Should College Sports Income be Tax-Exempt?
That was then:
Decades ago — before the lucrative television contracts, Internet marketing, Nike sponsorships and luxury boxes — Congress essentially exempted colleges from paying taxes on their sports income.
This is now:
Administrators at many universities have allowed athletic departments to operate independently, like stand-alone entertainment divisions. They have separate budgets, negotiate their own TV deals and, in some cases, employ hundreds of coaches and staff.
The answer to your question is: obviously not.
I agree with Nancy. Moreover, these college teams have become pro teams for all practical purposes. The only people who are not being paid the way professional sports teams are paid are the players.