This qualitative study examined the role and value of NCAA Division II athletics on enrollment, finances, and student success. Comparing the perspectives of small, private NCAA Division II college presidents and athletic directors, the study's purpose was to better understand their perspectives on the impact of intercollegiate athletics at their institution, as well as areas of alignment or misalignment between the two perspectives. I followed the qualitative tradition of interpretive research to better understand how NCAA Division II college presidents and athletic directors agree and differ in their perceptions of the role and value of intercollegiate athletics. I conducted 50- to 80-minute semi-structured interviews with eight presidents and eight athletic directors from small, private NCAA Division II institutions in the northeastern United States. Applying Saldana's coding processes, I identified the following themes that defined the role and value of intercollegiate athletics from the perspectives of participating presidents: (a) predictive modeling, (b) indirect revenue, and (c) workforce development. I also identified the following themes that defined the role and value of intercollegiate athletics from the perspective of participating athletic directors: (a) life skills, (b) strategic business asset, and (c) systematic organization. Implications for theory and practice are included. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]