In an effort to enhance the organization's image and increase its revenues, sport managers should incorporate the concept of brand equity, the strength of a team/university name in the marketplace, into strategic marketing efforts. This article, building on Aaker's (1991) theoretical structure, develops a conceptual framework of brand equity applied to Division I college athletics. The brand equity framework provides a closed-ended system whereby antecedents (team-related, university-related, and market-related) create brand equity that then results in marketplace consequences (e.g., national television exposure, ticket sales). These consequences then feed into a marketplace perception that impacts the antecedents of brand equity through a feedback loop. Directions for future research efforts that address evaluating the validity of the model, implications for different sports within Division I athletics, and relationships to other popular marketing concepts are offered.