Episode Details

Brigham Young University’s principled stand against debt is sending shockwaves through the Big 12’s financial playbook as RedBird Capital offers a game-changing $500 million private equity package. Jake Hatch and Drake Toll spotlight how the BYU Cougars’ deep-rooted commitment to fiscal discipline—anchored in the ethos of the Church of Jesus Christ of Latter-day Saints—has made them one of the first schools to reject the enticing, no-strings-now, pay-later $30 million cash infusion. With a long history of raising all funds before breaking ground and a mandate to oerate in the black from the main campus, the BYU Athletic Department has little use for high-interest loans, especially with aggressive boosters capable of filling any revenue gap overnight.

But the real intrigue? Most of the Big 12 is following BYU’s lead. Programs like UCF and Houston, both on the verge of full conference revenue shares like BYU, are also passing on RedBird’s offer—even though the 10% interest rate is far from a payday loan scenario. The podcast explores why schools with major growth opportunities are letting this “free money” slip, pondering if boosters and cautious long-term planning outweigh the lure of instant upgrades. Yet, as Drake points out, schools cutting programs or facing financial crunches, such as Iowa State, face a different calculus. What happens if, in six months, financial desperation sets in? Does the one-year window to accept the deal keep options open for a sudden pivot?

Driving the conversation to its most provocative point: what if only a single school—say, Iowa State—accepts the full $500 million? Could such an unprecedented influx instantly transform a program into a juggernaut, landing three straight College Football Playoff titles, outspending even Alabama and LSU, and reshaping the national landscape? Jake and Drake weigh the potential for a Big 12 dark horse to buy its way to glory, dissect the risks of high-stakes borrowing versus organic growth, and speculate on why a “flush with cash” approach remains so controversial.

Get the insights, the hypotheticals, and the real-world numbers behind college athletics’ evolving relationship with private equity—before the next power shift rocks the sport.

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Jake Hatch brings you daily coverage of the BYU Cougars with the Locked On Cougars Podcast. Locked On Cougars brings BYU fans the latest news and comprehensive coverage when it comes to the BYU football and basketball programs as well as a look at the other teams in the BYU athletic department. Jake gives you his unique insights and insider information about the Cougs as they continue "on the trail to fame and glory" every weekday, along with interviews with players, coaches, experts, and alumni that you will not find anywhere else.

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