[Goose]

The investor is putting up a lot of money now for a future revenue stream. There is IMO substantial risk that due to budget shortfalls many of the Big 10 institutions will have to cut their budgets, even with the up-front investment. The various state legislatures may be unwilling to pony up taxpayer dollars to continue competing even at the level Michigan and Ohio State presently can. The "cost of doing business" keeps rising rapidly. The state legislatures may also be unable to do so given state overall budget shortfalls. This constraint would reverse the growth of college football media rights as the "unlimited" funds used for "expansion" become unavailable. It isn't at all far-fetched that the "super conference" comes about simply because there aren't enough schools that can afford to continue competing at the dollars/year required to sustain the existing multi-conference structure. Then the Big Ten media rights value will crater.

[Goose]

The investor is putting up a lot of money now for a future revenue stream. There is IMO substantial risk that due to budget shortfalls many of the Big 10 institutions will have to cut their budgets, even with the up-front investment. The various state legislatures may be unwilling to pony up taxpayer dollars to continue competing even at the level Michigan and Ohio State presently can. The "cost of doing business" keeps rising rapidly. The state legislatures may also be unable to do so given state overall budget shortfalls. This constraint would reverse the growth of college football media rights as the "unlimited" funds used for "expansion" become unavailable. It isn't at all far-fetched that the "super conference" comes about simply because there aren't enough schools that can afford to continue competing at the dollars/year required to sustain the existing multi-conference structure. Then the Big Ten media rights value will crater.