The College Sports Gold Rush Is About to Run Into a Brick Wall
Top football squads like Ohio State will be paid up to $35 million next season. But the amounts top athletes are pulling in could soon crash back to earth.
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June 29, 2025 at 8:16 am ET
WALL STREET JOURNAL
Ohio State won last season’s national title with a roster paid $20 million. This year, that would count as a bargain.
PHOTO: BRETT DAVIS/REUTERS
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Ohio State’s football team, with a $20 million payroll last season, will pay closer to $35 million this season.
New rules curtailing booster collectives and revenue sharing are driving up player pay for the next season.
A new clearinghouse will scrutinize deals, ensuring they involve actual endorsement work aligned with their value.
When Ohio State won college football’s national championship in January, it was a victory for perseverance, hard work and offensive ingenuity.
But it was also a triumph of cold, hard cash.
Ohio State’s title-winning football team was paid an eye-popping $20 million last season, giving the Buckeyes the distinction of having the highest confirmed payroll in the nation.
But just a few months on, that $20 million figure is notable for a very different reason. These days, it would be regarded as downright cheap.
This season, the Buckeyes will be making closer to $35 million—and they won’t be alone. Payrolls at the highest-paying football programs will be between $30 million and $35 million, according to a person familiar with a top booster collective.
And the Buckeyes will be right in that range, said Brian Schottenstein, co-founder of the OSU booster collective THE Foundation.
“We’re going to make sure that Ohio State is always at the top of the market,” Schottenstein said.
The spike in college football payrolls is surpassed only by the jump in price for top basketball players, which has roughly doubled.
It’s all part of the lucrative new era of college football, when the game is awash in money like never before. But it might not be around for long.
The price increases are happening for two specific reasons—and both are one-time injections at a large scale.
First, new rules are kicking in which aim to curtail the role of booster collectives. The groups sprang up in recent years to fund deals that ostensibly paid players for their name, image or likeness (NIL). But the deals sometimes closely resembled pay for play, which is still technically banned.
A clearinghouse called NIL Go just launched that will require much more scrutiny for booster deals. No longer can collectives be pass-throughs to funnel cash to players. Deals must include actual endorsement work in line with their value.
“I definitely think with the new ‘fair market’ clearinghouse, that will bring down some of the (NIL) numbers in the future,” Schottenstein said.
The clearinghouse cranked up shortly after the
June 6 settlement of the massive lawsuit by athletes against the NCAA and top conferences.
Before the settlement dropped, though, there was a last-minute scramble to steer a final burst of booster money to athletes. Some deals were front-loaded to squeeze under that June 6 deadline—like a
$1 million deal for softball ace NiJaree Canady to pitch at Texas Tech next spring.
“We know a lot of people front-loaded,” Ohio State athletic director Ross Bjork said. “We were not unique to that.”
NiJaree Canady signed a new $1 million deal to pitch for Texas Tech next spring. PHOTO: KYLE PHILLIPS/ASSOCIATED PRESS
Boosters at the most rabid men’s college basketball schools paid as much as $2 million for a single star player last season. Recently, top players were getting twice as much—$4 million—for next season, said Darren Heitner, a Florida-based attorney who represents sports agents and athletes. That doesn’t include any additional outside endorsements.
For perspective, $4 million is about what NBA first-round draft pick Dalton Knecht made playing for the Los Angeles Lakers this year.
Some schools rode the expiring booster rules right up until the last minute. The head football coach at a Power 4 conference was hosting recruits the evening of June 6 when news of the settlement broke, according to someone familiar with the situation. The players’ phones began blowing up with messages from their agents relaying other teams’ last-ditch offers.
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Now, any player NIL deals valued at $600 or more must be submitted to the clearinghouse to determine whether they are “made with the purpose of using a student-athlete’s NIL for a valid business purpose and don’t exceed a reasonable range of compensation.” That’s according to the
College Sports Commission, a new entity launched by the top conferences to police themselves.
The second force driving up player pay for next season: Schools are about to begin directly sharing part of their annual revenue with athletes for the first time. Each school can spend up to $20.5 million in the next academic year, across all sports.
The cap will rise slightly each following year, but the splash of money will make the biggest impact in this one.
Many schools have said they’re planning to spend about 75% of that revenue-share, or more than $15 million, on football players, and about $3 million on men’s basketball. A handful of other teams could get smaller payments, subject to schools’ discretion.
From now on, college athletes’ pay will come from two main sources: revenue-sharing from their schools, and/or any outside deals that pass the clearinghouse.
The new setup means that some booster collectives are going in-house to make sure NIL deals pass muster. Schottenstein’s booster group, for instance, is being consolidated under the new Buckeye Sports Group co-led by OSU athletics and Learfield sports marketing.
At least for the next year, the price of being the best is going up. “Our new group is needed,” Schottenstein said, “to raise additional funds.”