Although it entered the game as the biggest underdog of the College Football Quarterfinal round, No. 10 Miami shocked the world and downed defending National Champion No. 2 Ohio State 24-14 in Wednesday night’s Goodyear Cotton Bowl.

The Hurricanes are now two wins away from their first National Championship since 2001. They will face the winner of No. 3 Georgia/No. 6 Ole Miss in the Vrbo Fiesta Bowl on Jan. 8, with a spot in the national title game on the line.

Following Wednesday night’s big win for ‘The U,’ legendary head coach Nick Saban labeled Miami as ‘the real deal’ heading into the College Football Playoff Semifinals. Clearly, Saban is all-in on his former assistant, Mario Cristobal.

“The thing that impressed me the most was how relentless Miami competes in a game,” Saban said on Thursday morning’s edition of ‘College GameDay‘. “When Ohio State came out and answered the bell in the second half, Miami just kept playing. They drove through the smoke and made the plays they had to make when they had to make them. A couple of third down conversions on that last drive, which was critical.

“These guys are the real deal, and they’re peaking at the right time. They’re playing their best ball of the season right now, which is attributed to the coaching staff and players’ commitment to a standard, which they’re playing to.”

No. 10 Miami never trailed in 24-14 win over No. 2 Ohio State

Miami never trailed in the game, as it jumped out to a 7-0 lead early in the second quarter thanks to a nine-yard touchdown pass from quarterback Carson Beck to star running back Mark Fletcher Jr. Ohio State drove the length of the field and looked to tie the game, but Buckeye quarterback Julian Sayin was picked off by Miami DB Keionte Scott. Scott returned the interception 72 yards for a pick-six, propelling the ‘Canes to a 14-0 advantage.

A one-yard touchdown run from Ohio State running back Bo Jackson cut into the deficit, but a Miami field goal drew it back out to 17-7. It appeared the Buckeyes had all the momentum following a Jeremiah Smith 14-yard receiving touchdown, but a CharMar Brown five-yard touchdown run with just under a minute remaining dashed all hope of an Ohio State comeback.

“You’ve seen how we work and how we practice,” head coach Mario Cristobal said postgame. “They got tired of hearing from everybody. We’re focused on us.”

Cristobal was heavily criticized during the early years of his Miami head coaching tenure, as the Hurricanes suffered losses to programs such as Middle Tennessee State, Rutgers, and Syracuse (which practically kept them out of the 2024 CFP). He, however, has stuck it out, and has his alma mater closer to a National Championship than they’ve been in 25 years.

North Texas posted a school-record 12-win season in 2025 behind a high-octane offense led by redshirt freshman quarterback Drew Mestemaker, who finished the year as the nation’s leading passer.

The Mean Green advanced to the American Conference championship game, lost to College Football Playoff participant Tulane, and capped the season with a 49-47 New Mexico Bowl win over San Diego State.

North Texas led FBS in scoring (45.1 points per game) and total offense (512.4 yards per game), operating one of the country’s most prolific attacks under head coach Eric Morris.

However, shortly after the Mean Green’s season came to an end, Mestemaker announced he will enter the NCAA transfer portal when it opens, placing one of college football’s most productive quarterbacks on the market.

On Wednesday, On3’s J.D. PicKell specifically named Oklahoma State, where Mestemaker’s former head coach at North Texas, Eric Morris, is now the head coach, and Miami, whose desire for a passer who can stretch the field aligns with Mestemaker’s skill set.

“If I’m making a prediction, I would tell you Drew Mestemaker is following his head coach, Eric Morris, from North Texas to Oklahoma State. That’s my prediction,” PicKell said. “That’s not this segment. This segment is where’s the best fit for Drew Mestemaker. I think Miami’s the best fit for Mestemaker.”

“He fits exactly who I believe Miami wants to be offensively. Like, Miami and Shannon Dawson, what do they want to do? Spin the freaking rock, push the ball down the field, have vertical shot plays, score points, spread you out.”

“Yes, they still want to run the football, they still want to stay true to the Mario Cristobal genes of being an offensive linemen-driven program, but at the same time, I think they want to air it out and score a lot of points in the process.”

“Think more of what you saw from Cam Ward his year there than what you’ve seen this year with Carson Beck,” PicKell added.

Mestemaker, a 6-4, 211-lb redshirt freshman and former walk-on, finished 2025 as the FBS passing leader with 4,379 passing yards, 34 passing touchdowns, nine interceptions, and a 68.9% completion rate over 14 games.

He also earned first-team All-American honors, was named The American Offensive Player of the Year, and won the Burlsworth Trophy, now entering the portal with three years of eligibility remaining.

Morris was hired as Oklahoma State’s head coach following the 2025 season, and he previously coached Mestemaker while rebuilding North Texas’ offense, creating a clear path to immediate continuity in Stillwater.

Miami also makes sense stylistically, as offensive coordinator Shannon Dawson’s system emphasizes spacing, vertical shots, and tempo; traits that align with Mestemaker’s accuracy and downfield passing ability.

Mestemaker is set to enter the transfer portal when the early January window opens on Friday, at which point Power Four programs can contact him unless he applies a no-contact tag.

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The financial landscape of college football has shifted dramatically as teams navigate the first full cycle under new revenue-sharing models. General managers and talent evaluators initially expected a spending downturn at the quarterback position due to these caps, but the market has reacted in the opposite direction.

Programs are now finding creative ways to structure contracts that exceed revenue-share limits, often using marketing deals to bridge the gap for high-profile talent.

This aggressive spending surge has established a new price tier for the sport’s most valuable position, according to CBS Sports reporting from Chris Hummer and John Talty. The top quarterbacks in the transfer portal are now expected to command annual salaries exceeding $3.5 million, a figure that mirrors the NFL salary cap allocation for starting quarterbacks relative to total roster spending.

One ACC general manager noted that just six weeks ago, such numbers seemed impossible, but schools have since found ways to combine multiple deals to meet the $4 million threshold.

A specific veteran signal-caller has emerged as the primary beneficiary of this market explosion following a standout season and a surprising entry into the portal. This player brings a proven track record, including a playoff berth and extensive experience, making him an immediate upgrade for rosters across the country. His availability has triggered a bidding war among powerhouse programs desperate to secure a proven leader who can navigate the complexities of modern college offenses.

Quarterbacks commanding larger NIL deals

Arizona State Sun Devils quarterback Sam Leavitt has officially entered the transfer portal and is expected to command a salary that reflects the new market reality.

High-end transfer quarterbacks like Leavitt, along with Brendan Sorsby from the Cincinnati Bearcats and Josh Hoover from the TCU Horned Frogs, are now valued at more than $3.5 million annually. This contradicts earlier assumptions that revenue-sharing caps would depress player wages.

General managers are discovering that the demand for quality passing requires ignoring previous budget constraints. An ACC executive explained that programs are constructing contracts that consist of up to 15 separate deals to reach the $4 million mark. This strategy allows schools to technically adhere to revenue-sharing limits while still paying market rates for top talent.

The willingness to spend such a large percentage of the cap is a matter of intense debate among front-office personnel. A Big Ten general manager questioned whether it is prudent to allocate 20 percent of a program’s resources to a single player.

The executive warned that unless a quarterback performs at an elite level, the heavy investment could prove detrimental to the overall roster construction.

Prices for mid-tier options have also seen a significant increase. Quality starters who previously cost in the high six figures are now commanding between $1.5 million and $2.5 million. Even unproven backups with high upside are requesting salaries near the $2 million mark as the market resets.

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Arizona State finished the 2025 season 8–5 (6–3 Big 12) and closed with a narrow 42–39 Sun Bowl loss to Duke, capping a year that followed the program’s breakthrough 2024 run, which included an 11–3 finish and a College Football Playoff appearance.

Head coach Kenny Dillingham returned an offense built around quarterback Sam Leavitt, who appeared in just seven games before a lingering foot/leg injury required season-ending surgery on October 31, abruptly ending his second season in Tempe.

Through those seven games, he completed 145-of-239 passes (60.7%) for 1,628 passing yards, 10 TDs, and three INTs (129.2 passer rating) and added 73 rushes for 306 yards and five rushing TDs.

Leavitt originally committed to Michigan State in 2023 as a four-star prospect and the No. 21 quarterback in the 2023 class per the 247Sports Composite, spending one season with the Spartans before transferring to Arizona State ahead of the 2024 campaign.

He quickly established himself as the Sun Devils’ starter, throwing for 2,885 yards with 24 touchdowns and six interceptions during his first full season in 2024, adding 443 rushing yards and five rushing scores.

However, Leavitt informed Arizona State of his intention to enter the transfer portal on December 15 and is widely viewed as the top quarterback expected to hit the market when the window opens, classified as a redshirt sophomore with two seasons of eligibility remaining.

On Wednesday, On3 analyst J.D. PicKell identified Oregon and LSU as the two programs generating the most “buzz” around Leavitt, framing the decision as a balance between a homecoming and scheme fit at Oregon and an SEC, development-first opportunity under Lane Kiffin at LSU.

“The intel from Pete Nakos is pointing to two horses being in the race for Sam Leavitt right now, and that’s Oregon and LSU… I personally am under the belief that Dante Moore will go back to Oregon for another season, which then points to Sam Leavitt ending up at LSU. That to me makes the most sense from a fit perspective.”

“He (Leavitt) thrived in an RPO offense at Arizona State. You don’t need to reinvent the wheel. You don’t need to go prove something drastically different and go seek out an NFL offense. Just go play against better competition in the SEC. Go play for a guy in Lane Kiffin who has specialized in bringing in transfer players and elevating them at a really high level.”

“If I’m Lane Kiffin, this is my number one guy. I am calling him as soon as the transfer portal opens for business,” PicKell added.

Leavitt is an Oregon native and would be returning to a program that runs a high-tempo, RPO/shot-yardage offense that can incorporate his dual-threat skillset, though uncertainty surrounding Dante Moore clouds an immediate starting opportunity.

Meanwhile, at LSU, Lane Kiffin has a proven track record of maximizing transfer quarterbacks, most notably Ole Miss’ Trinidad Chambliss and current NFL QB Jaxson Dart, while consistently producing pro-level film against elite SEC competition, an appealing path for Leavitt as he returns from injury seeking development and exposure.

LSU also presents a clear roster need: starter Garrett Nussmeier is expected to depart after five seasons in the program, and backup Michael Van Buren Jr. has limited game experience, creating an immediate starting opportunity for Leavitt.

As the process unfolds, Leavitt’s decision is shaping up to be a choice between immediate SEC exposure and an opportunity at LSU, or a regional and schematic fit at Oregon that could offer greater continuity.

The transfer portal window opens Friday and runs through January 16, with Leavitt rumored to command up to $5 million in NIL compensation, a valuation that would rank among the highest in college football.

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The finances of the transfer portal are constantly shifting and adjusting. Before the institution of the revenue sharing cap, some massive numbers circulated: Darian Mensah’s $4 million per year deal at Duke was one of the more notable deals. But even in the current portal cycle, there are potential game changers.

A pair of CBS Sports writers, Chris Hummer and John Talty, surveyed the portal world and tried to define the financial grind of acquiring new players. While Hummer and Talty ultimately defined the wide receiver position, one of the higher priced groups, at a high end value of $1 million to $2 million for a top player, they did not include one potential contingency.

Ohio State star Jeremiah Smith is widely considered the top player in college football heading into the 2026 season. For that matter, Smith was arguably the best player in 2025. Hummer and Talty spoke with one Big Ten general manager who said that Smith, were he in the portal, “could command up to $4 million for one year of his services should he transfer.”

Before any Buckeye backers lose sanity, Hummer and Talty were careful to note that the issue is hypothetical– there has been no indication that Smith is even considering entering the portal. The writers noted that the gap of approximately $2 million between Smith and the top value for a portal receiver (at this point, Auburn transfer Cam Coleman). “Smith is a cut above the rest of the sport,” they wrote.

Even in CFP defeat to Miami, Smith was indeed standing alone atop college football. After a brilliant 2024 season as a freshman, he ends 2025 with 87 receptions for 1,243 yards and 12 touchdowns. He finished the year with his sixth 100+ yard game, with a season-best 157 yards on seven catches. He will likely finish re-writing the Ohio State record book in 2026.

On3Sports ranks Smith third in college sports with a $4.2 million estimated NIL valuation. That’s more than $1 million ahead of fourth-place Carson Beck (the two players ahead of Smith are Texas QB Arch Manning and college hoops star AJ Dybantsa). On3 ranks Cam Coleman as the second-leading wide receiver in its valuation rankings at $1.8 million.

Among the massive entities that Smith has NIL deals with are Nintendo, adidas, American Eagle, and 7-Eleven. He would likely be the projected top pick in the 2026 NFL Draft, but he’s still a year young to be able to enter the Draft. Accordingly, he’s the presumptive 2027 top pick and will have a banner NIL year in college– although perhaps not as big of a year as he might have on the open market as the potential biggest transfer star ever.