If Wall Street had its way, Saturdays in the fall would come with a side of spreadsheets. But college sports’ power brokers, still grappling with NIL, athlete revenue-sharing, and ballooning media-rights checks, aren’t ready to hang a “For Sale” sign on the front lawn just yet.

Over the past year, private equity firms have circled college football, eager to turn tradition-rich Saturdays into high-yield investments. Their attention has centered on the Power 4 commissioners — the leaders of the Big Ten, Big 12, SEC, and ACC, who oversee the sport’s billion-dollar engine. Among them, the Big 12 came closest to opening the door. Last summer, commissioner Brett Yormark entered talks with CVC Capital Partners on a proposal to sell a 15–20% stake in the league, valued at $800 million to $1 billi

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