In recent years, there has been increased research exploring the relationship between college/university intercollegiate athletic expenditures and team on-field success. Scope and methodological limitations of this previous research, however, suggest the need for further empirical research in this area. This study uses regression analyses with time and institutional fixed effects and several control variables to investigate the relationship between college/university athletic department expenditures and overall athletic department on-field success. The findings indicate that institutional athletic expenditures are strongly correlated with team on-field performance among Football Bowl Subdivision (FBS) institutions but not among non-FBS institutions.