LSU-SIU
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Do you not think there is a scenario where the big money college sports get spun off into a semi pro kind of league? How teams could continue to be affiliated with particular schools, I don't know, but I think this is a plausible scenario. There is too much money at stake for interested parties to just walk away.
Wow, Idk, I mean a ton has to happen right now just to get things in order to comply with existing law. I would think its a complicated questions based on the number of entities and third party contracts in place, I mean do some colleges have charters that preclude them doing that or state laws that govern? We could be talking about 50 different sets of rules even at the state level.... let alone anti-trust law. I mean most of them license their name for shirts, stuff... I don't see the difference there if it was something like that. Of course, the one size fits all approach probably wouldn't work for schools outside of the top 50-90 or so.
Of course, they would probably need an anti-trust exemption and that is probably where the nfl stops being friendly. (I'm all for the removal of the nfl's anti-trust exemption)
I can't say it couldn't work on some levels, but I don't think that is possible for the majority of schools, and not sure the fans are going to buy into LSU Tigers Inc. although that is really what it is today.
The schools have ruined college sports the players haven't. I think legally there is some things they could do like you suggest or licensing but its pretty complex, certainly not simple.... and a huge amount of the profit margin would go out the door.