This dissertation provides an overview of the history of intercollegiate athletics through the lens of escalation of commitment theory, a framework that has been used primarily in business and public policy literature. The dissertation is comprised of three case studies that reflect the direction that different college or universities have chosen to take regarding their athletic programs. This dissertation explores the literature regarding escalation of commitment and its impact on college athletics. Contributing to the paper is a focus on the financial contributions colleges and universities continue to make in their athletic programs despite evidence that these resources are not being rewarded. The papers hypothesizes that both external and internal pressures play a key role in the investments that college and universities are making in their Division I athletic programs.