What we learned from Michigan football’s big win over Northwestern
What we learned from Michigan Football’s walk-off victory over mid-major Northwestern Football on Saturday, November 15, 2025 at Wrigley Field in Chicago.
- The Big Ten is considering a $2.4 billion private equity investment, sparking controversy within the conference.
- University of Michigan trustees have indicated that the university may consider football independence if the deal moves forward without unanimous approval.
- Michigan State and USC oppose the proposal, citing concerns about conference autonomy and payment structures.
Is there a chance Michigan football will leave the Big Ten? At least one board member has not ruled out that possibility.
The council, led by Commissioner Tony Petiti, is discussing a $2.4 billion investment from private equity firm UC Investments, the University of California System’s portfolio manager, and the creation of a separate company called Big Ten Enterprises.
But on Monday, UC Investments announced it would wait for “the unity of the 18 members of the Big Ten universities” before proceeding.
In October, at a prescheduled UM Board of Governors meeting, members Jordan Acker and Mark Bernstein denounced the idea of bringing private equity into the league as “short-sighted” and “reckless.”
Similarly, Acker took a tougher stance Monday in a conversation with NBC Sports’ Nicole Auerbach on SiriusXM’s “College Sports.” If the Big Ten agrees to this without unanimous approval from its 18 member teams, the Wolverines would consider becoming independent when their current media rights agreement expires in 2036.
“Michigan has a lot of options,” Acker said. “The possibility of independence for football is certainly something we have to consider. Not today, but I think it’s something we have to think about at the end of entitlement. Not because we want to leave the Big Ten Conference, but because the commissioner’s office has made it very clear that they intend to (proceed with the proposed capital transaction) without us.”
“As far as I can see, this is the end for Michigan State in the Big Ten Conference.”
As part of the proposed deal, UC Investments would receive 10% of the Big Ten’s media and sponsorship rights revenue for 15 years, after which it could sell its stake. The remaining 90% will be distributed to each school, with payments varying based on the university’s earning potential.
When news broke last month about the pending deal, two universities opposed it: the University of Michigan and USC. All 16 other teams in the conference appear to have agreed to the deal. Not only because athletic costs are rising, but also because an immediate influx of cash could theoretically help all programs become more competitive in the short term in the NIL era, especially after a court settlement allows NCAA schools to pay players directly.
Michigan State doesn’t seem to want to accept this school because it’s in a good position and has a privileged background. Furthermore, they do not want the autonomy of the meeting to be sacrificed to outside investors.
USC’s main problem appears to be its position outside the top tier of member schools (based in part on its longevity in the league, having only joined the Big Ten in 2024), which means it won’t get the same share as programs like Michigan and Ohio State.
The agreement would extend Big Ten rights by 10 years, through 2046. Some conference officials see this as a good thing, hoping for long-term stability and assurance that the league will not become a superconference.
People in Ann Arbor see it differently.
“As (Coach Bernstein) said a few days ago, signing a contract extension after 21 years is a pretty big thing to do when you don’t know what college football is going to be like in four or five years,” Acker said. “I think it would be foolish to take independence off the table. I think it would be foolish to take other options that could be considered in the coming years off the table.”
“Frankly, it would be irresponsible for us as trustees of the University of Michigan to approve binding on us when we don’t know what that binding will be.”
Last week, about 20 trustees from 12 Big Ten universities spoke by phone with officials from the American Council of Trustees and Alumni, according to Ross Dellanger of Yahoo Sports. On the call, UM Regent Sarah Hubbard said it was about a “fundamental” question: “Is it appropriate for an outside investor to do this with the Big Ten?”
“Still looking for answers here on the B1G proposal,” she posted on X on Monday.
Tony Garcia is the Wolverines beat writer for the Detroit Free Press. Email apgarcia@freepress.com and follow at X. @RealTonyGarcia.
