The US Department of Education reported that the NCAA’s 333 Division I women’s basketball programs that competed in the 2005-2006 season lost a cumulative amount of ONE HUNDRED SIXTY-NINE MMMILLION DOLLARS!

THE SPORTS ECONOMIST, via the ST. PETERSBURG TIMES reported that the figure might even be conservative, indicating that 80 programs matched revenues to expenses, down to the last dollar. There was no word on what percentage of the deficit was spent on high heels, tanning memberships, or hair appointments.

“‘It takes money to turn it around,’ said Pat Babcock, associate athletic director at Connecticut, a rare elite-level program to show a profit. ‘Absolutely, women’s basketball is still very young. We have made great strides, but we still have a way to go.’”

The truth is that most college sports other than football and men’s basketball don’t make money.

“A dollar spent on women’s basketball brought an average return nationally of 58 cents in 2005-06, which is comparable to men’s baseball 66 cents or other women’s sports such volleyball (58), soccer (59) or softball (57).”

But how can the NCAA’s highest-profile women’s sport - one that has its entire postseason broadcast on ESPN, one that has a Final Four that sells out every year - not make money?

One reason is that athletic departments are spending more money for coaches that can turn programs into winners, in hopes of improving gate receipts and national exposure. But the fatter checks haven’t all brought fuzzy bunnies and pink puffy clouds.

“Carolyn Peck, who won the 1999 NCAA title at Purdue, was fired by Florida last month after the Gators went 0-11 in the SEC. She’ll be paid about $300,000 to buy out the final year of her contract.

‘If I’m paying a coach $30,000, expectations aren’t going to be as high as they are if I’m paying $600,000,’ says Kansas athletics director Lew Perkins, who is paying Bonnie Henrickson nearly $750,000 this season. ‘It’s what the institution wants out of the program.’”

By the way, only seven programs spent more money than Florida, who lost $3.07 million in 2005-06, and only one (Vanderbilt) lost more money. Florida’s record that year? A stellar 9-22.

I guess it takes more than money. How hard can it be to recruit for Florida?