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.

Read more on College Football HQ

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.

Read More at College Football HQ

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Privacy Manager

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.

FOX analyst Joel Klatt admitted the hiring of Kyle Whittingham by Michigan caught even the most plugged-in voices in college football by surprise. Still, he believes it may ultimately prove to be a program-defining move.

Speaking on The Joel Klatt Show, Klatt described the hire as both unexpected and masterful. He credited Michigan athletic director Warde Manuel for keeping the process quiet during a turbulent stretch for the program.

“This was massive, and I got to tell you, a little bit out of left field,” Klatt said. “I had not heard his name. It was very quiet. It was below the surface. Give Warde Manuel a lot of credit on this one.”

Alas, Michigan moved quickly after firing Sherrone Moore earlier this month following an investigation into an inappropriate relationship with a staff member. In Whittingham, the Wolverines landed one of the most respected and stable figures in the sport after a coaching search that came with significant challenges.

Klatt made it clear his enthusiasm for the hire goes beyond Whittingham’s on-field résumé: “I love this hire not just because I’m very fond of Kyle Whittingham and his style of coaching,” Klatt added. “But because of what Michigan was facing in this entire ordeal. There were many challenges.”

Moreover, Whittingham spent 22 seasons at Utah, becoming one of the longest-tenured head coaches in college football. Many assumed his resignation signaled retirement, but instead, he opted for a new challenge in Ann Arbor. Now, he’ll be stepping into a program just two years removed from a national championship in 2023.

Continuing, Klatt repeatedly emphasized Whittingham’s integrity and player-first approach, offering perhaps the highest praise a coach can receive: “My highest compliment that I can ever repay is that I would love my sons, if they ever played college football, to go play for Kyle Whittingham,” Klatt explained. “He’s a winner. He’s going to go to the Hall of Fame.”

At Utah, Whittingham compiled a 177–88 record, won two Pac-12 championships, posted eight double-digit win seasons and famously went 13–0 in 2008, capped by a Sugar Bowl victory over Alabama. His teams were defined by physicality, discipline and consistency. Those are traits Michigan is eager to restore.

Now, with Big Ten resources, elite recruiting infrastructure and a roster still stocked with high-level talent, Whittingham views Michigan as more than a late-career stop: “He looks at this as an opportunity to actually go out there and compete for a national championship,” Klatt concluded.

After weeks of uncertainty, Michigan found exactly what it needed, hiring a proven winner, a steady hand and a coach capable of restoring trust. All while keeping the Wolverines firmly in the national title conversation.

Florida State University Vice President and Director of Athletics Michael Alford announced the hiring of John Garrett as Deputy Athletics Director and General Manager of Player Personnel, a newly created position that will oversee all football roster construction, player evaluation, recruiting operations, and NIL integration. Garrett joins Florida State from Duke University, where he served as General Manager of Player Personnel.

Garrett will report directly to Alford and work in close partnership with head football coach Mike Norvell, aligning Florida State’s football program with an NFL-style operational model designed to maximize competitive success in the evolving college football landscape.

Garrett brings extensive experience across college football operations, player personnel, and strategic planning. He spent the last two seasons at Duke, where he helped build rosters that won 17 games and the 2025 ACC championship. He played a key role in roster management, recruiting coordination, and the integration of analytics and evaluation processes into football decision-making.

“This is a transformational step for Florida State Football,” Alford said. “The college game has fundamentally changed, and elite programs must operate with the same discipline, structure, and clarity of roles as professional organizations. John Garrett brings a proven background in roster management, player evaluation, and operational leadership that will allow our coaches to focus on coaching while ensuring we are building our roster in a smart, sustainable, and competitive way.”

Prior to his stint at Duke, Garrett played a pivotal role in FSU’s return to prominence while serving as director of scouting for offense during the 2022 and 2023 seasons at a critical moment when roster building in college football was rapidly changing. He helped bring an NFL-style evaluation approach to FSU, focusing on disciplined film study, transfer-portal assessment, and roster analysis to support smarter personnel decisions. During his first stint at FSU, the Seminoles posted a 23-4 overall record, including a perfect 13-0 regular season in 2023 that culminated in the program’s first ACC championship since 2014.

Garrett’s work emphasized identifying players who could contribute immediately, understanding positional needs and depth, and reducing risk in an increasingly competitive NIL and portal environment. Garrett’s role strengthened how the program evaluated talent and laid important groundwork for the front-office model now used across major college football programs.

Garrett was the head coach at Lafayette College from 2017-21 and also has collegiate coaching experience as the offensive coordinator at Oregon State and Richmond and wide receivers coach at Virginia. He has 18 years of experience in the NFL, spending six seasons with the Dallas Cowboys, including his last two seasons as passing game coordinator, as well as with the Cincinnati Bengals, Arizona Cardinals and Tampa Bay Buccaneers.

Garrett earned his bachelor’s degree in history from Princeton in 1988. He and his wife, Honor, have four children, John Jr., Honor, Olivia and Caroline. His brother, Jason, was head coach of the Dallas Cowboys from 2010-19, and their father, Jim, spent 38 years in the NFL as a scout and assistant coach.

FSU’s New Football Operations Model

Under the new structure, Florida State Football will operate with a clear division of responsibilities between on-field coaching and off-field football operations:

• The Deputy AD/GM of Player Personnel will lead all aspects of roster construction alongside Coach Norvell, including high school recruiting strategy, transfer portal acquisition and retention, scholarship allocation, and long-term personnel planning.

• The Head Coach and coaching staff will maintain full authority over player development, game preparation, culture, and on-field performance.

• Football NIL, player evaluation, and recruiting analytics will be centralized and integrated into a single operational framework to ensure alignment, compliance, and competitive efficiency.

“John and I share a vision for building a championship program in today’s collegiate athletics structure,” Norvell said. “He was a valuable part of our staff when he was here previously, and I’m excited he will be leading this restructuring of our player personnel efforts. This new model shows our investment and will make us more efficient while enhancing player development, scouting and retention in a collaborative environment.”

Garrett is widely respected for his ability to balance competitive ambition with long-term program health.

“I am excited to return to Florida State University and to work closely with Michael Alford, Coach Norvell and the rest of the Florida State football staff,” Garrett said. “We will lead a collaborative effort to build a football team with the right kind of student-athletes that will consistently compete for championships. We will build a team that will make everyone associated with Florida State University proud to be a Seminole. Go Noles!”

The enhancement of the Deputy AD/GM of Player Personnel role and the restructuring of football operations reflect Florida State’s commitment to adapting proactively to ongoing changes in college athletics, including NIL, the transfer portal, and the increasing complexity of roster management.

“This is about putting Florida State Football in position to win, now and in the future,” Alford said. “We are investing in people, processes, and structure that give our student-athletes and coaches every opportunity to succeed.”