The First Whistle: Rough Tuesday in Oklahoma

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COLLEGE REV-SHARE

College sports rev-share secrecy undermines public records laws

As college athletes begin receiving direct payments from schools under the NCAA’s new revenue-sharing model, some institutions are refusing to release the contracts—citing student privacy laws and trade secret protections. This has evolved into a broader legal and ethical battle over whether taxpayers deserve to see how public universities spend money on athletes.

What’s this all about?
The controversy originally emerged when athletes were first allowed to sign Name, Image, and Likeness (NIL) endorsement deals. Public universities were required to collect those contracts, raising concerns that sunshine laws might force disclosure.

• Athlete advocates feared public schools would expose private financial info.

• The Uniform Law Commission debated exempting athlete contracts from public records laws, but left the issue unresolved.

• Courts sided with schools citing FERPA and trade secrets, shutting down media attempts to gain access.

Fast-forward to 2025, and a new layer of secrecy has formed—this time over direct pay agreements enabled by the House v. NCAA settlement.

What just happened:
Last week, the New Mexico Foundation for Open Government filed lawsuits against the University of New Mexico and New Mexico State after both refused to release their athlete pay contracts. The group argues these deals are no different from any other public salary:

The suits also cite Title IX concerns, arguing that without transparency, there’s no way to verify if women athletes are being compensated equitably.

Big picture:
What was once a debate is now a systemic problem. Colleges are using outdated justifications to hide what are now direct payments—public money—to athletes performing essential labor. That secrecy sustains the NCAA’s fiction that these payments are for “NIL,” not employment. But the very existence of these contracts suggests otherwise.

📄 Read full Sportico article here

COLLEGE ATHLETICS BRAND POWER

Athletics: The campus brand engine everyone keeps calling a cost center

College sports don’t drain budgets—they build brands.
Though often seen as a financial burden, athletics typically accounts for just 1–5% of a university’s operating budget. But its return—in national exposure, enrollment boosts, and alumni engagement—can far outweigh the cost.

What’s really at stake?
Athletics is the most visible part of campus life:

• Sports are broadcast nationally, unlike academic programs.

• Wins drive applications (“Flutie Effect”) and donor interest.

• Alumni often reconnect through athletics before giving more broadly.

• Game-day exposure can be valued like traditional advertising.

Why the debate persists:
Athletics carries risk—volatile revenue, fixed costs, and PR landmines. But in investment terms, it’s a high-visibility, high-return asset that supports broader institutional goals.

Big picture:
Colleges shouldn’t ask if athletics is worth the money—they should ask if they’re maximizing its impact. A viral highlight or winning season may be fleeting, but the brand lift can last for years.

🏫 Read full James Moore & Co article here

NCAA REVENUE MODELS

NCAA sports commissioners weigh revenue models, private equity in NIL era

College sports leaders are weighing how to balance record revenues with new costs from paying athletes. At CNBC Sport and Boardroom’s Game Plan conference, commissioners from the ACC, Big East, and Big 12 debated the NCAA’s $2.8 billion settlement and revenue-sharing rollout.

What is player revenue sharing? Schools can now allocate part of their athletic income directly to athletes:

• Schools committed to payouts capped at $20.5 million per school.

• Football and men’s basketball generate most of the money.

• Distribution between men’s and women’s programs remains unresolved.

What happened Tuesday: Commissioners said schools are exploring new revenue streams — from restructured TV deals to private partnerships — though selling equity stakes is off the table.

Uncertainty ahead: Phillips questioned sustainability, Ackerman warned of legal fights, while Yormark downplayed “crisis” claims and said athletics is central to universities’ brands.

Big picture: College sports are entering a transformative era where schools must balance athlete compensation, rising costs, and legal challenges while finding new revenue sources to keep the system sustainable.

💰️ Read full CNBC article here

NFL PRIVATE EQUITY

Patriots become fourth NFL team to add private-equity investor

The New England Patriots are selling an 8% stake in the franchise at a valuation north of $9 billion, splitting the shares between private-equity firm Sixth Street (3%) and billionaire investor Dean Metropoulos (5%).

What are these deals? The NFL recently approved private equity ownership of minority stakes in teams, capped at 10%:

• Sixth Street’s 3% slice is the smallest PE investment in an NFL franchise so far.

• Arctos Partners previously bought 10% stakes in both the Bills and Chargers, while Ares Management acquired 10% of the Dolphins.

• Collectively, private equity firms can hold no more than 10% of a single team.

What happened here: The transactions, first reported by Sports Business Journal, value the Patriots at more than $9 billion. Robert Kraft plans to reinvest the proceeds into the team, and the family emphasized it will retain long-term control. The sales still need league approval, expected next month.

Why it matters: Sixth Street has become a major sports investor, with holdings across the NBA, MLB, European soccer, and the NWSL. Metropoulos, best known for reviving brands like Hostess and Pabst, adds another high-profile private investor to the NFL ranks.

Big picture: NFL team valuations are surging as minority stakes change hands at record levels. Recent deals involving the Giants, 49ers, Bears, and Eagles all exceeded $8 billion valuations, with some topping $10 billion. With up to 24 limited partners allowed per franchise, minority ownership has become a fast-growing pathway for outside investors to enter the league.

🏈 Read full CNBC article here

FAMILY OFFICE

How ultra-rich families invest in sports, from major leagues to social clubs

Wealthy families are dialing back startup bets but pouring money into sports. A Goldman Sachs survey shows 25% of family offices have invested in sports or related assets, and another 25% are interested.

What are family offices? Private firms managing family wealth:

• 71% prefer major men’s leagues.

• Just 19% show interest in women’s established leagues.

• Fewer than 20% are eyeing emerging women’s or men’s minor leagues.

What happened recently: Julia Koch’s family bought into the Giants, Mark Walter acquired a majority stake in the Lakers at a $10B valuation, and Bay Area families — including Vinod Khosla’s — purchased 6% of the 49ers.

Big picture: For family offices, sports mix passion with stability. With multiple revenue streams and inflation protection, franchises and related ventures are becoming prime long-term plays for the ultra-wealthy.

📈 Read full Front Office Sports article here

Start 2/Bench 2

⬆️ Isaiah Rodgers. Isaiah Rodgers became the first NFL player to record two defensive touchdowns and two forced fumbles in a single game, all in the first half of the Vikings’ win over the Bengals.. - Kevin Seifert

⬆️ Fernando Mendoza. Indiana quarterback Fernando Mendoza has moved to the top of the Heisman odds after four games, with 14 touchdown passes, no interceptions, a 76.8% completion rate, and the nation’s second-highest passer rating. – John Talty

⬇️ Mike Gundy. Oklahoma State has fired Mike Gundy after 21 seasons, following a 19-12 loss to Tulsa that dropped the Cowboys to 1-2. - Eli Lederman and Pete Thamel

⬇️ Oklahoma Football. Oklahoma quarterback John Mateer will miss roughly a month after undergoing surgery on a right-hand injury sustained in the win over Auburn, putting his availability for upcoming games against Texas, South Carolina, and Ole Miss in doubt. - Cameron Salerno and Matt Zenitz