I don't know the exact math, but I have a hard time believing FCS is remotely close to breaking even. Of the 90 championships the NCAA sponsors at all 3 levels, only 5 make money: men's basketball, men's ice hockey, men's wrestling, men's lacrosse, and baseball. 80% of their revenue comes from March Madness. They may lose less money by cutting back to 16 because that weekend definitely doesn't come out ahead. But it may not be enough to change the needle.
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I completely believe the current FCS playoffs lose a ton of money. However, consider the difference between 1st round and later games. 2k attendance at $10 probably doesn't even cover field staff travel and lodging, much less the visiting team. Later rounds with 10k+ at $30+ is more than most regular season guarantee games so I assume that covers costs and then some. It's very possible the 2nd round and on are profitable but can't make up for the money pit of 1st round.
Bisonville...
"24 Teams are too many teams for the FCS playoffs, too many teams with no chance get in"
NDSU moves to FBS...
"If we do really well this year we can get into the CFP as the top G5 school!"
Personally I like that the conference champions get a spot in the playoffs. If you had a good year, took care of the folks in front of you, why not? Now I also understand the allure of the Celebration Bowl, "Hey we did really well, lets have our own championship so someone goes out on a high note as opposed to getting beat up by a football team from the Missouri Valley Conference."
The weather in Fargo keeps the undesirables out.....
...Which is why I live near the Twin Cities.