The College Football NIL Market Doubled In 2 Years. How Did We Get Here?

NIL money has exploded — Ohio State’s once‑ballyhooed $20 million roster now feels small as Power Four programs spend tens of millions annually to keep players.
The spending spree is straining budgets: schools increasingly lean on boosters, public funds and student fees, and many are spending more than they generate.
Congress and conferences are scrambling for a fix (the Protect College Sports Act, retention caps, or self‑governance), but no clear, sustainable solution has emerged.