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A new era of college sports is here. Private equity is taking a vested interest in college athletics, with businesses and private entities investing heavily in their favorite programs to give them a leg up. Whether that is funding NIL budgets, paying coaches’ salaries or building new facilities, private equity is becoming just as big of an influence as media rights deals.

Whether you love it or hate it, it’s a sign of the times. Not like money hasn’t influenced college sports already, but now more than ever, private money has influenced the games we called “amateur sports,” not even 10 years ago. What’s good and what’s bad about this new era is the eye of the beholder.

College Commodities

Is this expanded commodification doing more harm than good for college sports as we know them, though? Is paying players worth the Wild West we now have with NIL, revenue-sharing and conference realignment? College sports were already an arms race; however, that has only ramped up with what all has been introduced to the game. Just under a week ago, the Big 12 Conference announced a deal with RedBird and Weatherford Capital for as much as $500 million going to schools’ athletic programs.

That amount of money being injected into college sports will only increase in order to keep up with the Joneses. Every aspect of college sports can be bought now; in fact, it’s what gives you an edge these days. It started with TV networks and has now led to investment firms buying entire programs and conferences. Conferences have explored, and in the case of the Big 12, already executed naming rights deals on logos, jerseys, fields and other assets. It won’t be long until streaming services, sports betting platforms and other actors who have already gotten their hands well into professional sports get their hands directly into college sports.

You can already bet on college sports in most states and TV networks are promoting betting on college sports broadcasts. ESPN has many games on their ESPN+ streaming network. Players, coaches and media personalities are promoting these private actors openly. Again, whether you like it or not, things are heading toward further commodification. The question is, though, will it succeed? The cracks have already started to show.

Elephant in the Room

On its surface, college sports are still college sports. Most rivalries are still alive and well, regional identities are still relatively intact and tradition is still alive. The biggest things (or at least, what should be the biggest thing) in college sports are tradition, the legends and stories, regional identities and pride. This is what makes college sports fans flock to games, donate to their favorite programs and keep the atmosphere of college sports alive.

Those items are threatened by what is currently happening in college sports. The “spirit of amateurism” died long ago. There’s no saving that anymore; what now needs to be preserved are the core values of college sports previously listed. Otherwise, other than how much money has been injected into it, what sets college sports apart from professional leagues like the UFL, NBA G-League, Minor League Baseball and other leagues? People will stop watching college sports if it becomes too commodified and if you bottleneck the competition to whether or not your program can afford to keep up.

Take what happened with YouTube TV, for example. Disney and YouTube TV engaged in a two-week dispute over broadcasting rights to ESPN and it proved to be a massive loss for both companies. YouTube TV lost an estimated 24 percent of its subscriber base and up to $200 million in revenue. Disney lost an estimated $60 million. ESPN is the main carrier of college sports and it proved to be the main hedging point for YouTube TV subscribers. Subscribers lost access to College GameDay, along with a majority of college football games. The fans made it known that this wouldn’t stand and did their best to make the two parties pay for it.

The fan, in the end, is the most important piece of the equation as to what makes college football go. They uphold the core values better than anyone. Players, coaches, administrators and media alike, the fan is what defines college sports more than anyone. YouTube TV and Disney failed to recognize that and got burnt; they haven’t been the only target of college sports fans’ ire, though.

Talking Heads

Part of what is driving this further commodification and commercialization of college sports is the media members who benefit the most from more injected revenue. Major media personnel, and more specifically, the ones who cover the biggest brands like SEC and Big Ten football, are benefiting the most from this change that many fans call a negative for college sports. Talking heads like Paul Finebaum, Kirk Herbstreit, Joel Klatt and many others are making their allegiances known. They want to see the conferences that garner the most revenue see the most success, even if that means putting the axe to the majority of college sports.

They want to see these big brands at the forefront of revenue opportunities. If an aspect of college sports isn’t conducive to promoting these larger brands, then to these media folk, it’s a non-factor. Herbstreit completely ignoring (whether intentionally or unintentionally) the Army-Navy Game, Klatt calling college basketball’s March Madness a “joke,” and Finebaum fighting as hard as he can to make sure Group of 5 programs never see prime TV time again are just a few examples of actions of downplaying the “other” of college sports. In their eyes, revenue is what matters and they have completely lost touch with what makes college sports great.

The backlash they received for these statements shows exactly why the fan and core values of college sports trump all. These talking heads were universally panned for these takes. Herbstreit was forced to apologize for what he said because he had received so much backlash. Many believe ESPN’s product is being ruined by how much money is being thrown around to people who do not have the shared love and care for the sports they cover.

Preserving Core Values

Fans understand that college sports are diametrically different from professional sports in this manner. It’s not about revenue, it’s not about watching your team win the national title, it’s not about controversy and generating views. It’s about supporting your regional team. Supporting the kids who love the university so much that they put their bodies on the line to bring glory to their institution and its alumni base. Watching future superstars make a name for themselves through their play and not their brand or their dealings. The regional rivalries, the culture behind each program and conference and the pride that college sports bring to an institution are the main reasons people continue to adore college sports.

If that’s eliminated, then college sports become nothing more than just another minor league revenue pipeline to line pockets. If a sport doesn’t produce revenue, then it doesn’t get the attention and love it deserves to continue on. The magic is lost, fans lose interest, and eventually, revenue stagnates. Even college football would lose its luster eventually, considering its product would have little difference from the juggernaut that is the NFL. It would be relegated to what essentially amounts to a glorified minor league for the NFL, with little setting it apart from leagues like the UFL.

Preserving these values should be a focus of every person who cares about college sports. Revenue is important and obviously, money is what makes the world go round. However, we cannot let it water down the product we all know and love. Media members, coaches, administrators and even players must do their part and be responsible enough to promote these values. They will earn their paycheck no matter what; the money that college sports have already generated proves that. We cannot allow ourselves to be carried away by the value of the dollar. It cannot be relegated to just another revenue pipeline. The health of college sports depends on it.

This article first appeared on Mike Farrell Sports and was syndicated with permission.

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