Does an increase in success by the football team, many school's most-visible and highest revenue-generating sport, mean that the school will bring in more money, smarter students and become a better university in general? You bet it does.

A new National Bureau of Economic Research paper by Michael Anderson went deep on the issue recently, and its findings suggest that a better football team attracts more students and increases donations.

By using a method detailed here, Anderson was able to determine that "winning football games increases alumni athletic donations, enhances a school's academic reputation, increases the number of applicants and in-state students, reduces acceptance rates, and raises average incoming SAT scores."

More specifically, Anderson said that if a team could improve its record by five wins, the approximate difference between at 25th percentile season and a 75th percentile season, the school may "expect alumni athletic donations to increase by $682,000 (28%), applications to increase by