Growing popularity in NCAA Division I sports and the commercial success it entails may actually be hurting many major universities' budgets, according to a new report from Moody's Investor Services.

In essence, with major Division I sports, a school has to spend money to make it. For major schools, it is about staying relevant and maintaining winnings ways. For smaller schools, investing in different aspects of the athletic department is a way to jump to a bigger conference and gain more attention.

But, as Moody's reported, this kind of spending can pay off, or it can be a huge risk, threatening to damage a school's budget.

"Universities pursue high-profile sports programs for the opportunity to increase brand recognition, student demand, and donor support," Moody's vice president and senior analyst Dennis M. Gephardt, said in the report. "However, as the commercial success of big-time college sports has grown, so too have the potential risks to universities."

The report, titled "Eye on the Ball: Big-Time Sports Pose Growing Risks for Universities," stated many athletic departments report losses and from 2008 to 2012, subsidies in those programs rose by a median 25 percent. Such subsidies from other school operations and funds, like tuition and student fees.

About 90 percent of athletic programs are not self-sustaining and take subsidies away from other school functions. Because of the rapidly growing success of college football, there is an inherent competition for schools to either move up in their popularity or stay at the top.

At the same time, this kind of spending from the athletic department benefits the school as a whole. At Texas Christian University (TCU), enrollment increased 60 percent from 2009 to 2011 following successful football seasons. At the University of Alabama, a longstanding college football powerhouse, now has an out-of-state student population of about 50 percent, up from 35 percent three years ago.

Even for the best of the best, athletic department spending has taken a toll. LSU, Penn State, Nebraska, Ohio State, Oklahoma, Purdue and Texas were the only schools to report not having to use any subsidies for their athletic programs in 2012, reported USA Today in July.

Just 23 of 228 athletic programs reported making enough money on their own to pay for expenses, but even still, 16 of those programs reported an increase in subsidies from 2011. But of those 23 programs, all reside in conferences that guarantee a bowl game for their football champion, which are the real moneymakers.

It is for that exact reason TCU transition from the Mountain West Conference to the Big 12, joining the likes of nationally recognized teams like Texas, Oklahoma and Baylor. Teams from the Big 12 may be eligible to play in one of eight bowl games against a team form another major conference at season's end. In the Mountain West, TCU had the chance to play in one of two bowl games against a team from one major conference.