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The exploitation of college athletes has been a topic of controversy within American higher education for more than 50 years. Strikingly absent from this literature is the voice of college athletes themselves, an oversight the present paper seeks to rectify. In a four-year-long study of 581 NCAA Division 1 college athletes from 17 different sports programs, perceptions of institutional exploitation were found to differ significantly by sport, gender, race, and year in school. Perceptions of exploitation, however, did not differ by scholarship status, which suggests college athletes believe their institutional value is more complicated than a simple financial or educational exchange. The social and educational implications of these findings are discussed.