USA Today has published its annual study of expenses, revenues and subsidies for athletic departments at every Division I public program, and only 22 schools operate in the black.

The only Pac-12 school among that 22 is Oregon, though figures aren't available for USC and Stanford because they are private institutions.

Oregon led the Pac-12 in total revenue with $85,819,699. That ranked 17th in the nation. Washington was second with $70,231,336, which ranked 30th. UCLA was 34th in the nation with $66,003,893. California was 35th with $65,243,053.

What about spending money? Oregon was first in the Pac-12 in spending and 23rd in the nation at $76,274,142. Washington was 29th at $67,900,835, UCLA was 31st at $66,003,893 and California was 34th at $62,669,411.

The amount of subsidies varied greatly. Oregon State received the biggest percentage of its revenue from subsidies: $16,966,611, or 30.5 percent. Oregon, UCLA and Washington each received a subsidy of less than 4 percent of revenue.

Because the figures were collected from 2006-2011, Colorado is considered a Big 12 school and Utah is with the Mountain West. Both required large subsidies: 24.6 percent for Utah and 25.5 percent for Colorado.

Only seven athletic departments received no subsidy from upper campus: Oklahoma, Texas, Penn State, Purdue, Nebraska, Ohio State and LSU.

You can read some interesting observations on the USA Today report from Bryan Fischer here.