On3: Michigan now among college football's biggest NIL spenders

It wasn't all that long ago that Michigan was widely viewed as an underachiever in the world of NIL. Despite having no shortage of wealthy donors and institutional resources, many believed Michigan was a sleeping giant -- held back only by the decision-makers in Ann Arbor. But those days are now firmly in the past.

Today, Michigan has emerged as one of the major players in the NIL landscape, offering resources that few programs in the country can compete with. This shift in mindset and a more aggressive approach to NIL have resulted in back-to-back top-10 recruiting classes for head coach Sherrone Moore. The most high-profile victory came when Michigan flipped five-star QB Bryce Underwood from LSU, reportedly offering an NIL package worth over $10 million to secure his commitment.

While Underwood's deal grabbed headlines, Michigan is also closing significant NIL deals with other elite prospects as well.

On Tuesday, On3 released its rankings of the top NIL spenders in college football -- and Michigan landed firmly in the Top 10.