The First Whistle: *Private Equity has entered the chat*

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PRIVATE EQUITY IN COLLEGE ATHLETICS

University of Utah taking investment from private equity

Utah approved the creation of a new athletic LLC, Utah Brands & Entertainment, with private-equity firm Otro Capital taking a significant minority stake to help manage and grow the school’s revenue-generating operations. The PE-backed venture is expected to generate nine-figure revenue and will oversee areas like ticketing, concessions, sponsorships, and licensing. Utah keeps majority control, with buyback options if Otro exits. Trustees questioned risk and projections, but the vote was unanimous.

Why It Matters
This is the first true private-equity ownership stake in a university athletics entity, marking a major shift as schools search for new capital amid rising costs from the House settlement, revenue sharing, and expanded scholarships.

Who’s Involved
Otro Capital, run by former RedBird executives Alec Scheiner, Brent Stehlik, and Niraj Shah, brings experience across major sports properties, including Alpine Racing and Two Circles.

What’s Next
The deal is expected to be finalized in the coming weeks and could open the door for more private-equity involvement across college sports.

💰️ Read full CBS Sports article here

COLLEGE ATHLETICS COLLECTIVE BARGAINING

Athletes.org releases first-ever draft collective bargaining agreement framework for college athletics

Athletes.org released the first proposed collective bargaining agreement for college sports, outlining a formal framework for athlete representation, compensation, and governance across the collegiate landscape.

Key Details
The draft CBA was developed with input from more than 5,000 AO members, plus feedback from administrators, commissioners, and legal experts. It replaces the current patchwork NIL system with a single revenue-share model, performance-based contracts, and enforceable national standards for transfers, eligibility, and athlete rights.

Context
Professional leagues operate under CBAs that establish rules, limit litigation, and balance interests. College athletics has none of these guardrails, leading to mounting legal exposure, uneven governance, and escalating costs. AO’s proposal attempts to offer a roadmap before Congress or the courts impose one.

Who’s Involved
The proposal is backed by athletes and several administrators, including leaders at Tennessee, Syracuse, Oklahoma, and Auburn, who say collective bargaining is the only viable long-term solution for a sustainable model.

What’s Next
The framework is a draft, designed to expand beyond football and serve as the basis for a future negotiation between schools and a representative athlete organization. AO is pushing for stakeholders to engage, evaluate, and begin formalizing a national agreement.

🏃 Read full Athletes.org article here

COLLEGE ATHLETICS COLLECTIVE BARGAINING

College ADs consider collective bargaining amid setbacks

After another stalled attempt in Congress to secure antitrust protection, a growing number of athletic directors are openly considering collective bargaining with college athletes, an idea long viewed as off-limits in the industry.

Key Details
House members again declined to vote on a bill that would shield the NCAA from antitrust lawsuits, leaving schools without a legal path to enforce the spending limits created in the House settlement. Without that protection, schools, athletes, or state attorneys general can challenge penalties in court, making the new guardrails effectively unenforceable.

Why It Matters
College sports continues to operate without reliable rules around roster building, NIL spending, or penalties, driving costs higher and exposing schools to escalating legal risk. ADs now see only two realistic solutions: federal antitrust relief or a negotiated agreement with athletes.

What’s Next
ADs will meet in Las Vegas this week, and for the first time, collective bargaining will be a serious agenda item as leaders search for a sustainable model to stabilize college athletics.

👀 Read full ESPN article here

NIL LEGISLATION

Cantwell & Blackburn introduce bipartisan legislation to protect college athletes’ new NIL compensation

Sen. Maria Cantwell and Sen. Marsha Blackburn introduced the HUSTLE Act, a bipartisan bill aimed at helping college athletes protect and grow their NIL earnings while tightening oversight of athlete agents. This bipartisan bill would create tax-advantaged NIL investment accounts, allowing college athletes to save and grow a portion of their earnings. It would also require agents to register with a state, cap fees at 5%, and ban deceptive recruiting claims, while directing the NCAA to maintain a public database of certified agents.

Why It's Needed
With NIL earnings rising, more than 12,000 deals worth $87.5 million cleared this year, lawmakers say young athletes need protection from predatory agents and better tools to build long-term financial security.

How It Works
Earnings placed in the new accounts would grow tax-free, with withdrawals taxed at ordinary income rates before graduation or long-term capital gains rates after. Certain early withdrawals would be allowed for education, medical costs, or career transitions.

📃 Read full press release here

COLLEGE FOOTBALL PLAYOFFS

Final CFP bracket raises new wave of questions and controversies

The 2025 College Football Playoff bracket has sparked controversy over the bowl system’s relevance, the weekly rankings process, and how the selection committee should operate going forward.

Bowl System Struggles
With Notre Dame, Kansas State, and Iowa State opting out and several schools declining bids, the non-CFP bowl landscape looks increasingly unstable. ESPN viewership will determine its real staying power.

Rankings Process Under Fire
Notre Dame argued the weekly CFP shows created “false hope,” though the bigger issue remains how those rankings are formed and whether they accurately signal the committee’s final decisions.

Selection Criteria in Question
Debates over head-to-head wins, strength of schedule, and the role of conference title games highlighted ongoing frustration with subjective evaluations that shape the final field.

Group of Six Debate
The inclusion of Tulane and James Madison intensified calls to restrict access for smaller programs, while others argue the CFP must preserve an open pathway.

🏈 Read full Front Office Sports article here

Start 3/Bench 1

⬆️ Michigan State. Michigan State landed a historic $401 million gift from boosters Greg and Dawn Williams, one of the largest donations in college athletics history. Greg Williams, founder and CEO of Acrisure, has long been a major supporter of MSU’s NIL efforts. - Daniel Hager

⬆️ Formula One. Formula One wrapped its final ESPN season with a record 1.3 million average viewers and will move to Apple TV on a $700 million deal next year. – Colin Salao

⬆️ Kalshi. Kalshi secured a $1 billion Series E at an $11B valuation, cementing its position as the world’s largest prediction market. - Kalshi News

⬇️ Michigan. Michigan fired head coach Sherrone Moore for cause after an investigation found he engaged in an inappropriate relationship with a staff member. The university will have to hire a new coach while navigating an upcoming 15-day transfer window that could impact key players, including Bryce Underwood. - Amanda Christovich