In Follow The Money, Ben Portnoy delivers a weekly deep dive into the business side of college sports.
Before diving in, here is a quick overview of what to expect.
College sports have entered an era of unprecedented upheaval. Longstanding traditions are colliding with the growing demands of commercialization at every turn. Quarterbacks are signing multi-million dollar contracts. Television deals have become a favorite talking point among fan bases. Even jersey patch sponsorships are now part of the mainstream conversation.
Each week, this column will capture the anxiety and fluidity of the evolving landscape by examining the off-the-field storylines shaping what fans see on Saturdays.
With that, let us get started.
Lane Kiffin is already at the center of college football’s latest controversy in his first season at LSU. (Photo by Ella Hall/LSU Athletics/University Images via Getty Images)
There is no place quite like Baton Rouge.
This is a city where football reigns supreme, where politics and the Tigers intertwine like peanut butter and jelly, and where power struggles and backroom dealings drive the daily conversation.
So what better venue to kick off the 2026 football season than a Louisiana courtroom?
For those who have not spent the past two weeks monitoring court filings through PACER, here is a recap of what is unfolding down on the bayou:
- June 23 — The NCAA rolls out its new age-based eligibility model, granting athletes five years of eligibility and simplifying the processes surrounding waivers and other exceptions. The changes begin with the high school class of 2023.
- Aug. 19 — Attorneys representing 32 athletes file a claim in Louisiana arguing that the updated NCAA rules should not apply to them as members of the class of 2022, thereby granting them a fifth year of eligibility.
- Aug. 20 — A Louisiana judge issues a temporary restraining order allowing Dae’Quan Wright and Zxavian Harris—who had participated in training camp with the Browns and Saints, respectively—along with others, to enter the transfer portal and join former head coach Lane Kiffin at LSU.
- Aug. 24 — A different Louisiana judge grants former Utah Jazz player RJ Luis an injunction, clearing the way for him to return to school and join the LSU basketball program.
- Aug. 30 — The SEC releases a statement confirming it will comply with the court order, though sources indicate the conference is weighing significant penalties, potentially as severe as expelling the Tigers from the league if they field former professional players.
Yes, it is a great deal to absorb.
Still, the LSU situation prompted an interesting question: What would happen if the SEC actually followed through on removing the Tigers from the conference? And if it did, what brand value and sponsorship revenue could LSU command on the open market as an independent program?
“A conference like the SEC is bigger than any single school,” Rob Temple, CEO of Pivotal Sports & Entertainment, explained. “If a school leaves the conference, sponsors tied specifically to that program may see some impact, but the major advertising and content distribution dollars simply flow elsewhere.”
“However, if private equity enters college sports—similar to how Americans have invested in EPL clubs—and franchise valuations become a factor, that changes the equation entirely. It is a significant hypothetical.”
Tamarcus Cooley intercepts the ball during 2026 spring practice in Baton Rouge. (Photo by Ella Hall/University Images via Getty Images}
Independence is not a novel concept in college sports. Notre Dame serves as the most prominent example, though others have pursued similar paths—BYU during the 2010s and Miami in the 1980s immediately come to mind. Executing such a move in today’s landscape, however, has become increasingly complex.
For starters, scheduling presents its own difficulties. Independent UConn and its administrators have long grappled with the challenges of assembling a coherent schedule.
Another consideration is whether LSU would retain control of its media rights or remain tied to the SEC’s existing agreement with ESPN. Those rights would likely revert to the university, but nothing is guaranteed—the recent lawsuits filed by Clemson and Florida State against the ACC illustrate the potential complications.
Beyond media rights, the most obvious comparison is Notre Dame, which generates an annual payout in the neighborhood of $75 million—comparable to distributions from the SEC and Big Ten—through its NBC deal and partnership with the ACC.
Could LSU command a similar figure on the open market? That remains uncertain.
“It is not a criticism of LSU; it is simply that Notre Dame has been Notre Dame for so long and has operated independently for decades,” one media rights consultant noted. “Assuming LSU would immediately achieve that same level of independent value is probably unrealistic. Do they have a reasonable shot at it? Perhaps, particularly in the Southwest. But I am not convinced they possess the same level of national recognition and standing to be considered a true independent powerhouse.”
Lane Kiffin and LSU are set to welcome 44 incoming transfers this season, including former five-star and Colorado standout Jordan Seaton. (Photo by Gus Stark/LSU/University Images via Getty Images)
The school’s broader business value also warrants consideration.
A study conducted by The Athletic in July estimated LSU to be the 11th-most valuable program in the country, valued at approximately $1.3 billion.
That ranking should not come as a surprise.
LSU athletics has generated more than $120 million in revenue annually since 2015 and nearly $200 million or more since 2022, according to the Knight-Newhouse College Athletics Database. The program has also reported at least $60 million in donor contributions each year since 2022, while corporate sponsorship and licensing revenue has climbed from $3.3 million in 2022 to $5 million in 2025.
Professional sports teams exist in Louisiana, but it is fall Saturdays at Tiger Stadium that captivate the state’s attention in a way the Saints and Pelicans cannot quite replicate—which explains why the brewing showdown between LSU and the SEC has become such a widely watched storyline.
“The SEC and Commissioner Sankey are prepared to contest the allegations outlined in the plaintiffs’ petition at Thursday morning’s hearing and defend the SEC’s rights as a voluntary association to fulfill its mission to its member institutions,” the league stated in a release on Sunday night.
Louisiana Governor Jeff Landry has taken an active interest in the success of LSU football over the years. (Tom Williams/CQ Roll Call)
“This whole thing is ridiculous. Don’t hate the player, hate the game.” — Louisiana Gov. Jeff Landry in a statement to Front Office Sports regarding the ongoing eligibility dispute in the state.
Duke partnered with Edward Jones, allowing the financial services firm to place branding on the floor at Cameron Indoor Stadium. (Photo courtesy of Duke Athletics)
Duke announced a five-year agreement with Edward Jones, which on the surface does not appear particularly remarkable.
However, the fact that Duke’s leadership is allowing the company to place branding on the floor of Cameron Indoor Stadium is, in fact, noteworthy.
“It is about balancing our needs with the program’s history and tradition while evolving with the current landscape and determining what is the right approach,” Duke athletics director Nina King said by phone. “I am genuinely excited about how this looks. It is not like we suddenly turned into NASCAR.”
Michigan recently added signage inside the Big House for the first time. Now, Duke is following suit. Such is the current reality of college sports.
