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Jonathan Perrin On NIL & College Baseball's Financial Landscape
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Jonathan Perrin (Zachary Lucy/Four Seam Images)
The phrase “a new era of college athletics” has gotten a lot of run over the past decade thanks to the advent of things like NIL and the transfer portal. As of July 1, 2025, fans of college athletics—especially baseball—find themselves in yet another new era.
For college baseball, the results of the House v. NCAA settlement mean an increase to 34 scholarships for programs wanting to fully fund. Schools can also now provide “direct institutional support for talent acquisition,” allowing programs to pay athletes as independent contractors to play at their schools.
Jonathan Perrin, a former Oklahoma State and Brewers minor league righthander who now works as a certified financial planner, joined the latest episode of BA’s ‘From Phenom to the Farm’ podcast to discuss the winners and losers of this new phase of college baseball.
And he can easily point to one obvious winner.
“The biggest winner (is) the SEC,” Perrin said. “It just means more down there. There are certainly levels to this in terms of levels to investment when it comes to NIL, and even, quite frankly, legislation at the state level … They have the most money, they have the most resources and I think you can see in the transfer portal with the types of players they’re getting, they are just offering numbers that schools in other conferences can’t offer.”
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On the opposite end, mid-major programs that lack resources of Power 4 schools—especially ones coming off highly-visible postseason runs like the recent displays from Murray State and UTSA—will struggle to keep a roster together.
“It used to be you run to Omaha, and the coach gets a contract extension or he’s going somewhere else,” Perrin said. “Now, it’s the coach gets a contract extension or he’s going somewhere else, and your entire starting nine is thinking about the same thing.
“Murray State had a player just recently go in the portal, and go to Ole Miss—if you can’t beat them, pay them to come to your school.”
Mid-majors have naturally always had a tougher time building an Omaha contender than Vanderbilt or Tennessee, but that task has become even more difficult. Teams that have the financial resources and allure of a big conference mean the path to contending in the postseason for mid-majors will require a specific type of roster creation.
“You gotta be old, and you’ve have to have played a lot of baseball,” Perrin said. “Junior college is going to be a huge component of that, where you’re able to get guys who have played a couple years of junior college baseball—they’ve played a lot of games.”
It’s easy to see benefits on the player side, as teams are no longer capped at finding a way to spread 11.7 scholarships across a roster. More scholarship availability, plus NIL dollars for top contributors, means less out-of-pocket school cost and more money being paid to baseball players than ever before.
However, for Power 4 schools, that means players viewed as fringe roster types—like preferred walk-ons who would previously have found themselves on a P4 roster—could lose out in deference to teams choosing to allocate their resources to proven contributors at lower levels. College rosters have never been older, meaning there’s less opportunity for young players to slot into a power conference lineup.
This also affects the draft decision for high school prospects. Initially at the onset of the NIL era, some draft-eligible players were asking for higher figures to sign because they had NIL leverage. But the increased age of Power 4 rosters could lead some players to opt for the clearer developmental path of pro ball.
“It’s really hard for freshman right now to get playing time, especially at P4 schools,” Perrin said. “Agents and parents are starting to realize that, ‘Wait a second, if my end goal is to get to the big leagues, what is the best opportunity to make that happen?’”
Although the new rules may keep some players from reaching campus, it could keep older players around for another year. Draft-eligible juniors and sophomores landing in the 11-20 round range who teams are unlikely to break into their bonus pool for might actually lose money in the short run by opting for pro ball.
“That $150,000 bonus is not what it used to be,” Perrin said. “There are a lot of kids in college baseball this year who are going to make more than that … Ff you’re getting $150K to go play for the Royals, and Arkansas or LSU are paying you $250K to stay here, I can’t speak for everybody, but I’m going back to school in that situation.”
Even top Power 4 programs are going to feel the strain when it comes to tapping their finances to keep up with competitors. For top talent out of high school and in the portal, the NIL bill comes due yearly, and programs who want a yearly seat in Omaha will need top-tier facilities.
“The demands on the recruiting base and the alumni donor base are going to be so much higher moving forward,” Perrin said.
It’ll take years for the ramifications of the July 1 changes to be fully understood, but in year one, the theme of this new era of college baseball is clear.
“It’s going to very much be a financial arms race when it comes to being competitive,” Perrin said.
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College football has been skidding down a slippery slope since the start of the NIL Era, and the line between that level and the pros gets blurrier with every year that passes. Now, we’ve been treated to our latest shift on that front courtesy of Arch Manning’s decision to take a pay cut ahead of his second season as the starter for Texas.
Next summer will mark the fifth anniversary of the landmark Supreme Court decision that essentially forced the NCAA to abandon its longstanding efforts to prevent students from cashing in on their name, image, and likeness.
It was a fairly inevitable development and one that was poised to have a dramatic impact on the landscape of college sports. While most fans agreed that student-athletes deserved to make some money, the ways in which they’re now able to do so have slowly but surely eroded the spirit of collegiate athletics as the concept of amateurism becomes a memory of the past.
That evolution has been marked by a number of tangible signposts, and the latest stake has been pounded into the ground courtesy of Arch Manning.
Arch Manning is taking a pay cut to allow Texas to use more of its House settlement funds on other talent
Earlier this week, we were treated to the latest piece of evidence that college football is basically a pro sport when USC went out of its way to announce running back Waymond Jordan had re-signed with the program after deciding to return to the Trojans for a second season.
We’ve reached a point where every player is effectively a free agent when their season comes to an end due to the transfer portal, and schools now have even more money they can use to try to poach and retain talent in the wake of the House settlement that will allow athletic departments to redistribute up to $20.5 million in revenue to athletes during the current academic year.
According to Texas Insider, the University of Texas is setting aside around $14 million for its football program next season. Arch Manning will undoubtedly receive a significant chunk of that sum, but the outlet spoke with sources who say the quarterback will accept “a reduced compensation” from the Longhorns so they can spend more money on other players in pursuit of a national championship.
Manning certainly isn’t hurting for cash, as he reportedly received at least $3.5 million this season thanks to NIL deals with companies including Red Bull, Uber, and Warby Parker.
It’s a commendable move for a QB who will be looking to improve after largely failing to meet the admittedly lofty expectations surrounding him during a campaign where the Longhorns went 9-3, but it’s also one that shows the sport has firmly reached the point of no return.
Updated Dec. 19, 2025, 10:54 a.m. CT
There are plenty of examples of a star in pro sports taking less money in order to help the overall roster. But it isn’t something that’s hit college football yet … until now, thanks to Arch Manning. Manning has asked to take a reduced portion of the Longhorns’ direct payout pool.
Manning’s aim at taking less NIL funds is to help improve the roster around him. Just like Patrick Mahomes, who regularly gives up millions to help the Kansas City Chief’s roster. Tom Brady did it with New England. Dirk Nowitzki, Tim Duncan, LeBron James, Kevin Durant, Jalen Brunson, Aaron Rodgers and Ben Roethlisberger have all helped the rosters around them by taking less.
In the pros, there are salary caps to negotiate. While college has no salary cap (yet), there is a finite amount in the NIL house pool. Texas can only spend what it has available. And while that pool is one of the biggest in the nation, Texas still follows a budget.
No doubt, Manning will be hoping the Texas coaching staff uses some of the freed up football revenue sharing funds on the offensive line. The line struggled in front of Manning all season and certainly inhibited his development early in the season.
Two offensive linemen are gone after the Citrus Bowl and Texas might lose a third. Left tackle Trevor Goosby was named first-team All-SEC is now contemplating going pro. Running back Jadan Baugh from Florida is also on Texas’ radar. The talented RB won’t be cheap.
Of course, it’s not like Manning will starve. The redshirt sophomore has one of the highest NIL valuations in nation. Manning has NIL deals with Red Bull, Panani, Uber and Warby Parker. Manning made north of $3.5 million in NIL deals in 2025, according to the Houston Chronicle.
With a big name that attracts major brands, Manning doesn’t need his big deals supplemented. But most college athletes are paid by the common pool of funds. Manning frees up some of that money for transfers.
Much like the NBA in the 2010s, once the actual season ends for college football, the real drama begins off the field. Since the conclusion of the regular season, many players have already announced whether they’ll enter the transfer portal or re-sign NIL and rev-share deals with their current teams.
There is no real contract system set up for college athletics the way there is in professional sports, where deals can be signed for four or five years, binding both sides. In college football, every player is basically a free agent every offseason and has the power to re-negotiate their deal or enter the transfer portal if they can’t agree to terms with their school. However, perhaps the most famous athlete in all of college sports is now deciding to reduce his salary, not increase it, as he plans to return for 2026.
That would be Texas quarterback Arch Manning. According to Sporting News and On3, Manning entered the 2025 college football season as, reportedly, the highest-paid player in the entire sport. On3’s NIL valuation database had Manning as the highest-valued player in the country heading into the year, and despite some dips in play, Manning still remains No. 1 in On3’s NIL100 rating the top 100 highest-valued college athletes. His current value is listed at $5.3 million.
But according to a report that came out Friday morning, Manning actually will accept less money from Texas’ direct revenue share next season in an attempt to help the team better equip themselves for a 2026 national championship run after disappointing their CFP expectations in 2025. It’s important to note that Manning’s endorsement deals, nor money from any NIL collective, are impacted by this.
“Sources tell Inside Texas that star quarterback has agreed to a reduced compensation amount from Texas’ House settlement revenue sharing pool in 2026,” On3 ‘s Justin Wells published on Friday. “This ostensibly doesn’t affect his compensation from fair market NIL, commonly referred to by Texas administrators as ‘real NIL.’ Manning has partnerships with Warby Parker, Waymo, Vuori, and Red Bull and is one of the most high-profile college athletes regardless of sport.”
This move here is noble by Manning but also makes most sense for the team. As Wells mentioned above, Manning is heavily partnered with national brands and is the unique college athlete who brings his own marketability to the table, outside of his performance. This is a guy that can generate millions of dollars from endorsements and public partnerships — what Texas admins consider “real NIL.”
Essentially, Texas can guarantee Manning less raw money via the rev-share route but still assure him that he’ll get his money through other NIL means. Then, the Longhorns can take that guaranteed rev-share money and use it on high-level players who may not have the same name recognition or personal brand as Manning.
More on College Football HQ
For most people, this time of year is about spending time with family and enjoying some well-earned time off, maybe with a glass of eggnog and a holiday movie.
That will be the case for most of the Boise State football squad, which earned itself a long Christmas break after winning the Mountain West championship for a third straight year and playing in the LA Bowl last weekend — one of the earliest postseason games on the schedule.
But for head coach Spencer Danielson and his staff, this time of year is also about keeping the football family together for the following season and trying not to let the stress ruin a visit from Old St. Nick.
Despite the fact that college football’s bowl season and playoffs go deep into January, the transfer portal opens on Jan. 2 and runs through Jan. 16. That means players who are looking to move are already declaring their intentions — whether their reason is playing time, money or location — and being courted by programs across the nation.
After Boise State’s berth in the College Football Playoff last year, which led to the Fiesta Bowl on New Year’s Eve, the Broncos had to contend with some players going to the portal, such as wide receiver Prince Strachan (USC), linebacker Andrew Simpson (UNC) and defensive tackle Braxton Fely, who ultimately returned.
Things are somewhat less stressful this year, but the next couple of weeks won’t be that restful, either.
Here’s where Boise State stands from a recruitment and Name, Image and Likeness standpoint as the Broncos look to retool for 2026.
How does Boise State approach NIL?
A big indicator of where Boise State stands in the new whirlwind of college athletics is how much NIL money the program is able to dish out. Unfortunately, like most programs, it is tight-lipped about spending power.
Former offensive coordinator Dirk Koetter said last January that Boise State’s 2024 NIL budget was just shy of $2 million. Given Boise State pocketed at least $3 million for traveling to the Fiesta Bowl, and there was $8 million paid to the Mountain West to be distributed among its teams, Danielson’s team likely saw a bump in its spending power.
Danielson said that Boise State would see an increase in NIL spending from 2025 to 2026, but that it’s still not enough.
“Is it where we absolutely need to be? No, there’s still a lot of meat on the bone; we need to continue to push,” Danielson said Wednesday. “But it is an increase from last season, and I’m excited to continue to do that in the years to come.”
Danielson said he and his staff are busy prepping for the portal — including working with current players to keep them — but they won’t actively meet with anyone until at least Jan. 2.
The coach said Wednesday that some teams are already reaching out to players and attempting to cut deals, but he has made it clear that Boise State will play by the rules and not be involved in underhanded activity.
“If someone on social media says, ‘Hey, I’m going to transfer,’ we are going to log that to know, ‘Hey, blank player’s leaving, let’s look at some film and see,’” Danielson said. “But we are going to have zero communication with that young man until he’s on the board. … When the portal opens up on January 2, we can have communication.”
What is Boise State looking for in a transfer?
When asked which specific positions the Broncos might try to enhance throught the portal, Danielson again remained coy.
“We’re going to really look at it holistically, and we’ve got some spots left,” Danielson said. “I’m really, really proud of the class that we got coming in as freshmen, and we’ve got a few spots left that we’ll be looking at the transfer portal for.”
He added that the program is also evaluating junior college players, but isn’t going to “recruit a lot of them.”
Danielson already said BSU would not pursue a quarterback, putting his trust in starter Maddux Madsen and primary backup Max Cutforth, as well as the incoming freshmen.
Speculating on some of the team’s other needs, a veteran wide receiver is probably on the wish list. The only upperclassman set to return in 2026 is redshirt junior Chris Marshall. Behind him are exciting but more inexperienced underclassmen Cam Bates, Quinton Brown and Qumonte Williams Jr.
A good chunk of the starting offensive line needs to be replaced, with starting left tackle Kage Casey heading to the NFL Draft, and center-turned-left-tackle Mason Randolph and backup-turned-starting-center Zach Holmes both graduating.
Team captain Marco Notarainni is graduating at linebacker, but redshirt sophomore Boen Phelps made big leaps in 2025. Still, depth at that position is always crucial.
Players declare for the NFL Draft
Casey announced his intention to declare for the draft and opted out of Boise State’s LA Bowl loss to Washington. Casey didn’t even travel with the team to Southern California, and Danielson confirmed on Wednesday that he decided to keep Casey away from the team to avoid any distractions.
Fifth-year cornerback A’Marion McCoy, who missed the last month of the season with an injury, announced on his Instagram that he was declaring for the draft as well. McCoy ended the 2025 season with four interceptions, including a three-game streak of interceptions through October.
Junior safety Ty Benefield also could try to make it in the NFL. Benefield filed paperwork with the league last week to receive a draft projection and make a decision, and Danielson has said he will support whatever the team’s leading tackler from 2025 wants to do.
“It’s not a question of if he would be drafted, it’s a question of when,” Danielson said. “And he and his family are going to go through it and pray through it, and we’re going to go through that process in the next few weeks.”
Are any players leaving Boise State?
Several backups already have announced their intention to enter the transfer portal, including redshirt junior kick specialist Jarrett Reeser and redshirt junior offensive tackle Hall Schmidt.
Danielson said he doesn’t expect any major players to attempt to leave the program. One player who could be a target of other programs with lots of NIL money to spend is Benefield, but Danielson is confident that won’t happen if he decided to return for another college football season.
“I do believe that Ty and his family know, through how he’s been able to develop here, how he’s been able to play, the amount of NFL attention he has right now,” Danielson said. “If he decides not to go to the NFL, I believe that we would absolutely have a really good shot to keep him here, because he knows the best thing for his long-term future is being here.”
Danielson also has repeatedly said that a large chunk of the program’s NIL budget goes toward retaining and rewarding current players.
Boise State currently operates a tiered NIL model that provides a consistent package for players based on where the coaching staff believes each player is developmentally. Some of those groups include “guys that haven’t played, to played a little bit, to guys that are on the rise, to guys that are all-league,” Danielson said.
“I believe we’re going to find a way to give our guys really good offers. But more importantly, I need them to want to be here.”
Shaun Goodwin
Idaho Statesman
NIL
WATCH | Ole Miss AD Keith Carter on College Football Playoffs, SEC Schedule, NIL, Rev Share and more
OXFORD, Miss. — The Rebel Walk’s Kam Wicker and Zach Moreth sat down this week with Ole Miss Vice Chancellor for Intercollegiate Athletics Keith Carter for an episode of The Rebel Talk, covering a wide range of topics relevant to Rebel fans.
Carter discussed the evolving landscape of college athletics, including NIL, revenue sharing, and the College Football Playoff, offering insight into where Ole Miss fits in a rapidly changing environment.
The Rebels’ athletics director also provided additional details on Ole Miss’ recent Request for Proposals (RFP), which seeks a development team to lead a transformative, multi-asset public-private partnership aimed at reshaping the areas surrounding Vaught-Hemingway Stadium and the campus edge.
In addition to the business of college athletics, Carter shared a more personal side, giving the hosts a glimpse into how he spends what little free time he has away from the office.
WATCH the full episode below:
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Evelyn Van Pelt
Evelyn has covered sports for over two decades, beginning her journalism career as a sports writer for a newspaper in Austin, Texas. She attended Texas A&M and majored in English. Evelyn’s love for Ole Miss began when her daughter Katie attended the university on a volleyball scholarship. Evelyn created the Rebel Walk in 2013 and has served as publisher and managing editor since its inception. Email Evie at: Evie@TheRebelWalk.com
Brendan Sorsby, a redshirt junior who split his first two years at Indiana before transferring to Cincinnati in 2024, posted an efficient, productive 2025 season.
In 12 games, he threw for 2,800 passing yards with 27 passing touchdowns and five interceptions, plus 580 rushing yards and nine rushing scores, making him among the more complete dual-threat QBs in the country.
Unfortunately for the Bearcats, he informed Cincinnati of his intent to enter the NCAA transfer portal on Monday and is also awaiting an NFL draft grade while he gauges options.
Brendan Sorsby’s public NIL profile ranks him among the higher-valued transfer assets nationally, with a reported valuation of around $2.4 million, ranking 12th among all NCAA athletes in 2025.
As college football’s winter transfer market quickens, Tennessee has now been connected to Sorsby, according to reporting by On3’s Pete Nakos.
The link arrives as the Vols’ quarterback picture for 2026 grows murky, creating a plausible landing spot for a veteran signal-caller.
Tennessee starter Joey Aguilar closed the 2025 regular slate with 3,444 passing yards, 24 TDs, and 11 INTs, but the depth chart behind him has thinned.
Backup Jake Merklinger has reportedly told staff he plans to enter the portal, and the only experienced alternatives are true freshmen and early enrollees such as George MacIntyre and incoming five-star signee Faizon Brandon.
That combination leaves Tennessee weighing whether to chase an established transfer or roll with youth.
Several other programs, including Big Ten and Big 12 teams, have also been linked to Sorsby, notably Indiana, Oregon, Penn State, and Texas Tech.
Sorsby’s decision will likely hinge on three factors: NFL feedback on his draft prospects, immediate playing opportunity, and a clear path to a starting role.
Tennessee checks two of those boxes: potential playing time if depth erodes and a high-usage offense, though competition from programs willing to offer larger NIL guarantees remains a factor.
Expect conversations and movement to heat up with the portal opening on January 2, 2025.
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