The $40 Million Club: College Football’s New Arms Race

College Football's Biggest NIL Budgets. Courtesy of Yellowhammer

Seven programs are spending at least $40 million to build their 2026 football rosters. The group includes LSU, Miami, Notre Dame, Ohio State, Oregon, Texas and Texas A&M.

Think about that for a second: seven college football programs are essentially operating with NFL-style payrolls.

LSU appears to be leading the charge. Multiple sources believe the Tigers’ roster could approach or even exceed $50 million, fueled by Lane Kiffin’s aggressive use of the transfer portal. Miami is also well into the $40 million range, highlighted by quarterback Darian Mensah and several other seven-figure players.

And the craziest part? $40 million might not be the ceiling for long.

Texas, Ohio State, Oregon, Notre Dame and Texas A&M have all invested heavily in building rosters capable of competing for a national championship. Meanwhile, programs just outside the club—including Georgia, Michigan, Ole Miss, Tennessee and USC—aren’t exactly operating on a shoestring budget.

This is no longer simply NIL.

It’s roster construction. It’s recruiting. It’s free agency. And increasingly, it’s about who has the resources to keep up with the programs at the top.

The question isn’t whether college football has become a business.

That debate is over.

The question now is: How much will the next national championship cost?

And judging by 2026, $40 million may eventually look like a bargain.