Why does it feel like every single part of college sports is changing, and that everything is for sale now? Maybe because it's true. It's not just NIL that has changed life at your favorite college basketball and college football schools. Those universities and athletic departments are constantly seeking money everywhere now. UNLV just sold a jersey patch for its uniform before the NCAA even approved them. The University of Utah took a $500 million investment from a private equity firm. The Big 12 Conference is going into business with private equity, too. The Big Ten almost did that this fall.

Matt Brown, the co-founder of the excellent Extra Points newsletter, comes onto Business Decision, hosted by Mike Vorkunov, a reporter for The Athle ...