The NCAA transfer portal officially opens for all college football players on Friday. It will remain open for the two weeks that follow.

Thousands of players across all levels of college football have decided to enter the transfer portal in the weeks following the end of the regular season. Quarterbacks are receiving the most attention of the portal entries, but there are other significant names to watch in the portal.

One of those significant names in the portal is former Auburn wide receiver Cam Coleman. He enters the portal with two seasons of eligibility remaining at his second school.

Hugh Freeze recruited him out of high school as a five-star prospect from Theodore, Alabama. He currently ranks as the No. 1 overall prospect in the NCAA transfer portal.

Coleman appeared in 10 of Auburn’s 12 games in 2024. He grabbed 37 receptions for 598 yards and eight touchdowns in his freshman season.

The Tigers depended heavily on Coleman to facilitate their passing game in 2025. He was their leading receiver with 56 catches, 708 yards and five touchdown receptions.

The schools in the mix for Coleman are prepared to pay significant amounts of money. Pete Nakos of On3 reported that Coleman is expected to command around $2 million in NIL compensation from his next school.

For reference, many quarterbacks across college football are going for around $2 million out of the portal.

With Coleman held in such high regard upon entering the transfer portal, the number of possibilities for where he may land is vast.

Outside of the SEC, Oregon, Miami, and Texas Tech figure to be in the race for Coleman. All three programs have made significant acquisitions in the portal due to their high NIL budgets, particularly the former two at quarterback.

In the SEC, Texas A&M is a program to watch as a potential landing spot for Coleman. He was committed to the Aggies for five months before flipping to the Tigers on Early Signing Day.

An additional reason the Aggies may find themselves in the mix is their success with wide receivers acquired from the portal in the 2025 offseason. KC Concepcion and Mario Craver were acquired from NC State and Mississippi State and both proceeded finish with over 900 receiving yards for the Aggies in 2025.

Texas and Alabama have both been floated as additional candidates for Coleman in the SEC. Both programs have had a successful track record with wide receivers under their current head coaches.

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.

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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.

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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. At Big Ten Media Days, Iamaleava told reporters his departure was not due to NIL, but rather a desire to play closer to family.

College football coaches’ buyouts skyrocket

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.

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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.

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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.

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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.

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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.

College football TV ratings surge

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.

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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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Texas quarterback Arch Manning is not declaring for the 2026 NFL draft.

After a college football offseason full of hype, it has been a challenging year for Texas quarterback Arch Manning, complicating his potential NFL draft future. Additionally, Manning’s NIL projections took a hit amid his inconsistent production. The good news for Manning is that the star bounced back after a slow start to the season.

Manning will get another college football season to bolster his NFL draft stock. The Longhorns signal-caller made it clear that he plans to return to Texas for 2026 instead of declaring for the NFL draft.

Manning was once projected to be the No. 1 pick in the 2026 NFL draft, but the signal-caller could have found it challenging to get selected in the first round if he turned pro.

“I felt like I developed a lot this year, especially towards the back half, and I want to keep it going,” Manning told reporters on December 28, 2025, per Inside Texas’ Evan Vieth.

“There’s no reason to leave. I feel like I got a lot more football left to play, and excited to still be a part of this team.”

Here’s what you need to know about Manning’s NFL draft stock and NIL deals.

Texas QB Arch Manning’s NIL Value Dropped From $6.8 Million to $5.3 Million

Manning’s NIL valuation has also taken a hit with the quarterback’s projected earnings dropping $1.5 million since the beginning of the college football season. The Texas star entered the season with an NIL projection of $6.8 million, per On3.

Manning’s latest NIL projections are $5.3 million, but it is safe to say that the quarterback still remains one of the most marketable college football players. These projections still leave Manning with the highest NIL value of any college athlete.

It is worth noting that NIL deals are rarely made public. While these projections may fluctuate week-to-week based on a player’s performance, this is not typically how NIL contracts work. Manning likely signed NIL deals for a specific amount which would not rise or fall after one week’s performance.

The star’s NIL deals include Uber, Warby Parker, Vuori, Raising Cane’s, Red Bull and EA Sports among others.

Arch Manning Is Projected To Be a Top Prospect in the 2027 NFL Draft

Not everyone is sold on the idea that Manning’s NFL draft stock has taken a massive hit. One NFL scout told Fox Sports that Manning would have a chance to be the No. 1 pick if the quarterback entered the 2026 NFL draft.

“He might still go No. 1,” one NFL scout told Fox Sports’ Ralph Vacchiano for a December 10, feature story titled, “NFL Confidential: Scouts Say Arch Manning Would Be No. 1 QB in 2026 Draft.” “All the tools are there, even if the performance was erratic. He might need a little time to grow into himself as a player. But he’s got the size (6-foot-4, 219 pounds), the arm, the intangibles, and the kid had some great games.

“I think I’d still feel better about his future than anyone else in this year’s class.”

With the 2026 NFL draft still taking shape, it is even more challenging to project the top prospects for 2027. Walter Football’s Charlie Campbell released an early look at a mock for the 2027 NFL draft.

The mock draft projects the Cleveland Browns take Manning with the No. 4 overall pick in 2027. Manning still has plenty of time to improve his draft stock.

Jonathan Adams is a veteran sports contributor covering the NFL, NBA and golf for Heavy.com. His work has been prominently featured on NFL.com, Yahoo Sports, Pro Football Talk, CBS Sports, Bleacher Report and Sports Illustrated. More about Jonathan Adams

The college football offseason has evolved into a high-stakes marketplace where the most valuable commodity is a proven quarterback. When a top-tier signal-caller becomes available, the ripple effects can alter the trajectory of multiple powerhouse programs instantly.

A new name currently sits atop the rankings for available passers, and his decision will likely dominate the news cycle in the coming weeks as teams scramble to secure their future under center.

This prospect brings a proven track record and extensive experience, making him an immediate upgrade for any roster in the country. Recruiting analysts have already identified two major programs as the primary suitors for his services.

The connection to one school involves a potential homecoming for the athlete, while the other offers a chance to compete in the nation’s toughest conference under an offensive-minded head coach.

However, the timing of this move presents a unique challenge for both the athlete and the coaching staffs involved in the pursuit. Roster uncertainty at the potential destinations could force a waiting game that neither side truly wants to navigate. As the postseason approaches, the first major domino needs to fall before the rest of the transfer market can truly take shape.

Sam Leavitt reportedly linked to Oregon Ducks and LSU Tigers

Arizona State Sun Devils quarterback Sam Leavitt is the player commanding all the attention. According to On3 analyst J.D. PicKell, the veteran passer is heavily focusing on the Oregon Ducks and LSU Tigers. PicKell identified the two programs as the “schools to watch” as the process unfolds.

The connection to Eugene makes sense given Leavitt’s background. He is a native of the state, and a return to the Pacific Northwest would allow him to be “close to Mom’s home cooking,” according to PicKell. There is a complication regarding the current roster. Oregon Ducks quarterback Dante Moore has not yet announced his plans for next season.

“Sam Leavitt is not going to go wait a year behind Dante Moore to play college football,” PicKell said.

Uncertainty also surrounds the coaching staff. PicKell noted that Oregon Ducks offensive coordinator Will Stein is set to become the head coach of the Kentucky Wildcats. Despite the potential turnover, Oregon Ducks head coach Dan Lanning has earned trust through his previous hiring decisions.

The interest in the LSU Tigers centers on professional development. PicKell highlighted the presence of new head coach Lane Kiffin.

PicKell described Kiffin as a “portal quarterback whisperer” based on his previous work with Trinidad Chambliss and Jaxson Dart. The opportunity to play in the SEC allows a quarterback to put game film up against NFL-caliber talent. This level of competition serves as a crucial filter for players eyeing the next level.

The timeline for a decision likely hinges on the upcoming schedule. Leavitt may have to wait for the conclusion of the postseason to gauge the depth chart at his preferred schools.

“You’re kind of sitting there twiddling your thumbs if you’re Sam Leavitt,” PicKell said regarding the wait for Moore’s decision.

Leavitt enters the market after a foot injury cut his season short. He threw for 1,628 yards and 10 touchdowns in seven games. Arizona State Sun Devils head coach Kenny Dillingham addressed the departure on social media.

“Going to succeed wherever he goes,” Dillingham wrote.

Read more on College Football HQ

NCAA President Charlie Baker has drawn a line in the sand: if a player signs an NBA contract, they will not be granted any college eligibility.

This isn’t exactly a new rule, but it’s one that’s come into question after Baylor brought in James Nnaji to its current roster as a midseason addition. Nnaji was the 31st pick in the 2023 NBA Draft, but was granted four full years of eligibility by the NCAA last week and could play for the Bears as soon as this weekend. Reports from the likes of On3, CBS Sports, and ESPN have since come out saying that Trentyn Flowers, who has appeared in two NBA games this season, is looking at the possibility of playing in college.

But Baker released a statement on Tuesday firmly stating that any player who signs an NBA contract (including two-way deals) will not be granted any college eligibility.

“The NCAA has not and will not grant eligibility to any prospective or returning student-athletes who have signed an NBA contract (including a two-way contract),” Baker wrote on social media. “As schools are increasingly recruiting individuals with international league experience, the NCAA is exercising discretion in applying the actual and necessary expenses bylaw to ensure that prospective student-athletes with experience in American basketball leagues are not at a disadvantage compared to their international counterparts. Rules have long permitted schools to enroll and play individuals with no prior collegiate experience midyear.

“While the NCAA has prevailed on the vast majority of eligibility-related lawsuits, recent outlier decisions enjoining the NCAA on a nationwide basis from enforcing rules that have been on the books for decades — without even having a trial — are wildly destabilizing. I will be working with DI leaders in the weeks ahead to protect college basketball from these misguided attempts to destroy this American institution.“

Nnaji’s (who never technically signed an NBA contract despite being drafted, although he did appear in the NBA Summer League) situation isn’t far off from what happens with international prospects that come over to play college basketball in the United States. The path to how he got there just looks different.

Kentucky’s Andrija Jelavić, for example, spent multiple years playing professionally in Serbia, but did not attend college in the US previously and has never signed an NBA contract, clearing the path for him to receive three years of eligibility at UK. A handful of former G League players who have not played in NBA games have been granted college eligibility in recent months.

Despite Baker’s strong statement, don’t be shocked if players/agents/coaches push for players with NBA experience to play in college anyway. But this was as clear-cut as we’ve heard the NCAA be on this situation so far.

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.

SUBSCRIBE to the On3 NIL and Sports Business Newsletter

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.