At many of the nation's most prominent institutions of higher education, sports are far more than just extracurricular activities or even campus spectacles. Contests in football, basketball, and often other sports unite colleges and universities with their students, fans, friends, and alumni, both in person and across the globe. Big-time college sports are integral to the identity of many institutions. However, rising expenses--and the pursuit of more revenue to support college sports--have become a destabilizing force for many institutions, regardless of athletic mission or program size. This is particularly concerning given the challenging financial conditions facing institutions. Universities are dealing with double-digit cuts in state appropriations and sharply reduced endowments in the face of rising costs across the board--not to mention the loss of federal stimulus money meant to address the current recession. Athletic programs can be distinctly valuable to institutions, but only if operated with a full and clear understanding of the costs and benefits they present. Especially given current economic conditions, presidents and boards must ensure that investments in athletics neither displace nor devalue academic priorities. In this era of declining state support for higher education, trustees, academic leaders, and stakeholders must think hard about how investing in athletics and academics will shape their institutions in the long term.