Saturday, September 19, 2026
Opinion
College Sports

College Football’s Billionaire Backer Era Begins

Michigan scored a star quarterback thanks to millions of dollars from the world’s third-richest man, who isn’t even an alum. This is the new normal in the NIL era.

Nov 2, 2024; Ann Arbor, Michigan, USA; Michigan Wolverines cheerleader runs with a flag before the game against the Oregon Ducks at Michigan Stadium.
Rick Osentoski/Imagn Images
Exclusive

Vicious Infighting Is Jeopardizing the Future of Women’s Baseball

The WPBL’s own CEO admits there’s a “power struggle.”
Read Now
September 18, 2026 |

Stop me if you’ve heard this one: The third-richest person in the world just bought the University of Michigan its next star quarterback. 

If you missed this whole news cycle, here’s the gist: Michigan scored big last month when top high school QB Bryce Underwood flipped his commitment from LSU. What sealed the deal was reportedly a $10 million to $12 million promise (the precise price tag is not publicly known) from boosters at Champions Circle, the Michigan NIL (name, image, and likeness) collective. 

NIL collectives are a product of the new college sports Wild West created in July 2021 when the NCAA started allowing college athletes to earn money from endorsement deals; schools can’t directly pay athletes to play a sport (though even that might soon change with the House settlement), so instead, the collective gives the athlete an endorsement deal. This way the school can say it’s not engaging in “pay-for-play” since the school isn’t paying the kids, the alumni are—but I don’t see a huge difference.

In its official statement about the flip, Champions Circle thanked “Larry and Jolin Ellison.” That was a surprise—the Larry Ellison, the billionaire Oracle founder? Yes, the Larry Ellison, FOS confirmed with two cofounders of the collective. 

There was additional weirdness and intrigue: Champions Circle deleted its initial statement (too late, everyone saw it) and reposted it with the name “Ellison” removed. This time, it simply thanked “Larry and his wife Jolin.”

But who is Jolin? She’s a 2012 Michigan grad named Keren Zhu who lives with Ellison, FOS learned over the Thanksgiving holiday. (WSJ was first to report Jolin’s identity Tuesday morning.) She appears to be his sixth wife (it’s not 100% clear whether they’re married apart from the collective calling her his wife) and was the obvious driving force in getting Ellison, who did not attend Michigan and has no other ties to the school, to cough up millions. (Michigan alums Tom Brady and Dave Portnoy were also involved in the wooing.) 

Putting aside the Jolin part of the equation, the broader signal in all this is that college football is entering its billionaire boys club era. 

Sure, you could retort that rich people donating money to their school is nothing new. Just look at how many college campus buildings bear the names Koch, Schwarzman, Griffin, Bloomberg, Munger, and so on. 

Oracle Corp. founder Larry Ellison discusses the future of health care and other topics during the Oracle Health Summit Wednesday, Oct. 30, 2024, in Nashville, Tenn
Mark Zaleski/Imagn Images

But now the money is raining down onto football fields, and the process strikes me as more naked than it’s ever been. Now a rich guy can buy you a quarterback because his wife asked him to—just do it through the collective and call it an NIL deal. 

Let’s also note that Michigan having a competitive football team is to the advantage of the Ellison family business: Ellison’s son David heads up Skydance and will be CEO of Paramount after those two companies merge; Paramount owns CBS, which airs Big Ten football games. 

Ellison isn’t the only example, just the most famous and richest so far. Nike billionaire Phil Knight has donated more than $1 billion to his alma mater Oregon and appeared in a recent video that announced Na’eem Offord, the No. 2 cornerback recruit in the country, has flipped his commitment from Ohio State to Oregon. Offord told CBS Sports that Knight “played a big role, like a huge, big role.” In July, former UCLA football coach Rick Neuheisel said Oregon enjoys “unlimited” NIL funding thanks to Knight. Like Ellison with Michigan, Knight has a vested business interest in the school’s football success: Oregon is a Nike school.

SMU’s football team made the ACC championship game this year, its first in a new conference, largely thanks to NIL money from alums like Bill Armstrong and other oil barons. Armstrong himself told ESPN in September, “I bet a lot of these schools look at SMU and go, ‘Oh, shit, here come all the billionaires.’”

Indeed, here they come. $10 million (or whatever the number was) is like pennies for Ellison, whose worth is estimated by Forbes at $236.4 billion as of Dec. 6. How much more will he give? There’s no cap (yet) on how much one alum can give to an NIL collective. Jolin might have Larry buy a whole new football team. 

What’s to stop Sergey Brin and Larry Page from buying Stanford a great team? Same goes for the Walton family (Arkansas alums), Michael Dell (Texas), and any other rich alums (they don’t have to be billionaires!) who want their alma mater to win. 

To those who fully support the new capitalist approach to college athletics (the players should earn as much money as they possibly can), I’d ask: Is this the landscape you want? If you went to a school benefiting from all this, you may say yes. My Michigan alumni friends tell me they love the Ellison news. Why wouldn’t they? LSU fans, less so.

That’s college football recruitment now: The highest bid wins. 

This field is for validation purposes and should be left unchanged.

Sign up for
The Memo Newsletter

Get the biggest stories and best analysis on the business of sports delivered to your inbox twice every weekday and twice on weekends.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Tigers Head Coach Lane Kiffin, LSU Tigers take on the LA Tech Bulldogs. September 12, 2026; Baton Rouge, Louisiana, USA; at Tiger Stadium.

How Lane Kiffin Built College Football’s Most Anticipated Game

Kiffin’s return to Oxford has been nearly 10 months in the making.
Speaker of the House of Representatives Mike Johnson (R-LA) talks with reporters as he arrives prior to the vote in the House of Representatives on its version of the fiscal 2027 National Defense Authorization Act, or NDAA, on Capitol Hill in Washington, D.C., U.S., July 22, 2026.

College Sports Bill Faces Uphill Battle in the House

“The stars have to align in the House for the bill to pass.”
Sep 10, 2026; Melbourne, Victoria, Australia; Los Angeles Rams head coach Sean McVay during practice at Marvel Stadium. Mandatory Credit: Kirby Lee-Imagn Images

McVay’s Australia Gripe Highlights NFL’s Business-Football Divide

The Rams coach is looking to forget the team’s struggles in Australia.
podcast thumbnail mobile
Front Office Sports Today

NFL Ratings Dip, Steve Belichick Resigns, Knicks Ticket Refunds

0:00

Featured Today

Hot & Social/Mets

Sports Teams Are Playing a New Role: Matchmaker

The latest promotion at the stadium? Love.
Exclusive
September 18, 2026

Vicious Infighting Is Jeopardizing the Future of Women’s Baseball

The WPBL’s own CEO admits there’s a “power struggle.”
September 17, 2026

Fantasy Football Drafts Are Turning Into Full-Blown Vacations

Leagues are forgoing solo drafts and replacing them with in-person getaways.
Oct 4, 2025; Tempe, AZ, USA; General action during the first period of the game between the Arizona State Sun Devils and the Penn State Nittany Lions at Mullett Arena
September 10, 2026

How Military-Style Workouts in College Sports Get Dangerous

For elite athletes, high-intensity training can be “very appealing.”
September 6, 2026

Is Carolyn Tisch Blodgett the Future Face of Giants Ownership?

Amid changes at top of Giants ownership, eyes are on Tisch Blodgett.
Hawkeye and Oregon fans gather for FOX’s Big Noon Kickoff Nov. 8, 2025 in front of the Old Capitol Building on the University of Iowa Campus in Iowa City, Iowa.

College Football’s London Debut Brings Big Opportunity for Fox

Kansas and Arizona State are facing off at Wembley Stadium.
September 17, 2026

Florida Senators Oppose College Sports Bill Due to Miami, FSU Ambitions

The Protect College Sports Act is moving through the Senate.
Landry Kiffin/Fifth Year
September 17, 2026

Lane Kiffin’s Daughter Seizes CFB Spotlight With Clothing Venture

“Having a family involved in college sports helps from a marketing perspective.”
Sponsored

Drew Weatherford’s Bet on the Youth Sports Economy

Drew Weatherford discusses investing across the youth, college and professional levels.
Sam Leavitt LSU
September 17, 2026

Sam Leavitt’s Injury Tag Sparks Skepticism Ahead of LSU–Ole Miss

Lane Kiffin has previously faced criticism for his handling of injury reports.
Sep 6, 2025; Charlotte, North Carolina, USA; North Carolina Tar Heels defensive coach Steve Belichick during the first quarter against the Charlotte 49ers at Jerry Richardson Stadium. Mandatory Credit: Jim Dedmon-Imagn Images
September 17, 2026

Steve Belichick Resigns As North Carolina Closes Investigation

Steve Belichick has been on medical leave since August.
Jay Williams Asset Class Front Office Sports
Exclusive
September 16, 2026

Jay Williams: ‘We All Participated’ in Cash Payments Before NIL

Williams said the payments came in “duffel bags” during the playful exchange.
Texas Longhorns quarterback Arch Manning (16) looks to throw over Ohio State Buckeyes linebacker Payton Pierce (26) during the NCAA football game at Darrell K Royal–Texas Memorial Stadium in Austin, Texas on Sept. 12, 2026. Texas won 24-23.
September 16, 2026

CFB Viewership Off to Hot Start After Texas–Ohio State Thriller

ABC averaged nearly 14 million viewers Saturday night.