Does starting a Division III college football program benefit the institution?

I ask whether the addition of a college football team playing at the Division III level effects three dimensions to an institution’s success: enrollment, gender balance, and endowment. I consider all higher education institutions in the U.S. which compete in Division III athletics and evaluate the impact of adding college football. I find that the overall effect on undergraduate enrollment is statistically indistinguishable from zero. Further, I show that the proportion of the student body who are women falls. Finally, I are unable to provide evidence that the drawing of the endowments prior to football’s adoption slowed.