The First Whistle: NIL Insurance

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COLLEGE SPORTS LEGISLATION

New bill aims to prohibit athletic department, conference private-equity deals

College sports’ financial future is drawing new scrutiny from Washington. As conferences explore private-equity partnerships to offset mounting costs and athlete revenue sharing, lawmakers are stepping in to draw the line on who can profit from college athletics.

The proposal
Rep. Michael Baumgartner (R–Wash.) introduced the Protect College Sports from Private Equity and Foreign Influence Act, which would ban athletic departments and conferences from selling ownership or revenue rights to private equity, hedge funds, or foreign sovereign funds.

How it works
The bill blocks any deal granting outside firms profit-sharing or control over athletic operations or branding, while still allowing traditional funding methods like donations or public bonds.

Why now
It follows reports that the Big Ten is exploring a $2 billion private-capital deal—one that would be illegal under this bill—alongside similar efforts by other schools seeking new revenue.

Big picture
Supporters say the bill protects schools from short-term profit motives that could undermine educational and Title IX commitments, signaling a broader political push to preserve college sports’ public mission amid rapid commercial change.

📄 Read full Front Office Sports article here

NIL

Arkansas' John Calipari has a new defense. Call it 'booster insurance'

When John Calipari took over at Arkansas in 2024, he wasn’t just rebuilding a team. He was rebuilding a fundraising machine. With NIL dollars now essential to roster building, he quickly saw a new challenge: “booster fatigue.” Donors grow hesitant when injuries erase their investments.

The solution
After one player’s season-ending injury, Calipari’s concern inspired a new product — booster insurance. Former player Travis Long and partner Steve Stelmach launched 32 Group, backed by Lloyd’s of London, to insure NIL and revenue-share deals.

How it works
For about 3% of a contract’s value, schools or collectives can recover their money if a player is lost for the season. The athlete still gets paid, but donors are reimbursed — keeping them engaged.

Why it matters
With billions now flowing through NIL, protecting that money is the next step in professionalized college sports. As Calipari put it, the rich didn’t get rich by throwing money away — and now, they don’t have to.


🏫 Read full ESPN article here

TRANSFER PORTAL

NCAA sets dates for January college football transfer portal

The NCAA has officially condensed the college football transfer portal into a single 15-day window — Jan. 2–16 — starting in 2025. This change eliminates the spring window entirely, marking a major shift in how rosters are built and reshaped across the sport.

Why it changed
The move aims to simplify roster management and stop the chaos of late-spring departures. Coaches had long complained that the April window became a bargaining tool for players looking for last-minute NIL leverage — over 1,100 FBS players entered in April 2025 alone.

Key details

• The only portal window will be Jan. 2–16.

• CFP players still get 5 extra days after their final game.

• Coaching changes now trigger a 15-day window (down from 30), opening 5 days after a new hire.

• Graduate transfers can’t enter early — they must wait until Jan. 2.

Mixed reactions
While most conferences supported the move, the Big Ten opposed it. Ohio State’s Ryan Day argued that playoff teams will be forced to juggle portal decisions and national title prep simultaneously — calling the timing “nonsensical.”

The bottom line
The NCAA wants order and predictability in the transfer market. But with only 15 days to make career-changing decisions, chaos might just get more concentrated..

💰️ Read full On3 article here

SPORTS EQUITY

Sixth Street’s Josh Empson on why sports is a compelling asset class for investors

“Josh Empson, partner at Sixth Street, says that Asia has to be a focus for anyone investing in sports and entertainment, and suggests investors should take a holistic approach: take a stake in the entire ecosystem, not just the sports teams themselves. He points out that sports has managed to keep up in a changing world where distribution of entertainment has become streaming-led.”

🏫 Watch full CNBC video here

Start 3/Bench 1

⬆️ Chris Paul. Chris Paul has joined Angel City FC as a minority investor, supporting women’s soccer alongside a group of over 100 investors. - Jeff Kassouf

⬆️ Jayson Tatum. Jayson Tatum is joining Duke as “chief basketball officer,” mentoring players on development, professionalism, and career management while helping coach Jon Scheyer with team culture and roster decisions. – Associated Press

⬆️ Caleb Williams. Caleb Williams is joining Boston Legacy FC as an investor, backing the NWSL expansion team set to debut in 2026 and supporting the growth of women’s soccer. - Mike Chiari

⬇️ Penn State. Penn State lost 42-37 to 0-4 UCLA in one of the season’s biggest upsets, leaving the Nittany Lions reeling after crushing back-to-back losses. - Paolo Uggetti