College football’s landscape is changing fast, and the Name, Image, and Likeness (NIL) era has flipped the financial script. Some programs are thriving, while others are clearly struggling to keep up.
Let’s look at the wild NIL spending of three schools—Texas Tech, Virginia Tech, and Ole Miss. Are their big-money strategies really sustainable? Honestly, it’s tough to say if these investments will pay off in the long run.
The Rise of NIL Spending in College Football
NIL deals have turned college football into a money machine. Spending shot up from hundreds of millions in 2022 and 2023 to a billion in 2024, and then almost two billion by 2025.
Players are cashing in like never before. Some universities seem built for this new world, but others might be out of their depth.
Texas Tech’s High-Stakes Investments
Texas Tech has jumped right into the NIL game, mostly thanks to its mega-booster, Cody Campbell. The guy’s a billionaire and hasn’t been shy about throwing money at Red Raiders athletics.
Not every bet has paid off, though. Campbell dropped $5 million on Jacob Toppin, but a shoulder injury ended that season fast.
He spent more than $28 million on the football program, too, but 2025 ended without even a single College Football Playoff (CFP) win. Texas Tech might rule the Big 12, but another flop in the CFP could make Campbell and his crew rethink everything.
Virginia Tech’s Aggressive Financial Strategy
Virginia Tech has gone all-in as well, using a $229 million surplus from its board of visitors. They brought in James Franklin as head coach, hoping he’d build a winner in the ACC.
But will this kind of spending last? That probably depends on whether fans and donors keep showing up with their wallets open.
The Role of James Franklin
Franklin’s reputation is a bit of a mixed bag. At Penn State, he raised the program’s floor but didn’t always deliver in the biggest games.
Now, at Virginia Tech, the pressure’s on. He needs to keep the momentum going and prove the investment was worth it.
President Tim Sands has said it straight: the Hokies need loyal fans and generous donors to stick around. If the money dries up, so could their shot at staying relevant.
Ole Miss: A Program in Transition
Money was a huge factor when Lane Kiffin left Ole Miss for LSU. He saw the ceiling in Oxford and wanted a place with more immediate resources and a stronger tradition of winning.
This happened right in the middle of a College Football Playoff run—Ole Miss came up just one win short of making the national championship game.
The Challenges Ahead for Ole Miss
Keeping donors interested is now mission critical for Ole Miss. Losing Kiffin, plus offensive coordinator Charlie Weis Jr., has left new head coach Pete Golding with a massive challenge.
Golding’s got to steer the team through a make-or-break season and keep the money flowing if they want to stay competitive in the NIL era.
With big names gone, can Ole Miss keep up in recruiting and on the field? It’s a tough ask, and a lot rides on how Golding handles the pressure.
Conclusion: The Uncertain Future of NIL Spending
The rapid rise in NIL spending across college football has turned things into a high-stakes game. Financial sustainability is now front and center for everyone involved.
Some programs seem ready to handle the pressure, but others? They’re running into real obstacles. Texas Tech, Virginia Tech, and Ole Miss stand out as examples—they’re pouring in serious money, but it’s a tough balance to strike.
These schools are still figuring out how to get results on the field and keep the money flowing. It’s a tricky path, honestly. No one really knows how it’s all going to shake out.
If you’re curious and want to dig deeper into where NIL spending might be headed, check out this detailed analysis.
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