Across the United States, colleges and universities are closing their doors at an unprecedented rate. Many of these schools fall within the NAIA and NCAA Division III athletics level, and have a higher cost of attendance (after scholarships are discounted) than their NCAA Division I or II counterparts. In recent years, these schools have seen a steady decline in general student body attendance (i.e. non-student athletes). This case study focuses on one strategy implemented by these schools to survive, and sometimes thrive: a reliance on intercollegiate athletics participation. Under the context of a recently closed institution, students will learn concepts such as roster quotas, discount rates, and emerging sports development, while analyzing the financial realities inherent in NAIA and DIII college athletics administration.