Ohio State Buckeyes' National Championship Hinged On NIL Spending?

In the modern age of college football, many program's successes tend to be linked to their name, image, and likeness (NIL) spending by fans. How does the Ohio State Buckeyes' NIL budget compare to the Oregon Ducks'? Ohio State recently beat Oregon in the Rose Bowl en route to a national championship.

Ohio State Buckeyes wide receiver Jeremiah Smith (4) celebrates a first down catch during the second half of the College Football Playoff quarterfinal against the Oregon Ducks at the Rose Bowl in Pasadena, Calif. on Jan. 1, 2025. Ohio State won 41-21. / Adam Cairns/Columbus Dispatch / USA TODAY NETWORK via Imagn Images

Name, image, and likeness: since 2021, that term has been the crux of the modern era of college football. The NIL arms race between college football programs continues to ramp up, as universities become eager bidders for the signings of top talent.

So, in this era of "pay-for-play," many college football fans are criticizing programs that spend heavily on NIL and produce successful seasons. In one case, many online are coupling the Ohio State Buckeyes' National Championship run (including a 41-21 defeat of the Oregon Ducks in the Rose Bowl) with their NIL spending.

According to a pre-season Yahoo Sports interview with the Buckeyes' athletic director, Ross Bjork, Ohio State promised $20 million in NIL deals to their 2024 athletes.

Let's dive into a few studied evaluations of college football programs to investigate this narrative and also compare how the Buckeyes spent NIL contrasted to the Oregon Ducks. Though these numbers are well researched, adding a grain of salt is essential. Many NIL deals go unreported due to the lack of regulation of this new frontier.

Ohio State Buckeyes wide receiver Jeremiah Smith (4) holds the trophy following the 34-23 win over the Notre Dame Fighting Irish to win the College Football Playoff National Championship at Mercedes-Benz Stadium in Atlanta on Jan. 21, 2025. / Adam Cairns/Columbus Dispatch / USA TODAY NETWORK via Imagn Images

According to On3 Sports, Ohio State's NIL groups, 1870 Society and The Foundation are the top ranked in the nation. That reporting unveils The Foundation's co-founder Brian Schottenstein said around 10 athletes are making over $1 million on their 2024-2025 season roster.

That same article places Oregon at No. 4 with Division Street, an NIL group put together by Nike CEO and Oregon alumnus Phil Knight. Though no numbers are available for Division Street's earnings, many in the industry consider the collective to be a model for NIL groups going forward. Division Street thrives from donations from boosters and sales of their apparel brand, Ducks of a Feather.

According to Grant Hughes of 247 Sports, Oregon's estimated NIL valuation is around a $23 million.

Division Street also works for former athletes as well, with former Duck running backs Kenjon Barner and Jonathan Stewart having their own podcast through the NIL group.

A fan asks Phil Knight to buy textbooks during ESPN’s “College GameDay” Saturday, Oct. 12, 2024 on the campus of the University of Oregon in Eugene, Ore. / Ben Lonergan/The Register-Guard / USA TODAY NETWORK via Imagn Images

Looking at On3's top NIL player rankings, Ohio State's star freshman wide reciever Jeremiah Smith clocks in at No. 4 with $4 million in reported deals. Safety Caleb Downs clocks in at No. 15 on the same list with an estimated $2.3 million evaluation. Oregon's highest ranked athlete on this list is wide receiver Evan Stewart at No. 27, with an estimated $1.6 million in deals.

“I was looking at the confetti watching Ohio State score… I called my agent immediately and was like, ‘let’s book a show and give all the money to Notre Dame.”

Shane Gillis is ready for the NIL era
pic.twitter.com/54OpbeCNzy

— Barstool Sports (@barstoolsports) January 24, 2025

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It is important to note that starting in 2025, universities will be allowed to share their athletic department revenues with varsity athletes. The current model proposed after the House v. NCAA lawsuit determines division one schools will be allowed to pay their athletes up to a tentative cap of $20.5 million per university, with that cap rising by an estimated $30 million per year for the following decade. So, instead of using funds and NIL groups, universities can directly pay their athletes.

According to a USA Today Sports study looking at the 2020-2022 fiscal years, Ohio State tops the list of NCAA revenue and spending with $251,615,345 in total amount of money amassed for revenue and $225,733,418 spent.

Ohio State is followed by Texas at No. 2 ($239,290,648 revenue, $225,153,011 expenses), Alabama at No. 3 ($214,365,357 revenue, $195,881,911 expenses, $11,378,871 allocated), and Michigan at No. 4 ($210,652,287 revenue, $193,559,375 spent, $153,059 allocated).

Ohio State Buckeyes head coach Ryan Day celebrates with quarterback Will Howard (18) following the 28-14 win over the Texas Longhorns in the Cotton Bowl Classic College Football Playoff semifinal game at AT&T Stadium in Arlington, Texas on Jan. 10, 2025. / Adam Cairns/Columbus Dispatch / USA TODAY NETWORK via Imagn Images

Compare that figure with the Oregon Ducks, who are ranked at No. 19 on the same list. During their final few years with the PAC-12 Conference, the Ducks made $153,510,555 in athletic department revenue, with $140,565,297 in expenses. They also had $530,816 in allocation as well.

That number has only grown since Oregon entered the Big Ten, with a CNBC report reporting the Ducks rank as the No. 17th most valuable brand in college athletics. Ohio State is ranked No. 1, with a $1.32 billion valuation and $271 million in reported revenue.

The argument of "you get what you pay for" certainly can come into play when observing just how dominant the Ohio State Buckeyes are when it comes to NIL, but one can also argue money doesn't translate to developed talent, simply access to talent to develop and incorporate into a team. As for the future, it'll be interesting to see how this arms race pans out, and if there is indeed a ceiling to money spent towards that National Championship trophy.

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