The Future of College Sports

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On July 29, 2026, Nebraska’s athletic director announced that the College Sports Commission (CSC) had approved a restructured set of NIL deals for the same 18 Nebraska football players whose deals were arbitrated, totaling $7.5 million — the same dollar amount as the agreements the CSC previously denied. As discussed in our prior post, “The Great Divide Post-House: CSC Enforcement and the Power Four Conferences,” Arbitrator Andrew M. Strongin issued a binding May 11, 2026, ruling upholding the CSC’s denial of $7.5 million in NIL deals structured through Nebraska’s exclusive multimedia rights (MMR) partner.

On July 27, 2026, Stanford University football players took a notable step in the continuing transformation of college athletics. The team became the first college football program to form a current, player-led chapter of the College Football Players Association (CFBPA), an organization advocating for player representation, collective bargaining, and improved protections for college football players. Stanford’s announcement is significant not because a union is imminent, but because it suggests that NIL, revenue sharing, and collective bargaining may now be moving toward the same legal and commercial conversation.

On June 23, 2026, the NCAA revised its Division I eligibility rules by adopting a new age-based model commonly referred to as “5-in-5.” We previously wrote about this new rule here. Under the new rule, student-athletes may compete in five seasons of their college sport, with eligibility beginning when they enroll in college and running no later than the academic year in which they turn 19. The change marks a significant departure from the NCAA’s prior framework, which generally allowed four seasons of competition within a five-year eligibility window. The NCAA, however, has not applied the new rule retroactively to all student-athletes, leaving one group in a difficult position: 2022 high school graduates who already exhausted, or are close to exhausting, their eligibility under the old system. Those athletes argue they were uniquely disadvantaged by the overlap of COVID-era eligibility waivers, evolving NIL opportunities, and the NCAA’s decision to extend benefits to other classes of student-athletes while excluding them.

Following the district court’s approval of the House settlement in 2025, in which Division I schools that opted into the settlement were allowed to directly compensate student-athletes, schools began looking for ways to remain competitive in recruiting and retention. Some have turned to third-party multimedia rights companies (MMRs) to structure NIL opportunities outside the revenue-sharing amount. That strategy has now placed MMRs at the center of a larger enforcement dispute: whether these entities should be treated as “associated entities” subject to heightened review by the College Sports Commission (CSC).

On June 23, 2026, the NCAA Division I Cabinet unanimously approved a historic overhaul of student-athlete eligibility rules, adopting an age-based model that grants student-athletes five full seasons of competition after entering college. The vote marks the most significant structural change to NCAA eligibility rules in decades and resolves — at least formally — a system that had become both legally vulnerable and administratively unworkable.

Editor’s Note: This post was updated on June 9, 2026, to reflect the NCAA’s updated guidance issued on June 5, 2026, in response to recommendations from stakeholders in men’s ice hockey, men’s basketball, and the U.S. national service academies.

During its May meeting, the Division I Cabinet proposed and discussed an age-based eligibility model (i.e., the 5-in-5 proposal) that would give student-athletes five years of eligibility, beginning either the academic year after turning 19 or upon graduation from high school, whichever happens first.

Last week, the NCAA launched a forensic investigation into the University of Mississippi (Ole Miss) football program following public complaints alleging potential tampering involving linebacker Luke Ferrelli. Ferrelli, the ACC Defensive Rookie of the Year as a member of the University of California, Berkeley during the 2025 season, entered the transfer portal this offseason, signed a revenue-sharing contract with Clemson, then later reentered the portal and ultimately transferred to Ole Miss.

On December 9, 2025, the University of Utah, in what appears to be the first such deal of its kind, announced plans to partner with Otro Capital in a private equity arrangement. The deal is projected to generate approximately $500 million in capital for the university’s athletic programs.[i] Otro Capital is a New York-based firm that invests in sports teams and leagues.[ii]

Recently, the University of Kentucky took an interesting step in the context of collegiate athletics by converting its athletic department into a limited liability company (LLC), named Champions Blue LLC. This structure makes Kentucky the first university in the U.S. to restructure its athletic department in this manner. The move reflects a growing awareness among universities that the traditional model of collegiate sports may no longer be the most financially or legally sustainable model in the face of mounting pressures from name, image, and likeness (NIL) deals, antitrust litigation, and evolving NCAA regulations.