College Football HQ

College football insider sets the record straight on $40 million roster claims

Industry reporting indicates no program has actually fielded a $40 million roster this season.
Patrick Previty|
Oklahoma State head coach Mike Gundy
Oklahoma State head coach Mike Gundy | Raymond Carlin III-Imagn Images

A wave of eye-popping figures has dominated college football’s NIL conversation this week, but industry reporting indicates no program has actually fielded a $40 million roster this season. On3’s Pete Nakos, who covers the business of college sports, reported Wednesday that "no college football roster has hit the mark (yet)," even as overall spending continues to climb.

The $40 million number resurfaced after Oklahoma State coach Mike Gundy suggested Oregon’s 2024 roster cost "close to $40 million," a claim Ducks coach Dan Lanning brushed aside while saying Oregon "spend[s] to win."

Former Alabama quarterback A.J. McCarron added fuel by claiming on a podcast that some teams have $40–50 million in NIL while Alabama is "less than $20 million." McCarron said the number came from “multiple people in the program.”

Reality, however, lands lower. On3’s mid-July survey of 17 stakeholders (coaches, administrators, collectives and agents) identified the sport’s biggest spenders for 2025 and put Ohio State among the top rosters — north of $35 million — while Texas Tech was pegged at more than $28 million.

The spending surge coincides with college sports’ first season of revenue sharing. Under terms of the House v. NCAA settlement framework, schools may share up to $20.5 million directly with athletes in 2025-26, a cap that is expected to rise roughly 4% annually to about $32.9 million by 2034-35. Many SEC programs plan to steer about three-quarters of that pool to football — roughly $13–14 million.

Kirby Smart and Dan Lanning
Georgia head coach Kirby Smart and Oregon head coach Dan Lanning | Joshua L. Jones / USA TODAY NETWORK via Imagn Images

Third-party NIL dollars have not disappeared. In fact, many collectives "front-loaded" deals this summer before a new national clearinghouse began stricter oversight of agreements. The NCAA’s newly created College Sports Commission now requires athletes to report third-party NIL deals totaling $600 or more, while collectives raced to move money on June 30 ahead of those rules.

Even with swelling budgets, $40 million remains more of a talking point than an actual number. $20 million seems to be the price of admission to compete at the top as 15–20 Power Four programs are around or above that figure — notably Ohio State, Texas, Oregon, Texas Tech, Texas A&M, Miami and others.

Jeremiah Smith
Ohio State Buckeyes wide receiver Jeremiah Smith | Joseph Maiorana-Imagn Images

There are disparate paths to success. Illinois finished 10–3 in 2024 on what coach Bret Bielema has said was roughly a $5 million roster budget.

As for Alabama, McCarron’s "under $20 million" claim is in dispute. Public records show the Crimson Tide spent about $5.2–$5.3 million on recruiting in 2024 (top-five nationally) and the department says it will fully fund the new revenue-sharing model. Combined with ongoing collective activity through Yea Alabama, the Tide’s total football compensation this season likely approaches, but does not clearly exceed, the $20 million line.

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Patrick Previty
PATRICK PREVITY

In addition to writing for On SI, Patrick is also a site expert for Canes Warning and has previously written for outlets such as Betsided, Orlando Magic Daily and Southbound and Down. He serves as a sideline reporter for ESPN+, covering UCF athletics and the Big 12 Conference. In 2024, he hosted a live, on-site UCF football pregame show that aired on ESPN+. Patrick has interviewed numerous figures in the college sports world, ranging from players to UCF’s athletic director. Recently, he traveled to Mobile, Ala., to cover the 2025 Reese’s Senior Bowl, where he spoke with multiple NFL Draft prospects. Patrick also hosts coverage of the Orlando Magic for Digest Media on YouTube and has become one of the leading voices on the team in the region. Patrick also helps run the social media department for The Voice of College Football Network, focusing on breaking news and digital storytelling. Patrick previously spent time at CNN in the sports department, where he assisted with CNN’s World Sport show and Bleacher Report updates for morning programming. Hailing from the Tampa Bay Area, Patrick is a lifelong fan of the Tampa Bay Buccaneers, Tampa Bay Rays, Tampa Bay Lightning, Orlando Magic and UCF Knights.

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