If LSU's roster really costs an $40 million and the House settlement only allows $20.5 million in direct revenue sharing - where is all of the extra money coming from?

In Part 2 of our Show Me the Money series, Seth breaks down the third bucket of college football compensation: everything happening above the rev share cap. That means multimedia rights partners (Learfield, Playfly, JMI Sports), the new generation of school-aligned collectives, and the high-stakes Nebraska arbitration case that just blew a hole in how schools were planning to pay players in 2026.

We get into:

– Why NIL Go and Deloitte are now the gatekeepers on every deal over $600
– How "warehousing" became the workaround — and why the arbiter just shut it down
– The "associated entity" ruling against Playfly and what it means for every MMR deal in the country
– What collectives now look like in a post-House settlement landscape
– Matador Club, Texas Tech, and the new professionalization of roster management
– The unanswered questions still hanging over all of it: employee status, Title IX, and whether NIL Go actually has any teeth

"An estimated 70% of NIL deals from 2021 to 2025 would not have passed the smell test."

"It's an upfront payday with a sponsorship costume on."

"What if Nebraska just says, y'all can kick rocks, we're still gonna pay these kids? The NCAA doesn't really have any teeth here."

Chapters

0:00 — Welcome & Part 1 recap (scholarships + the $20.5M rev share)
1:30 — The third bucket: where the rest of the money is coming from
3:30 — NIL Go, the smell test & the 70% rule
5:30 — MMRs explained: Learfield, Playfly, JMI Sports
7:30 — The Nebraska case & how "warehousing" deals work
12:30 — The arbiter's ruling: associated entities & no business purpose
15:30 — From Classic City Collective to Glory Glory: the new collective model
18:30 — Texas One Fund, Spire, Grove Collective & the Matador Club blueprint
22:00 — Donor fatigue, enforcement & what's still unsettled
26:00 — Coming next: Alston, O'Bannon & how we got here
28:00 — The three-bucket recap

The Preferred Walk-On is the people's college football show. Hosted by Seth Saunders, with James Kehm joining as featured co-host, the show covers college football's full Division I landscape: every Power Four conference, every Group of Six matchup, and every corner of the FCS. Walk-On grit. All-American tape.

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