05_never_again
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You won't see the bubble burst until it happens.
The bubble won't burst until fans and boosters to decide to stop committing so much money towards college football. The college football bubble could burst on its own (if it simply started becoming less popular) or there could be an external economic event that pops it (recession in the broader economy, etc.).
At the moment, big football schools are by no means going broke or under any sort of fiscal strain by paying coaches millions of dollars a year, even if those coaches are overpaid relative to others.
Auburn and Gus is like the Cincinnati Bengals with Andy Dalton. Gus probably isn't the guy that is going to meet your extremely high expectations (win national titles, and consistently be in contention to win one), but he is good enough that there are big risks associated with firing him. If you don't knock it out of the park with Gus's replacement, you set the program back multiple years. And if you fear that Gus might leave to go elsewhere, you are bound to overpay him.