We summarize our findings, which tell us that even though students on a typical campus end up paying for much of the cost of intercollegiate athletics, that in general there are no economic benefits realized by them after they graduate that can be attributed to their alma mater’s intercollegiate athletic activities. Thus, intercollegiate athletics are a consumption good that some students utilize, but even for these students who do attend athletic events, there are no economic benefits that they enjoy that can be traced to intercollegiate athletics.