In 1987, the Southern Methodist University (SMU) football program received the National Collegiate Athletic Association’s (NCAA’s) harshest penalty, often referred to as the “death penalty.” SMU was caught committing two or more major violations of NCAA rules in [Formula: see text] years. Therefore, under the repeat offender clause, their football program was terminated for the 1987–1988 school year, and they chose to take the next season off as well. In the years following the death penalty, the team struggled to find success. Using the synthetic control method, this article measures the cost of the death penalty in terms of athletic performance and the university’s finances.