This year’s College Football Playoff reflects the adage that you get what you pay for.

The 12-team field includes the four teams with the largest football budgets, the nation’s two highest-paid coaches and three of the four highest-paid general managers. It also sets up a potential quarterfinal matchup where one head coach makes more than his competitor’s entire recent football budget.

A few standard financial disclaimers: Different programs run their numbers differently. Budgets change yearly, and some figures are murky or missing, especially regarding private schools and NIL. Even with those caveats, we can still get a broad sense of how the 12 CFP contenders stack up against one another financially.

The first-round Texas A&M-Miami game looks even bigger through this lens, doesn’t it?

Texas Tech’s figure is the lowest of the Power 4 teams here but about average in the Big 12; 11 of the conference’s members spent in the $30 million to $40 million range that year.

The gap between Alabama and Tulane is large, but maybe not this large. We’ll make our wonky explanation as brief as possible: We’re using the U.S. Department of Education database because it’s the only tool that includes every public and private school (except service academies). However, reporting lags behind, so the most complete numbers are from 2023-24. Alabama’s figures were exceptionally high that year, and Tulane’s figures were exceptionally low.

Fortunately, the Green Wave and Crimson Tide have both posted more recent federal reports. Alabama reported $78.5 million in expenses in 2024-25. Tulane reported $22.7 million, which was still behind South Florida ($33.4 million) in the American Conference.

Again, Tulane’s figure is abnormally low and ahead of only Kennesaw State ($8.3 million) nationally. But the Green Wave’s most recent report listed football revenue at $24 million. Ohio State’s football income is also much larger ($160.5 million in its latest report).

The No. 1 program was Texas at just north of $200 million. I’m sure that’ll make the Longhorns feel great knowing the Aggies are in the first round. Another rivalry aspect: Indiana ranked one spot below Purdue ($61.6 million).

Half the field ranked in the top 14 nationally in football revenue. That’s about the same as the numbers we ran last year, when six of the participants were in the top 11.

*Yes, we know Kiffin is no longer coaching the Rebels. 

Source: USA Today’s coaching database for the 2025 season

Because Tulane is a private school, its coaching salaries are not public. But Jon Sumrall’s Green Wave salary is believed to be in the $3 million range. That would put him near the top of the Group of 5, somewhere between UNLV’s Dan Mullen ($3.5 million) and South Florida’s Alex Golesh ($2.5 million). Sumrall’s base salary at his new Florida job is $7.45 million.

Kiffin’s Ole Miss replacement, Pete Golding, is set to earn $6.8 million for his first year.

Of the nine coaches who earned more than $10 million this year, four made the CFP. The five who didn’t: USC’s Lincoln Riley, Clemson’s Dabo Swinney, Texas’ Steve Sarkisian, LSU’s Brian Kelly and North Carolina’s Bill Belichick. Curt Cignetti and Mike Elko will join that tier with the new contracts they landed this season. Cignetti’s salary almost doubled from last year ($4.25 million), but he still seems like a bargain.

Joey McGuire and Bob Chesney were also great deals. McGuire’s salary was 10th in the Big 12 and about half what Colorado paid Deion Sanders (just under $9 million). Chesney was second to last in the Sun Belt, ahead of only Louisiana-Monroe’s Bryant Vincent.

Apples-to-apples comparisons of general managers are trickier because of how quickly front offices are evolving, plus their different titles and strategies. But 13 programs pay their general managers at least $500,000, according to USA Today’s database. Five of them are in the Playoff: Ohio State, Oregon, Alabama, Oklahoma and Texas Tech.

What we know about how much they pay players

After schools could start legally paying players directly on July 1, The Athletic submitted public records requests for revenue-sharing budgets and payrolls to more than 70 public schools. Oklahoma and Ohio State are among those that still have not responded. Records in some places, like Georgia and Oregon, are shielded by state laws. Texas A&M’s denial also cited an exemption against releasing information that “would harm its interests by providing an advantage to a competitor … or in a particular ongoing competitive situation.”

We can, however, offer a few concrete numbers.

James Madison’s revenue-sharing budget is a little more than $1 million, according to its payroll data. That figure is split among 34 players (whose names were redacted). Two players are making $65,000, and four are making $7,500 each. Four men’s basketball players were set to make more than the highest-paid football player.

Texas Tech’s roster cost about $25 million, general manager James Blanchard told The Athletic in the preseason. About $12 million went to 21 transfers. An internal document obtained through a public records request provides more insight. From July 2024 through May 2025, the Red Raiders’ NIL budget in football was $13.5 million. That’s up from $3.4 million the year before.

The Sooners’ NIL entity, 1Oklahoma, paid players $32 million in the 2024-25 fiscal year, according to OU board of regents documents from September. That figure isn’t broken down by sport.

Our best look at Tulane is from 2023. That year, the Fear the Wave Collective Group reported almost $955,000 in revenue on its federal tax returns. Its expenses were $774,000 but not itemized much beyond that.

Because most numbers aren’t public, we asked a pair of NIL agents to rank the teams based on player compensation. Both put Texas Tech, Miami and Texas A&M in their top four. Georgia and Alabama were in the bottom half of the bracket, and the last three were the same (in order): Oklahoma, Tulane and JMU.

An underDukes story

The $93 million revenue gap between first-round foes Oregon and JMU isn’t only the largest in this field. By our math, it’s the biggest disparity of any CFP matchup so far, including the four-team era.

Here’s a stunning way to contextualize it: What JMU paid its head coach and entire roster (just under $1.9 million) is less than Oregon paid its defensive coordinator, Tosh Lupoi ($2 million). Ducks head coach Dan Lanning’s $10.4 million salary is three times the Dukes’ annual football operating expenses ($3.2 million).

James Madison’s budget is competitive in the Sun Belt, but it’s not No. 1. That was Coastal Carolina ($17.3 million in football revenue).

Former Arizona State quarterback Sam Leavitt is no longer the only elite quarterback in the transfer portal. Leavitt made his intentions to leave ASU clear a few weeks ago, but over Sunday and Monday, several more top QBs have announced their intention to transfer. Now, several programs are already locking horns on the recruiting trail over these guys.

Cincinnati’s Brendan Sorsby, Florida’s DJ Lagway, and Nebraska’s Dylan Raiola all became major names to hit the transfer portal at the quarterback position over the start of this week. And as soon as news broke that those QBs would enter the portal, lists of potential desintations already came up. But after a quiet few days on the Sam Leavitt front, a new list of high-profile suitors was reported for the ASU star.

On3 posted on Monday afternoon that Pete Nakos had heard of the following list of schools as connected to Leavitt: “Among the early schools On3 is hearing about in his recruitment include Oregon, Indiana, Miami and LSU, sources tell On3,” Nakos wrote.

What’s interesting is that Leavitt’s fellow transfer quarterbacks shared somewhat similar lists of reported interest. Lagway had Miami and LSU on his list, Sorsby once attended Indiana and also had the Hoosiers on his first reported shortlist. Meanwhile, Dylan Raiola’s camp has indicated that he would love an Oregon offer.

So, already, there is some crossover between these quarterbacks — which schools are pursuing them and which schools they’re showing their own interest in. Buckle up, folks, because we are just getting started with the transfer portal and particularly the QB class.

Background, stats for Sam Leavitt

As for Leavitt, though, someone will be getting a tough and battle-tested leader more than capable at the power conference level. After all, Sam Leavitt did lead Arizona State to a Big 12 championship as a redshirt freshman in 2024 despite the Sun Devils being picked last place in the conference in the preseason media guide. 2025 featured a less successful follow-up season to ’24 for ASU while Leavitt unfortunately suffered a Lisfranc injury that took him out for the remainder of the season.

In 2024, Leavitt put up ,ore than 3,000 combined passing and rushing yards with 29 total touchdowns, leading Arizona State to an 11-3 record and competitive loss against Texas in a second-round loss after receiving a first round bye in the first-ever 12-team College Football Playoff. In seven starts this season, Sam Leavitt threw for 1,600 yards and 10 touchdowns.

Miami obviously had success with Carson Beck this year and is heading to the College Football Playoff. Indiana speaks for itself after the work it did in 2024 and 2025 and especially on the heels of a Fernando Mendoza Heisman. Plus, LSU offers Lane Kiffin and elite recruiting pipelines with skill players, while Oregon has perhaps the most impressive four-year run of quarterback play to boast. Those are some ELITE options for rising redshirt junior Sam Leavitt.

More on College Football HQ

BLACKSBURG, Va. (WDBJ) – Name, Image and Likeness, better known as NIL, has changed the college sports world since it was introduced in 2021.

But what is NIL?

In short, players can earn money from endorsements, social media, and other avenues while playing their sport.

Those players can use that money however they like, anything from paying for food outside the school cafeteria to setting up their financial futures.

These are things that until 2021 could cost a player his college eligibility and shut down an entire football program.

“I know a lot of guys working on retirement accounts right now, which is, it’s fantastic that before you even step out into the real world, if that’s where you go, you already have all this big of a foundation set up for you to move forward with life.”

Kyle Lowe began his journey at Virginia Tech in 2020 as a preferred walk on and worked his way into a scholarship, even earning the chance to wear honorary number 25 for the Hokies.

With the hard work came NIL opportunities, opportunities that would shape his future after football.

“I started out coming here not knowing what to do between a checking account and a savings account, and now I’m looking at different types of options investing wise,” He said. “I’ve had the opportunities to start investing in other aspects like mutual funds, all of these options.”

NIL did more then prepare him financially, it revealed his passion for teaching other financial literacy, inspiring him to pursue a career as a financial advisor.

“I started talking to guys in the locker room about different aspects of investing, and it kind of made me realize that this is something I really enjoy doing,” Lowe said. “I love talking to people I’m close with about investment opportunities. I love to see guys succeed financially, and that’s all stemming from NIL.”

Copyright 2025 WDBJ. All rights reserved.

The coaching carousel and NCAA transfer portal; where worlds collide.

A record number of coaching changes across the FBS has impacted the number of players searching for new homes this offseason. The portal was going to fill up regardless, but firings and hirings around the country have sped up the process, creating some surprises along the way.

The Big Ten has been at the forefront of some major coaching decisions. Four programs in the conference (Michigan, Michigan State, Penn State, UCLA) fired their head coaches. Another job opened after Iowa State’s Matt Campbell jumped into the opening at Penn State.

In the case of the Michigan State Spartans, the program has struggled to find stability since Mark Dantonio retired following the 2019 campaign.

The Spartans are onto their third head coach in the last five years, bringing in former Northwestern head coach Pat Fitzgerald to replace the struggling Jonathan Smith.

Since moving on from Smith in late November, 12 players have announced plans to transfer from the program, including a few key names. Check out the full list below, per On3’s transfer tracker.

12 Players (And Counting) From Michigan State To Enter Transfer Portal

There are a few big losses to note for Michigan State, especially on the offensive side of the ball.

On Monday, junior quarterback Aidan Chiles became one of the latest players to depart from Michigan State. Chiles followed Smith from Oregon State and started for the majority of the last two seasons before losing his job late in 2025.

A two-time team captain, Chiles completed 192-of-323 passes for 2,415 yards with 13 touchdowns to 11 interceptions this season. He added 225 yards and 3 more scores on the ground.

Running back Makhi Frazier and wide receiver Nick Marsh are two other Spartans searching for a fresh start.

Frazier led the team in rushing this fall, accumulating 116 times for 520 yards and 2 touchdowns.

Marsh was the top pass-catcher on the Spartans, recording 59 catches for 662 yards and 6 touchdowns, earning honorable mention All-Big 10 honors. He’s totaled 1,311 yards and 9 scores in 23 games, meaning he should be a coveted option in the portal.

Fitzgerald will have his work cut out for him to rebuild Michigan State into a conference championship contender.

The Spartans have compiled a 31-37 overall record since 2020. 11 of those victories came in 2021, the only season in which Michigan State has finished with a winning record in that stretch.

Read more on College Football HQ

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• Paul Finebaum urges to cut specific programs from College Football Playoff

• Major college football program loses 15 players to transfer portal after 2025 season

It seems you can leave a program bound for the College Football Playoff without burning bridges.

Tulane head coach Jon Sumrall is set to join the SEC as the coach of the Florida Gators following the Green Wave’s CFP run, which begins with a road game against Ole Miss, but he seems to be handling the exit in a way that hasn’t created bad blood with his former school.

Sumrall and his family further solidified that on Monday as Tulane announced a $100,000 donation from Sumrall to the Green Wave Talent Fund, an institutional organization that raises money for NIL for Tulane athletics. Sumrall is “paying it forward” to the next head coach, Will Hall, a former head coach at Southern Miss who was a member of Sumrall’s staff this season.

With the Miami Dolphins playing on Monday Night Football, the Manning Cast brought out special guest Jason Taylor. Naturally, the conversation of college football came up since Taylor is preparing for a College Football Playoff game with Miami. Eli Manning is set to watch his alma mater participate. But Peyton?

“Peyton, I’m sorry you can’t participate this year,” Taylor said. “But the games are televised. If you don’t know what channels it’s on, I’ll make sure I send it to you.”

Here is an easy way to help out the elder Manning. Miami is set to take on Texas A&M on Saturday afternoon, getting the noon ET kickoff from Kyle Field. ESPN will have the broadcast, being one of two first-round games between power conference opponents.

Miami got into the 12-team field this year on Selection Sunday, sending shockwaves through the sport. Notre Dame was left out, seeing the results of the Week 1 head-to-head matchup.

The Hurricanes will be relying on Taylor’s unit to perform well against the Texas A&M offensive line. Certainly a key area to watch, possibly deciding who heads to Arlington for a quarterfinal showdown vs. Ohio State. Taylor made sure to let Manning and other Tennessee fans out there of that.

Eli Manning asks Jason Taylor to take it easy on Ole Miss in hypothetical national championship

The discussion around college football began with a hilarious question from Eli Manning. If there was going to be a matchup between Ole Miss and Miami, it would have to take place in the national championship. On different sides of the bracket, Manning and Taylor would be over the moon to make it to Jan. 18.

And if they do, Manning wants to make sure Ole Miss is getting some kind of advantage. He asked Taylor to take it easy on them and not get after quarterback Trinidad Chambliss too hard.

“Do you think, if we go on a little run here and Ole Miss meets Miami in the national championship game, will you go easy on Ole Miss?” Manning asked. “Kind of tell the defensive line to not rush so hard.”

“That is such a loaded question that you know I can’t answer truthfully,” Taylor said. “So, I will say good luck to everybody. But it is all about the U.”

For now, all attention is on the upcoming matchups. As mentioned, Miami is set to travel to the Lone Star State to face Texas A&M. Ole Miss gets a rematch inside its own stadium, welcoming Tulane to Oxford once again.