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Big 12 Notes – Postseason
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December 16th
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David v. Goliath: Oregon’s Dan Lanning’s salary three times James Madison’s entire operating budget for the year
From The Athletic … This year’s College Football Playoff reflects the adage that you get what you pay for.
The 12-team field includes the four teams with the largest football budgets, the nation’s two highest-paid coaches and three of the four highest-paid general managers. It also sets up a potential quarterfinal matchup where one head coach makes more than his competitor’s entire recent football budget.
… After schools could start legally paying players directly on July 1, The Athletic submitted public records requests for revenue-sharing budgets and payrolls to more than 70 public schools. Oklahoma and Ohio State are among those that still have not responded. Records in some places, like Georgia and Oregon, are shielded by state laws. Texas A&M’s denial also cited an exemption against releasing information that “would harm its interests by providing an advantage to a competitor … or in a particular ongoing competitive situation.”
James Madison’s revenue-sharing budget is a little more than $1 million, according to its payroll data. That figure is split among 34 players (whose names were redacted). Two players are making $65,000, and four are making $7,500 each. Four men’s basketball players were set to make more than the highest-paid football player.
Texas Tech’s roster cost about $25 million, general manager James Blanchard told The Athletic in the preseason. About $12 million went to 21 transfers. An internal document obtained through a public records request provides more insight. From July 2024 through May 2025, the Red Raiders’ NIL budget in football was $13.5 million. That’s up from $3.4 million the year before.
The Sooners’ NIL entity, 1Oklahoma, paid players $32 million in the 2024-25 fiscal year, according to OU board of regents documents from September. That figure isn’t broken down by sport.
Our best look at Tulane is from 2023. That year, the Fear the Wave Collective Group reported almost $955,000 in revenue on its federal tax returns. Its expenses were $774,000 but not itemized much beyond that.
Because most numbers aren’t public, we asked a pair of NIL agents to rank the teams based on player compensation. Both put Texas Tech, Miami and Texas A&M in their top four. Georgia and Alabama were in the bottom half of the bracket, and the last three were the same (in order): Oklahoma, Tulane and JMU.
The $93 million revenue gap between first-round foes Oregon and JMU isn’t only the largest in this field. By our math, it’s the biggest disparity of any CFP matchup so far, including the four-team era.
Here’s a stunning way to contextualize it: What JMU paid its head coach and entire roster (just under $1.9 million) is less than Oregon paid its defensive coordinator, Tosh Lupoi ($2 million). Ducks head coach Dan Lanning’s $10.4 million salary is three times the Dukes’ annual football operating expenses ($3.2 million).
James Madison’s budget is competitive in the Sun Belt, but it’s not No. 1. That was Coastal Carolina ($17.3 million in football revenue).
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December 15th
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TCU launches fund-raising campaign to keep players in Ft. Worth
From Sports Illustrated … College football continues to change every day, and it can be tricky for certain programs to fork up as much money as others to retain its key pieces.
Last year, Hoover discussed an offer from the Tennessee Volunteers, but explained how his heart remained in Fort Worth. But with the transfer portal opening up on the other side of the new year, head coach Sonny Dykes has expressed his commitment to keeping Hoover a Horned Frog.
In regard to teams showing interest in Hoover, Dykes said, “They’re coming right now. That’s why I’m fundraising.”
As donors continue to play a more significant role in college football, Dykes says the job of a head coach has changed dramatically. “Back in the old days of college football, it was pretty simple. You had your players, and they were here, and you sat in the room and came up with a game plan. It’s a different world,” Dykes said.
The transfer portal officially opens on January 2 and closes on January 16, 2026. It provides a 15-day window for teams to chase players and convince them to make the switch. For others, it’s a time to hold onto their pieces.
“You’re trying to raise money, which has become a huge part of what I do, just to try and be competitive with what’s going on in college football,” he said. “And retaining players has become critically important to the program. It’s an ever-evolving world.”
Dykes even discussed how he wakes up to several text messages and calls from players’ agents, asking him to take a look at their respective clients ahead of next season. This is yet another reminder of the changing landscape of the game.
… Continue reading story here …
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December 14th
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Scott Frost sues Nebraska for $5 million for breach of contract
From msn.com … Former Nebraska football coach Scott Frost filed a lawsuit Friday alleging the university breached his contract and improperly handled buyout payments in a dispute that centers on millions of dollars in compensation and tax liability. Frost’s total buyout from Nebraska was roughly $15 million, covering the remainder of his contract through 2026.
The complaint, filed in Lancaster County (Neb.) District Court, accuses the University of Nebraska and its Board of Regents of withholding payments Frost says he is owed for 2025 and 2026 under his employment agreement. Frost is seeking a declaratory judgment clarifying the contract terms and at least $5 million in damages.
Nebraska fired Frost on Sept. 11, 2022, just three games into the season, ending a tenure in which he went 16-31 at his alma mater. His contract was scheduled to run through Dec. 31, 2026, and included liquidated damages following his dismissal.
According to the lawsuit, the dispute escalated in December 2022, when Nebraska informed Frost it intended to include the present value of the 2025 and 2026 liquidated damages on his 2022 W-2 form. Frost alleges that decision created roughly $1.7 million in income tax liability for money he had not received.
The filing states that in the same communication, the university said those future payments could be adjusted later “without any further explanation,” a position Frost describes as internally inconsistent and self-serving. He contends the payments were guaranteed and not subject to reduction, offset or forfeiture.
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December 13th
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Big 12 negotiating a business partnership funding $30 million per school
From The Athletic … The Big 12 is negotiating a business partnership that would inject capital funds into the conference office and allow member schools to opt in to additional funding of roughly $30 million per school, league sources confirmed to The Athletic.
In response to a request for comment from The Athletic, the Big 12 Conference confirmed it is actively “in negotiations to create a multifaceted strategic business partnership with RedBird and Weatherford Capital.” The deal is not yet finalized and would not include any stake or equity in the Big 12. A league source described the partnership as an “opt-in capital solution” and emphasized that it is not a private equity agreement.
Yahoo! Sports first reported details of the deal.
The partnership would focus on expanding commercial and business operations at the league-office level while offering the conference’s 16 universities roughly $30 million each in the form of a capital line of credit. This would allow “member institutions to take advantage of up to $500 million of capital,” according to the conference. Schools are not required to opt in.
The Big 12 previously explored league-wide private equity and private capital deals, but didn’t garner enough unified support among members. Commissioner Brett Yormark told Front Office Sports in May 2025: “We’re just not ready to jump in just yet.” This partnership would offer an alternative approach and could help Big 12 athletic departments, under growing budgetary and financial strain, including up to $20.5 million in direct revenue sharing in the first year of the House settlement.
The Big 12’s annual revenue distributions to league members lag behind those in the other power conferences, particularly the Big Ten and SEC, due to the disparity in television rights revenues. 2025-26 is the first year of a media rights extension through 2030-31 between the Big 12 and TV partners ESPN and Fox. That deal was struck in 2022, before the league increased to 16 schools. All 16 will receive full-member shares for the first time in the 2025-26 academic year.
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December 9th
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University of Utah nearing landmark private equity deal expected to generate $500 million
From YahooSports.com … Private equity has officially arrived in college athletics.
The University of Utah is on the cusp of striking the industry’s first partnership with an equity firm in a marriage that features a nine-figure capital infusion and the creation and shared ownership of a for-profit entity to operate athletics business and financial elements outside of the traditional university framework.
The new venture is expected to generate as much or more than $500 million in capital — a groundbreaking and innovative move that may pave the way for more schools and conferences to pursue such a concept.
Finalization of the project is expected soon pending authorization on Tuesday from the University of Utah Board of Trustees. The board is granting the university permission to move forward with the agreement with Otro Capital, a New York-based sports private equity firm.
Multiple officials with knowledge of the project spoke to Yahoo Sports under condition of anonymity.
The endeavor with Otro Capital is more than just a nine-figure infusion of cash.
At the center of the project is the creation of a private, independent offshoot of the athletic department — Utah Brands & Entertainment LLC — in a first-of-its-kind partnership between a university athletic department and an equity partner. An executive team from Otro Capital, combined with athletics department personnel, will lead the creation and operation of the new company, which will live within the university’s foundation.
The university retains majority ownership and decision-making authority of Utah Brands & Entertainment. Otro marries the capital infusion with a team of experienced operators. A president from outside the university will preside over the company and report to a board, chaired by Utah athletic director Mark Harlan, with seats for trustees and Otro executives.
… Continue reading story here …
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14 Replies to “Big 12 Notes”
I may be one of three people who occasionally watches 60 minutes. I forgot that not only does Indiana have mark cuban, but they also have John mellencamp. Apparently the football program spent $60mill this last year. Not sure how that was qualified, ie: in total, new money, players etc. but either way, that is a number. I am sure the details are out there. It’s a brave new world.
Go Buffs
Nothing good ever comes from involvement with a private equity firm. This deal with cost Utah in the long run.
And since CU is in dire fiscal straights I fully expect such debasement to come to us, as well. The short sighted encroaching ruin of greed continues unabated, infecting everything we cherish with a malignant rot.
“The new company’s primary goal is to generate more revenue across an assortment of areas, including ticketing, concessions, corporate sales and sponsorships.”
I’m not a genius, but not sure it’s clear how a serious profit is going to be made off of the “Utah” brand. The private equity firm is going to want to make a meaningful profit, while still giving the university a majority share. Just doesn’t seem like there’s enough juice in those lemons. The collegiate arms race has gone well beyond silly, and could ultimately destroy everything that makes college football special.
Gotta agree
The relationship is described as an “independent offshoot of the athletic department” Sounds like an oxymoron to me
This isn’t a sign of the Apocalypse, it is the Apocalypse. We are talking about boosters on steroids. Remember when boosters were those evil characters who tried to run programs over the coach’s head? Now its being welcomed. I can’t see Whitingham taking instructions from a bunch of NY yacht sailors. and if Whittingham leaves it will be like the keystone cops on the board trying to find a replacement. Even if they actually do an honest and knowledgeable job of trying to find someone of Whittingham’s caliber it is probably futile at best. Right off the bat the market value of the 500 million goes down,
Ok, so there has to be a contract between the school and the hedge fun….er Otro Cap. It probably does contain a token firewall between the investors and the poor guy who is trying to coach the team…..just like this harlan guy from Utah who will be the token chairman of the board. They last paragraph of the article seems to say equity firm will have control of all Athletic dept operations but the school will still be responsible for fundraising….huh?
I am shocked that Utah is the first school to give in. The state of Utah is governed and controlled by the Mormon Church, who also has a mountain of money which is famous for it’s tight control. Maybe the Univ of UT is considered a bastard child and any church/state money will be spent on BYU only.
Holy moly. That is some creative thinking by some folks at Utah. And offering key donors an opportunity to buy interest in the new entity? I’m sure Whittingham will love the input on his roster and how he’s managing the team. If he sticks around.
Go Buffs
yeah, gotta imagine this is a clear sign Whitt is leaving sooner rather than later. I’ve got mixed feelings about private capital, but based on how Utah’s has been described, it really just sounds like a group of wealthy boosters/donors are looking to basically purchase the athletic department so they can both control how it is run, and reap the financial benefits. Sounds pretty sleezy for a publicly funded university, but then again this is Utah, so…
If the CFP expand much more, will anyone want to go to a “consolation bowl game”?
I think the bowls will wind-down. Enlarging the CFP will only hurt the remaining bowls, they have moved those games to campuses, and that cart has left the building. Certainly, no more 6-6 teams in bowls, probably require an 8 win minimum in the P-4. That is a great season; so you are down to a slate of lesser but much more compelling games. They protected some of the bowl games via the CFP, which will not go away.
The bowls going away might bring ESPN down as they control a near monopoly on the games. Alternatively, ESPN moves on from the exclusive bowl broadcast rights, thus a bunch of them either disappear or they become available on local TV. I don’t feel bad for ESPN as they miscalculated the direction of CFB. This year I see less compelling match-ups, and the CFP really drawls them out. Expanding the CFP further will only hurt existing bowls worse.
My solution for the non P-4 conferences is that for those left out of the CFP, they maybe use the bowls as a best-of-the-best series/mini-playoff crowning the best of the P-5. Although a P-5 team or 2 may be in the CFP, this gives the smaller schools needed exposure. This year every conference except the PAC-2, had teams with 9 wins or more to qualify, but I suppose they could allow in a conference champ with a lesser wins. Something like this could help save some bowls.
One thing that is not discussed too much in the articles is the expense of the schools in attending a lesser bowl. For the schools, the bowls are usually a “hopefully” break even prospect when they have to buy an allotment of tickets, bring the band, travel costs, extended stays for bowl activities etc… As mentioned in the articles, a few bowls themselves are not breaking even; and there are probably more than have been reported on. If the bowl games are not compelling, large sponsors will start to drop out.
I think the NCAA/CFP/Conferences (i.e. whoever is in control) should allow non-eligible teams a window of extra practices (maybe extra week in Spring and Summer) in helping to make them more competitive for the next season. CFP is a year-around endeavor these days anyways, and more practices will only enhance the product giving teams better chances of climbing the ladder in their conferences. Certainly, this will help teams with HCs and staffs installing new schemes. Opt-outs unless under .500 should be required to pass on the extra practices, sorry ND.
I have always thought that non bowl teams should get the same amount of practices as bowl teams.
A little irony that Tulane is in and BYU is not considering their mutual QB. BYU sticks to their guns even if some are less than reasonable.
I guess they had to take someone from the ACC at BYU and Notre Dame’s expense. Alabama’s 3 losses and acceptance gives me a rash too. I guess the SEC figured they needed at least more than a third of the entries.
Good evening captain postsalot.
So what is your solution?
Go Buffs
Like I can do anything alter the money grubbing? You are the guy with all the answers of things not on the field. I’m somewhat footballed out anyway.
CUAlim made a good point above. Is College football nearing it’s saturation point?
Long term forecast for my part of the country looks like I will be spending a lot of time outside while I can.
You are the last word guy…go for it. You always cant be out gunned in that respect
Word.
Go Buffs
Golden domers bowing out of a bowl game. Bwahahahahahaha! Join a conference.
So that is three teams forgoing those super valuable extra practices.
Go Buffs