Using two natural experiments based on the Synthetic Control Method and a personally developed database representing 85% of the population, this study measures the effect of strategic conference change on college Athletic Department financial outcomes. Contrary to conventional wisdom and literature, these experiments find that college alliance change neither increases Earned Revenue or Expenses nor decrease Debt for colleges that change conference. While realignments do not impact financial outcomes, the broader alliance-change literature indicates that altering century-long partnerships, changing iconic brand names, logos, and products as a result of realignments, negatively impacts brand value. While conference change may have other long-term benefits, conference change does not improve financial health and may lead to brand value depletion. Therefore, conference change leads to value depletion outcomes for the defecting colleges, the conference and possibly the Intercollegiate Athletic system. These findings illuminating the impact and effects of conference change can lead to more informed action by college administrators and the Intercollegiate Athletic stakeholders, as well as, to further the study of the logics of strategic actors in competitive alliances.