College sports are a multi-billion dollar per year industry that influence the financial decisions made by colleges and universities throughout the United States. One such decision is the implementation of fees charged to members of the student body that are allocated to athletics. These fees are introduced by university administrators under the impression that increased spending on athletics will lead to more successful sports programs, garnering prestige for and interest in the university from prospective students and the public. Informed by foundational theories of higher education and current literature examining college athletics, the following study uses regression analysis to investigate the relationship between these student fees and winning percentages for football and men's basketball teams at a sample of National Collegiate Athletics Association Division I institutions. Results indicate little to no relationship between student fees investment and sports performance, although other variables associated with winning reach significance. Discussion of the results as well as implications for university administrators and further research into the topic are provided.