About that big bowl payout Texas Tech was to receive for its postseason trip to Jacksonville for the Jan. 1 Gator Bowl. Despite a bowl payout of $2.5 million, the university was left with a tab of $202,240.
How can this be? First, the check is made out to the Big 12, not Texas Tech. The bowl "profits" are then dispersed among conference members along with a formula-based travel allowance for teams that participated in the postseason.
In Texas Tech's case, it was given a bowl appearance fee of $925,000 and an additional $239,198 in reimbursement for travel.
As part of the Gator Bowl deal, Texas Tech had to sell 12,000 tickets. It sold about half that number and was stuck with a bill of nearly $74,000. But the biggest expense came for the official party of 750 that traveled from Lubbock to Jacksonville. It gobbled up 95% of the "profits" for transportation, lodging, meals, awards and extras compensation for staff.
One top of that came promotion and advertising, media guides and training room supplies.
Texas Tech is not alone. Although it has been reported that Hawaii will receive $4,385,555 for its participation in the Jan. 1 Sugar Bowl, it will net approximately $2.2 million after expenses.