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.