3 College Football Programs Spending Millions Without Getting the Expected Results

Oregon lost to an Oklahoma State roster costing a third as much, Texas A&M is fighting for bowl eligibility and Michigan’s offense keeps sputtering under Kyle Whittingham.

Texas A&M Aggies head coach Mike Elko walks onto the field prior to the game against the Kentucky Wildcats | IMAGN IMAGES via Reuters Connect

Texas A&M, Oregon and Michigan entered 2026 with three of the 14 largest roster budgets in college football, and all three now own at least two losses before the midpoint of the season.

The Athletic estimated in September that Oregon had between $48 million and $54 million available to build its roster, second only to Ohio State, while Texas A&M ranked fifth at $45 million to $50 million and Michigan sat at $36 million to $40 million. That trio is a combined 9-7.

Sports Illustrated’s survey of coaches and athletic directors this summer found the price of fielding a team climbing across every major conference, and spending has tracked closely with winning across most of the sport. Power conference teams with at least a 50% chance of reaching the College Football Playoff averaged $41 million to $46 million in roster spending, according to The Athletic’s September projections.

Texas A&M’s offense stalls out

Texas A&M quarterback Marcel Reed (10) throws a pass against the Missouri Tigers | IMAGN IMAGES via Reuters Connect

Texas A&M coach Mike Elko signed a six-year extension averaging more than $11 million per season during last year’s 11-2 Playoff run, and the Aggies opened 2026 at No. 8 in the AP Top 25. Six games later, A&M is 3-3 and 1-3 in SEC play.

All three losses came by double digits. The latest was a 27-6 defeat at Missouri in which the Aggies managed 216 total yards and converted five of 18 third downs. Quarterback Marcel Reed and new play-caller Holmon Wiggins, who replaced Collin Klein this offseason, haven’t found answers, and ESPN’s efficiency ratings place the A&M offense 92nd nationally.

“So we’re in a really bad spot right now, but we’ll work our way out of it,” Elko said after the loss.

A program with as much as $50 million to spend on its roster now needs three wins in its final six games to reach bowl eligibility, with a trip to Alabama on Oct. 24 and a home game against Texas still ahead. Elko already landed on our latest college football hot seat index after Week 6.

Why is Oregon only 3-2?

Oregon head coach Dan Lanning watches his final kickoff bounce down the sideline against the UCLA Bruins | USA TODAY Network via Reuters Connect

Oregon coach Dan Lanning has the second-largest estimated roster budget in the sport and a returning starter in quarterback Dante Moore, but the Ducks have already lost twice after opening the season at No. 2 in the AP poll.

Oklahoma State, whose budget The Athletic estimated at $15 million to $19 million, beat the Ducks 39-31 in Stillwater on Sept. 12. “We did not perform at any level that was winning football,” Lanning said afterward.

Saturday’s 17-15 home loss to unbeaten UCLA exposed the depth behind Moore, who sat out with a concussion. Nebraska transfer Dylan Raiola completed six of 19 passes for 43 yards with two interceptions before Lanning benched him for third-stringer Brock Thomas in the fourth quarter.

Oregon finished with seven turnovers and one conversion in 11 third-down tries, and defensive tackle Bear Alexander’s controversial hit on UCLA quarterback Nico Iamaleava could draw Big Ten discipline.

ESPN gives the Ducks a 9.8% chance to make the Playoff as 5-1 Nebraska visits Autzen Stadium on Saturday.

Michigan’s offense under Kyle Whittingham

Michigan head coach Kyle Whittingham reacts next to quarterback Bryce Underwood after the 20-19 loss to Iowa | USA TODAY Network via Reuters Connect

Michigan and Indiana carry the same estimated $36 million to $40 million roster budget. The defending national champion Hoosiers are 6-0 and among the nine undefeated teams left in the sport, while the Wolverines are 3-2 and winless in Big Ten play under first-year coach Kyle Whittingham.

Whittingham’s debut season includes a 13-12 opener over Western Michigan decided by a disputed Hail Mary, a 20-19 home loss to Iowa on the final play and a 20-14 defeat at Minnesota, Michigan’s first loss in Minneapolis since 1977. The Wolverines totaled 180 yards against the Golden Gophers and failed to reach 20 points for the fourth time in five games.

“I’ve been in this profession 40-some years, and this is the biggest challenge I’ve had,” Whittingham said. He also said, “We might have to make some tough decisions here,” which put sophomore quarterback Bryce Underwood’s job in question during the bye week. Michigan returns to host Penn State on Saturday.

Which other programs are overspending?

Clemson head coach Dabo Swinney talks with the media after the game against Miami | USA TODAY Network via Reuters Connect

Clemson’s estimated $29 million to $32 million budget ranks second in the ACC behind Miami, but the offense has stalled under new coordinator Chad Morris. LSU held Clemson to 145 total yards in a 51-10 opener, the most lopsided loss of coach Dabo Swinney’s tenure, and Miami limited the Tigers to 51 rushing yards on 31 carries in a 41-13 rout on Oct. 3.

“We didn’t do football stuff well enough,” Swinney said after the LSU game, and ESPN’s efficiency ratings now rank the Clemson offense 104th.

Penn State hired coach Matt Campbell from Iowa State and assembled a $29 million to $32 million roster that includes 24 former Cyclones, among them quarterback Rocco Becht. The Nittany Lions beat Marshall, Temple and Buffalo, then lost to Wisconsin, Northwestern and USC.

Northwestern ran for 413 yards in a 34-13 win on Oct. 2, and the 31-23 loss to USC came in front of a Beaver Stadium-record crowd of 114,419.

Penn State visits Michigan at 3:30 p.m. ET Saturday in a meeting of two programs still searching for their first Big Ten win.