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2025 Year in Review: Top 10 biggest NIL, sports business storylines

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In 2025, college sports underwent another major transformation as revenue-sharing arrived. But that was just one of the top storylines in the NIL and sports business space.

The House v. NCAA settlement became the top story from this calendar year, but private equity is also sure to be part of the conversation into 2026. Those talks took place throughout 2025, with the Big Ten and Big 12 at the forefront.

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Of course, there was also a high-profile NIL dispute and a major step in the NCAA’s quest for federal legislation to help settle the landscape. Here is On3’s 2025 year in review, breaking down the Top 10 storylines in NIL and sports business.

House settlement ushers in rev-share era

After receiving preliminary approval in 2024, the quest for final approval of the House settlement ended in June 2025. That’s when Judge Claudia Wilken approved the landmark agreement, paving the way for schools to directly share up to $20.5 million with athletes. It also brought about the College Sports Commission as a new enforcement entity, led by CEO Bryan Seeley.

The CSC launched to enforce key terms of the 10-year settlement, including the NIL Go clearinghouse, which received a slew of criticism after its initial debut. NIL Go has cleared $87.5 million in deals as of the last update Nov. 6. However, the CSC’s participation agreements are also generating skepticism as 2025 winds down.

Private equity, capital talks swirl

As schools prepared for rev-share, the idea of private equity and private capital came about in college sports, with the Big Ten and Big 12 front-and-center. The Big Ten has explored a more than $2 billion private capital deal, but it generated pushback from some member schools.

Additionally, Ross Dellenger reported the Big 12 is nearing a private capital deal of its own which would infuse millions to member schools. A Big 12 school also announced a first-of-its-kind equity deal in December. Utah announced a deal with Otro Capital, which would infuse up to nine figures in cash and create a for-profit entity, Utah Brands and Entertainment.

Nico Iamaleava transfers amid NIL dispute

Late in the spring college football transfer portal window in 2025, On3’s Pete Nakos reported Tennessee and quarterback Nico Iamaleava were in active negotiations about a new deal. However, the situation took multiple turns, and Iamaleava later entered the portal.

Iamaleava missed a practice before the Vols’ spring game, Volquest reported, and Tennessee ultimately decided to move on from him. He later committed to UCLA, but the reaction poured in from across the college football world after the NIL dispute.

One of the biggest storylines of the 2025 college football season was the amount of money schools paid in coaching buyouts. Multiple high-profile firings led to more than $228 million in buyout money handed out, flying past the previous record of $132 set in 2023 – fueled by Jimbo Fisher’s $77 million figure.

LSU coach Brian Kelly received the highest buyout of the cycle at $53 million, and James Franklin’s $49 million buyout at Penn State dropped to $9 million after he took the Virginia Tech job and triggered his duty to mitigate clause. Kelly’s buyout is the second-largest in history behind Fisher’s, and Billy Napier received the third-largest from Florida at $21 million.

Wisconsin sues Miami after Xavier Lucas transfer

One of the biggest transfer stories of 2025 didn’t involve the portal at all. Wisconsin DB Xavier Lucas withdrew from the university and enrolled at Miami. The University of Wisconsin then sued the University of Miami and its NIL collective for alleged tortious interference.

The suit marked an unprecedented moment in college athletics as one university sued another over financial damages. Miami later filed a motion to dismiss the suit, On3’s Pete Nakos and Brett McMurphy reported, which is still being worked through.

ACC settles lawsuit with Florida State, Clemson

One of the ACC’s top priorities in 2025 was to settle lawsuits brought by Florida State and Clemson, challenging the conference’s grant of rights. Both boards approved settlement terms in March, ending the legal battles on all fronts.

As part of the agreement, the ACC will have a new exit fee structure and revenue distribution model. It will now be based on a five-year rolling average of TV ratings, with a majority share of the base media rights placed into a viewership pool for distribution.

Former NBA Draftee James Nnaji deemed eligible

Amid multiple eligibility questions the NCAA faced in 2025, one of the biggest decisions came in December. James Nnaji, a former NBA Draft pick, signed with Baylor after receiving four years of eligibility. That decision brought plenty of reaction across college basketball.

Though the Detroit Pistons drafted Nnaji – and his draft rights were part of the Karl-Anthony Towns trade to the New York Knicks – he never played in an NBA or NBA G-League game. Instead, he played professionally in Europe. The NCAA granted Nnaji four years of immediate eligibility, meaning he can join Baylor for the rest of the 2025-26 season.

NCAA’s quest for federal legislation stalls

Since the NIL era began, the NCAA has been searching for federal legislation to help settle the landscape. Those efforts ramped up in 2025, and the SCORE Act was on track for a vote on the floor of the U.S. House of Representatives at one point. However, the vote was removed from the schedule that day, and Senate Democrats criticized the legislation.

The SCORE Act was one of a handful of college sports-focused bills announced. The COACH Act was introduced in October to cap college football coaches’ salaries and buyouts, and the “Restore College Sports Act” was introduced in March. That bill would create an entity to replace the NCAA.

President Donald Trump wants to get involved

Amid the NCAA’s pursuit of a federal bill, President Donald J. Trump also made it clear he was willing to step in to help settle things down. He took multiple steps toward that goal, notably signing an executive order in July to crack down on pay-for-play, third-party NIL deals.

Trump was also putting together a presidential commission with Texas Tech booster Cody Campbell and former Alabama head coach Nick Saban as co-chairs. Plans for the commission were paused, but Trump remained vocal about NIL in college athletics.

Throughout the 2025 college football season, TV ratings surged. Regular-season viewership increased by 9% from a year ago, and ABC emerged as the biggest winner.

ABC aired 17 of the Top 20 most-watched games of the year, led by Texas vs. Texas A&M in their Week 14 rivalry game. FOX, however, had the top two games of the season: Ohio State’s Week 14 win over Michigan (18.4 million) and the Buckeyes’ Week 1 victory over Texas (16.6 million) led the way.

College athletics saw plenty of changes throughout 2025 as the NIL and rev-share eras are officially underway. Heading into 2026, though, there are still plenty more storylines to track in the ever-changing space.



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Tennessee football offered Alabama quarterback Ty Simpson $4 million

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Jan. 11, 2026Updated Jan. 12, 2026, 1:12 a.m. ET



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Ty Simpson “not wavering” on decision to turn pro amid NIL bidding war

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Alabama quarterback Ty Simpson announced last week that he was leaving school early to enter the NFL draft. But that hasn’t stopped other college programs from offering him lucrative NIL deals.

What started out in the $4 million range has reached in excess of $6 million, a source with knowledge of the situation told Bama247.

But that same source said the offers were unsolicited and that Simpson “hasn’t wavered” in his decision to enter the NFL draft. The expectation is he will not change his mind before the Wednesday deadline for underclassmen to declare.

Al.com was first to report the unrelenting interest in Simpson as the draft deadline approaches.

Simpson went 11-4 in his lone season as the starter, leading Alabama to the College Football Playoff and a come-from-behind victory at Oklahoma in the first round. But his season ended on a sour note as he threw for only 67 yards and no touchdowns in a 38-3 loss to Indiana in the Rose Bowl that saw him sidelined for much of the second half with a rib injury.

Simpson, who was named a team captain in the summer, finished the season with 3,567 passing yards, 28 passing touchdowns and five interceptions. He also ran for 93 yards and two scores.

Recent NFL mock drafts have had Simpson ranked among the top three quarterbacks — behind Indiana’s Fernando Mendoza and Oregon’s Dante Moore — and a borderline first-round pick.

Alabama 2026 NFL draft decision tracker: Who will stay in school or enter draft?

With Simpson gone, Mack and Russell are the two most experienced quarterbacks on the roster. The two were listed as co-backups this season with Mack having a 62-to-36 edge in total offensive snap over Russell.

Both Mack and Russell resigned with Alabama last week.



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The Ohio State football program is in Transfer Portal crisis thanks to Ross Bjork

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When Ohio State made the decision to hire Ross Bjork as athletic director once Gene Smith stepped down, a large reason was that he was supposed to be an expert in the NIL space. Bjork touted his ability to galvanize donors and pay the athletes what they rightly deserved.

The end of his tenure at Texas A&M did see the football program spend a lot of money on recruits. It backfired spectacularly. Jimbo Fisher did not coach the team well, and Bjork had to fire him and pay him around $77 million to not coach the program.

Since coming to Columbus, Bjork has used the opposite approach. He has been borderline stingy at every corner when it comes to NIL for the Ohio State football program. Instead of helping the Buckeyes, he is actively sinking the ship just a year after winning a national title.

Ross Bjork is actively hurting the Ohio State football program

30 players have entered the Transfer Portal from this year’s version of the Ohio State Buckeyes. That is by far the most since the portal became a widely used thing. What’s even worse is that Bjork has refused to pay enough to bring enough players in to replace those guys leaving.

There have been several instances of the Buckeyes losing out on talented portal players because they did not use their NIL money correctly. Bjork seems to think that the College Sports Commission is actually going to be able to enforce any sort of cap when it comes to revenue sharing.

No other high-major program is operating under those assumptions. In fact, most of Ohio State’s competitors keep reloading in the portal. Indiana is arguably passing the Buckeyes when it comes to finding talented older players in the portal, and that’s why they are playing for a national title.

Bjork was a questionable hire when he was brought in. The shine has worn off from the 2024 national championship, and more people are realizing that the title was won in spite of him, not because of him. Ryan Day needs to start putting his foot down when it comes to the football program.



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No. 1 portal WR Cam Coleman commits to Texas

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After some marquee portal losses, the Texas Longhorns needed to add elite talent to the wide receiver room and did just that with the addition of Auburn Tigers transfer Cam Coleman over the Alabama Crimson Tide, Texas A&M Aggies, and Texas Tech Red Raiders.

Coleman is one of the crown jewels of the portal class, the No. 4 player overall and the No. 1 wide receiver and five spots ahead of the next-best offensive player — former Alabama wide receiver Isaiah Horton. The elite wideout made the most of his second recruiting cycle, but traveled to Austin first before trips to College Station, Lubbock, and Tuscaloosa. He’s ranked as a five-star portal prospect after arriving at Auburn two years ago as a five-star high school prospect, the second-ranked wide receiver behind Ohio State’s Jeremiah Smith.

In two years at Auburn, the 6’3, 200-pound wideout emerged as one of the nation’s most explosive targets despite the Tigers struggling to find consistency at quarterback. In two seasons, he accounted for 1,306 yards and 13 touchdowns catching passes from Peyton Thorne, Jackson Arnold, and Ashton Daniels. The hope for both Texas fans and Coleman is that putting him with a quarterback who specializes in the deep ball, like Arch Manning, will both open up the Texas offense and set him up for a one-year springboard on the Forty Acres.

This plan has worked wonders for Texas in previous years, with Matthew Golden and Adonai Mitchell putting up big numbers in Burnt Orange and hearing their names called early in the NFL Draft.

Texas was likely heading to the portal in the offseason regardless, but the departures of DeAndre Moore and Parker Livingstone made it a true necessity for the Longhorns. The Longhorns have bolstered the skill position talent on offense with the additions of Coleman and former Arizona State running back Raleek Brown.



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Legend posts Transfer Portal message that Ohio State football fans needed to see

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As more and more Ohio State football players enter the Transfer Portal, the Buckeyes continue to let prospects go by without adding them to the roster. Despite several high-profile visits, the Buckeyes have only brought in five players from the portal to offset the 30 they’ve lost.

Ross Bjork should receive the majority of the blame. His failure to use NIL effectively, while every other major program seems to be able to, is a massive problem. Of course, there is something to be said for the change in mindset for some of the college football players these days.

Former Ohio State running back Maurice Clarett had his own gripes with the NCAA. He tried to challenge the NFL rule so that he could enter the NFL after his freshman season. Ultimately, that failed. Regardless, he gave his take on the portal situation.

Maurice Clarett explains why Ohio State football players are transferring

From Clarett’s perspective, he believes that college kids are just looking around to capture the most money possible.

Clarett isn’t wrong that Ohio State certainly props up other kids who aren’t at the top of the depth chart. The cache of being at an elite program for a year helps them get more NIL money from a lower-level school, allowing them to maximize their earning potential.

That’s still no excuse for what is happening with the Ohio State Buckeyes. There is no reason that they should have this many players exiting the program and so few coming in. Ryan Day needs to get Bjork’s expectations in line for how the NIL game is played.

If that doesn’t happen, Ohio State is going to start to fall behind very quickly. Other programs have risen, and old powers are using NIL to get back to the top, as well. The Buckeyes need to fix their approach before it is too late and they fall too far behind.





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Oregon’s Linebacker Depth Takes A Hit With Latest Transfer Portal Entry

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The Oregon Ducks took a hit to their linebacker depth with Kamar Mothudi entering the transfer portal the day after Oregon’s season-ending Chick-fil-A Peach Bowl loss according to 247Sports’ Matt Zenitz.

Mothudi appeared in six games this past season and recorded four tackles. He is the first Oregon linebacker to enter the transfer portal.

High Expectations, Low Production

Oregon Ducks dan lanning schedule Dante moore Kamar Mothudi Recruiting NIL Transfer Portal Big Ten College Football Playoff

Jan 9, 2026; Atlanta, GA, USA; Oregon Ducks head coach Dan Lanning on the field prior to the 2025 Peach Bowl and semifinal game of the College Football Playoff against the Indiana Hoosiers at Mercedes-Benz Stadium. Mandatory Credit: Brett Davis-Imagn Images | Brett Davis-Imagn Images

Mothudi came to Oregon as apart of their 2024 recruiting class. Listed as the No. 13 linebacker and No. 145 player in the country according to 247Sports’ rankings, Mothudi came into Eugene with big expecations as he was the top-ranked linebacker in the Ducks’ 2024 class. However, he never really found his footing in the Ducks’ linebackers.

After appearing in only one game as true freshman, the 2025 Big Ten Championship game, Mothudi was still buried on the depth chart as a redshirt freshman. He played mainly in blowout wins for Oregon and made his last appearance in the Nov. 22 win over USC.

Potential Landing Spots For Mothudi

Oregon Ducks dan lanning schedule Dante moore Kamar Mothudi Recruiting NIL Transfer Portal Big Ten College Football Playoff

Oregon defensive coordinator Tosh Lupoi directs practice March 29, 2022.

Tosh Lupoi | Chris Pietsch/The Register-Guard / USA TODAY NETWORK

The Los Angeles native took five official visits during his high school recruitment. Mothudi visited Oregon, Oregon State, Washington, Michigan State, and Utah.

One schoool that stands out among the rest for Mothudi is Cal. The Golden Bears hired Oregon defensive coordinator Tosh Lupoi as their head coach following the dismissal of Justin Wilcox. Lupoi is known as a tenacious recruiter and was a big reason why the Ducks’ constantly reeled in top talent, including Mothudi.

247Sports lists Lupoi as one of the primary recruiters in Mothudi’s recruitment. The two could reunite in the Bay Area next season as the Golden Bears reload their roster via the transfer portal.

UCLA has been quietly making some noise in the transfer portal. Mothudi spent his first three years of his high school career at Campbell Hall, which is 12 miles away from UCLA’s campus. The Bruins also went through a coaching change and brought in James Madison’s Bob Chesney, making them active in the portal as well. They could make a push to bring Mothudi home to close out his college career.

MORE: What Dan Lanning Said After Oregon’s Loss to Indiana

MORE: Instant Takeaways From Oregon’s Playoff Loss to Indiana

MORE: Dante Moore NFL Outlook Comes Into Focus After Peach Bowl Loss

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Ducks Will Be Okay

Oregon Ducks dan lanning schedule Dante moore Kamar Mothudi Recruiting NIL Transfer Portal Big Ten College Football Playoff

Oregon outside linebacker Nasir Wyatt celebrates a sack as the Oregon Ducks take on the Washington Huskies on Nov. 29, 2025, at Husky Stadium in Seattle, Washington. | Ben Lonergan/The Register-Guard / USA TODAY NETWORK via Imagn Images

Although Mothudi was a promising underclassman, his departure isn’t the end all, be all for the Ducks’ linebacker unit. With Devon Jackson, Nasir Wyatt, and Blake Purchase all set to come back next season, Oregon will have plenty of talent coming back in addition to their 2026 recruiting class signees.

Oregon 2026 signees’ Braylon Hodge and Tristan Phillips both rank as top 15 linebackers in the country according to 247Sports’ rankings.

That’s not taking into consideration the fact that Mixon and Teitum Tuioti, both starters, still have eligibility left.

The departure of Bryce Boettcher will be the biggest impact on the linebacker unit as he was a multi-year starter and a leader of the team. But if Oregon coach Dan Lanning has proven anything during his time with the Ducks, it’s that they will be ready on the defensive side of the ball. Especially with the front seven.

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