The business of college athletics has become bigger than some of the “big” companies publically traded on Wall Street. In 2011 CBS and Turner negotiated a contract worth $10.8 billion for TV rights to the NCAA men’s basketball tournament and the Big East conference alone made $26 million playing 109 tournament games over the past nine years.

Although the NCAA doesn’t directly award scholarships, according to an NCAA fact sheet, $1.5 billion is awarded in college athletic scholarships compared to the $4.3 billion in annual income just from NCAA sponsored apparel.

Ohio State’s total reported revenue from all of their college athletic events was more than $90 million in one year while Florida State’s was nearly $60 million. All of these facts point to at least one undeniable fact: The business of the NCAA is a big business and the recent negative press may be linked to a few key facts. What can the average consumer learn from the NCAA?

The Goods

First, it’s not fair to demonize an organization charged with setting standards for all college athletics. It’s an undeniable fact that college athletics are a big business because of the fans. People love sports and they love their local sports teams and they’re willing to pay up for it. While many believe that a lot more money could go to scholarships and other programs directly tied to the players, it shouldn’t be denied that a lot of student athletes are helped by the booming business of college athletics.

The Problem

The national news surrounding the NCAA hasn’t been good and it seems to be getting worse each year. In 2011, the tragic stories of the Ohio State University football program as well as the University of Miami’s program have proven what so many already knew: the business of college athletics is not well regulated or governed. Big dollars are funneling in to an organization where barely 2% of college athletes will join the ranks of professional athletes. Although youth athletics provide more to a student’s wellbeing than just a possible professional career, many argue that student athletes who produce billions in revenue should see more financial support while they’re in college.

Making rules based on people being honest and doing the right thing doesn’t work well in anything and as the amount of money ratchets up, the rules break down even more. A school who wins the NCAA men’s basketball title sees an average increase of $400,000 to their licensing royalties while a school like Ohio State has seen increased alumni donations, lucrative TV contracts, and increased national stature since coach Jim Tressel took over and had a record of 106 wins and 22 losses in a decade before scandal caused his dismissal from the program. “Doing the right thing” could mean turning their backs on tens of millions of dollars over time. That’s asking for a big sacrifice in the name of honesty.

What can the everyday consumer take away from the NCAA? First, when evaluating somebody, know where their motivations are found. If you’re looking for a financial advisor, are they getting their money from commissions or do they make a higher percentage of payout if they grow your portfolio? One has the motivation to make you more money while the other wants to sell you a product and move on to the next person.

Second, the bigger the dollars, the more that greed plays a factor. Greed isn’t necessarily a bad thing. On a recent CNBC interview an economist who studies human behavior said that a successful person’s personality profile is virtually identical to one who is greedy. When more money is on the line, it may become harder to make the most ethical decisions. Don’t let the accumulation of wealth (and “wealth” is a relative term) make you change your values. Evident in the lives of many athletes, wealth doesn’t necessarily mean long term prosperity. How will you explain it to your children or spouse if you make greedy or destructive decisions?

Last, manage your success. The NCAA has become increasingly larger but failed to evolve their governing structure to manage that growth. Only now, after a series of embarrassing scandals, are they drafting sweeping rules changes. When your income level changes, you can’t play by the same rules.