Corrigan said.

ACC member Miami’s run to the College Football Playoff title game resulted in a $20 million windfall for the Hurricanes. It also served as motivation in Raleigh.

“To the victors, go the spoils,” Corrigan said. “We got to get better. We got to keep investing. Dave Doeren’s done a great job. I believe in [football coach] Dave Doeren. Believe in [men's basketball coach] Will Wade. Believe in [women's basketball coach] Wes Moore. And let’s keep going and building with the people we have.”

North Carolina reported a $15-million athletics department deficit for the fiscal year that ended June 30, 2025.