United Educators’ Top Risks Report placed athletics among the top 10 institutional risks for the first time, citing complexities around name, image and likeness (NIL) policies, compliance burdens, and operational costs. While admissions and retention remain the top concern, athletics now ranks tenth, reflecting growing legal, financial and reputational exposure tied to sports programs. Risk officers noted that evolving NIL rules, increased litigation risk, and the specialized staffing required to manage compliance and athlete support create new expense lines and governance obligations. Smaller institutions with intense athletic spending face amplified budgetary and regulatory scrutiny. Boards and CFOs should factor athletics into enterprise‑risk frameworks, ensure robust compliance functions, and evaluate the return on athletics investments relative to institutional mission and student outcomes. Clarification: NIL (name, image, likeness) rules allow student‑athletes to earn compensation and have introduced new contracting, oversight and tax considerations for institutions and their athletic departments.