There are currently 353 NCAA Division I schools across 32 conferences, most of which do not maintain a profit from college athletic revenue (Berkowitz, et al., 2019). Previous quantitative literature identified the opportunities of investing in Division I college athletics as increased application rates, graduation rates, retention rates, alumni giving, and college rankings. However, limited research focused on mid-major college athletics and the perceptions of institutional stakeholders. This study bought together the established quantitative conclusions and social construction to understand inputs that influence the investment decision with a focus on mid-major college athletics. To examine the perceptions of institutional stakeholders on investing in college athletics, the study used a qualitative case study methodology focused on one mid-major athletic institution. The results of this study addressed the inputs of decisions to financially support athletic departments by examining the institutional stakeholders' perception of the impact of mid-major college athletics. Inputs included direct and indirect fiscal challenges, non-fiscal challenges, and non-fiscal opportunities. The findings of the study can assist higher education decision makers' process to support, increase, or decrease support of mid-major college athletic departments. The case study identified indirect connections between the athletic department and the academic mission to uncover how college athletics was an asset to an institution by exploring the opportunities beyond financial data. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]