ESPN.com notes how economics is impacting college athletics:

In February, Stanford eliminated 21 staff positions in its athletic department and cut funding to the school's nationally ranked men's fencing team. Stanford officials told the fencing team it would have to raise $250,000 to cover operating costs next season and raise additional money to create an endowment for future expenses.

"We have to cut $7 million over the next two and a half years," Stanford athletic director Bob Bowlsby said. "It's not an insignificant amount when you consider salaries and scholarships are a pretty set amount. It's substantial."

Across the country, Stanford isn't alone in its financial difficulties. Many athletic departments are struggling to balance their financial books after receiving less funding from state legislatures and fewer donations from alumni and boosters.