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Speaker 1: Hello, and welcome to the Bloomberg Business of Sports and

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Speaker 1: we explore some of the big money issues in the

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Speaker 1: world of sports. On Michael barn I'm Scarlett Poe and

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Speaker 1: I'm Damien Sasaur. We have Amy Prevett Perko. She's the

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Speaker 1: CEO of the Night Commission on Intercollegiate Athletics. Amy, thank

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Speaker 1: you so much for joining us on the Bloomberg Business

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Speaker 1: of Sports. Thanks for having me. Good to be here.

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Speaker 1: I'm gonna ask that first general question, Uh, college sports

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Speaker 1: were in the middle of the big football season. Where

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Speaker 1: do you see college sports now, especially now that we're

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Speaker 1: about to have two major breakaway divisions with the SEC

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Speaker 1: and the Big Ten, which is the Big two, D

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Speaker 1: and seventeen. I don't know how many now, isn't it.

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Speaker 1: It's more than that, I think, I think think something

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Speaker 1: the number where do you see it going? Well, the

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Speaker 1: trick questions are now trying to figure out how many

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Speaker 1: teams are actually in the Big Ten, the PAC twelve

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Speaker 1: and and the rest of those numerical conferences because none

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Speaker 1: of them match up. But you know the question, you

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Speaker 1: just ask, where where are college sports headed? That used

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Speaker 1: to be a million dollar question and now it is

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Speaker 1: literally a ten billion dollar question UM, because the financial

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Speaker 1: stakes have really driven all of what we're seeing play

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Speaker 1: out in real time in terms of of the issues

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Speaker 1: of schools abandoning UM you know, one hundred year old

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Speaker 1: relationships and affiliation four conferences that will offer you know,

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Speaker 1: more more media payouts at the end of the day,

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Speaker 1: and just the college football playoff managers are meeting about

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Speaker 1: the future of of that marquee event and it's expected

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Speaker 1: expansion to a twelve team event that some belief could

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Speaker 1: bring in two billion dollars annually UM from that football playoffs.

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Speaker 1: So clearly, at the at the highest levels of college sport,

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Speaker 1: the financial stakes have r own tremendously, and that also

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Speaker 1: raises big questions about whether UM, the the current grouping

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Speaker 1: of three D plus schools that are Division one schools

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Speaker 1: with the n c a A can remain in the

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Speaker 1: same division. And and it's really the basketball March madness

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Speaker 1: that is the glue that holds that association together. So

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Speaker 1: Amy the Night Mission is this independent group of thought leaders.

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Speaker 1: You've got this legacy of impacting n c double A policies.

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Speaker 1: You're prioritizing UH, your college athletes, education, health and safety,

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Speaker 1: it's really an independent group. From where you say, do

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Speaker 1: you see as the single biggest concern when it comes

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Speaker 1: to college athletes? Where what are you prioritizing? What is

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Speaker 1: at the top of your to do list? Yeah, that's

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Speaker 1: a great question, and and our our goal really has

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Speaker 1: been to prioritize um, as you said, the college athletes, education, health, safety,

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Speaker 1: and success. So the reforms that we're putting forward our

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Speaker 1: start with the governance to make sure that the right

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Speaker 1: voices are at the table, including college athletes. And we've

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Speaker 1: also proposed financial reforms to ensure that these growing revenues

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Speaker 1: are first going towards supporting and advancing health and safety,

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Speaker 1: athlete education, and success. And let me give you a

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Speaker 1: specific example as it as it relates to the college

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Speaker 1: football Playoff. Many people do not understand that the college

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Speaker 1: Football Playoffs is run by a corporate entity that is

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Speaker 1: separate from the n ci A. And so one of

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Speaker 1: our reforms is that you know that CFP board should

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Speaker 1: be led by a majority of independent directors, board members

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Speaker 1: who will first put you know, the priority of athletes, education,

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Speaker 1: health and safety at the at the forefront of their

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Speaker 1: decision making with the CFP, and that that board should

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Speaker 1: also include football players and experts on health and safety.

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Speaker 1: Just two years ago, we we surveyed college sports leaders,

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Speaker 1: including presidents and athletic directors, and over read that there

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Speaker 1: should be a seat at the table for an independent

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Speaker 1: expert on athletes health, physical and mental health and well being,

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Speaker 1: both on the n c A Board and the CFP.

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Speaker 1: And unfortunately that really important reform hasn't happened yet. So, um,

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Speaker 1: you know, at the forefront reforms as it relates to

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Speaker 1: governance and structure, and then of course some financial reforms.

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Speaker 1: That financial framework really needs to change. Well, I mean,

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Speaker 1: you you hit nail on the head. Their college football

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Speaker 1: is big, big, big, big business. And look, you know,

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Speaker 1: as evidenced by you know, Nebraska and Georgia Tech. I

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Speaker 1: mean Scott Frost and Jeff Collins, two of the coaches

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Speaker 1: just fired within the first few weeks of this season.

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Speaker 1: Twenty six million dollars in buyouts paid to those two

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Speaker 1: coaches alone, funds that could have been used to help

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Speaker 1: educate students and expand classrooms and improve facilities and all

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Speaker 1: that good stuff. Talk to me about how the Commission

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Speaker 1: proposes to change this and how it proposes to better

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Speaker 1: align the interests of students and student athletes and the

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Speaker 1: league more generally speaking. Yeah, thanks for that question. And

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Speaker 1: and the buyout numbers are are jaw dropping, and you know,

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Speaker 1: have reached a level that just doesn't it just doesn't

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Speaker 1: make sense with what this um with what this activity

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Speaker 1: is structured to be, which is associated with an educational,

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Speaker 1: not for profit university. You know, just those two buyouts

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Speaker 1: you cited put this season on pace to exceed what

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Speaker 1: what we saw last year, where just eight Power five

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Speaker 1: head coaches received buyouts in excess of ninety million dollars um. Wow.

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Speaker 1: Imagine if they've been left well since to see it,

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Speaker 1: and you can you can trace us back again to

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Speaker 1: the when the college football Playoff began in buyouts for

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Speaker 1: football coaches have tripled since that time. So the competitive

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Speaker 1: stakes have have been raised, and there's no restrictions on

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Speaker 1: how all those lucrative even used need to should be spent.

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Speaker 1: And so we've put forth a new financial framework and

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Speaker 1: we call it our care model, connecting athletic revenues with

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Speaker 1: educational model of college sports and frameworks that the conferences

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Speaker 1: UH would would implement. And as an example, the conferences

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Speaker 1: could implement penalties on schools and teams for excessive compensation

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Speaker 1: and buy out UM. Pro sports have luxury taxes UM

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Speaker 1: and and those kinds of mechanisms in place, and and frankly,

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Speaker 1: it's time for college sports to to have a more

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Speaker 1: sophisticated financial framework that that does align what they say

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Speaker 1: their goals are in terms of the revenues and and

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Speaker 1: certainly dealing with excessive buyout is an issue that presidents

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Speaker 1: and athletic directors can address through some conference financial frameworks

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Speaker 1: and penalties. The Night Commission Amy also does a lot

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Speaker 1: of work on on n i L regulation, which we

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Speaker 1: all know stands for Nice Income Land. And it's interesting

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Speaker 1: about the former Auburn coach current Alabama Senator Tommy Tupperville

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Speaker 1: is working on a bill with Joe Manchin, Senator Joe

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Speaker 1: Manson uh and Roger Wicker that would establish a national

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Speaker 1: framework for a student athlete name Image and Likeness law.

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Speaker 1: Take us through your thoughts, first of all about where

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Speaker 1: name image and likeness has evolved to today and what

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Speaker 1: do you think needs to be done for regulation. Yeah,

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Speaker 1: great question. Another topic that's that's in the headlines of

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Speaker 1: college sports to daily and and just in terms of

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Speaker 1: the evolution of n I L. UM. It was two

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Speaker 1: thousand eight, a long time ago, when the Night Commission

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Speaker 1: held the first ever kind of national meeting on name,

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Speaker 1: image and likeness issues. And at that time it was

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Speaker 1: driven by video games and how they were taking the

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Speaker 1: avatars were looking quite a bit like the actual players.

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Speaker 1: You know. Fast forward to last summer, and we saw

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Speaker 1: a sea change in college sports when UH, the n

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Speaker 1: c A allowed for the first time ever UM athletes

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Speaker 1: to begin receiving compensation for the use of their name, image, likeness,

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Speaker 1: and athletes receiving compensation for endorsements UM, social media and

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Speaker 1: all those types of opportunities. UM. Unfortunately, what we've also

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Speaker 1: seen is UM many in I L deals that that

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Speaker 1: have quickly devolved into thinly disguised player compensation and recruiting inducements.

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Speaker 1: And and those are the two areas of that that

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Speaker 1: are are said to be prohibited UM, but they haven't

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Speaker 1: been enforced. And in our view, the n ci A

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Speaker 1: abdicated its responsibility to enforce UM what what are constitutional

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Speaker 1: principles and the and there that advocation led to predictable results.

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Speaker 1: And so you've seen them, you know, as you mentioned Senators,

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Speaker 1: UH recognizing the need for some type of stabilizing legislation. UM.

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Speaker 1: And we did put forward, We responded to their letter

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Speaker 1: and put forward some principles that we think should be

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Speaker 1: considered in any type of law. I think the reality

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Speaker 1: is that Congress is not going to be in a

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Speaker 1: position to take any action until next year, until the

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Speaker 1: next Congress is in place, just just based on you know,

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Speaker 1: their calendar of work and the coming elections, and the

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Speaker 1: likelihood of action will depend on the elections themselves. Um.

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Speaker 1: But the bigger issue is that what we hear from

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Speaker 1: lawmakers is college sports really has to decide what it

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Speaker 1: wants to be and and we're seeing those issues and

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Speaker 1: big questions play out on a daily basis. Yeah, these

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Speaker 1: are existential questions. And even with members of Congress getting involved, Um,

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Speaker 1: the existential questions need to be addressed first clearly. Uh,

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Speaker 1: your commission is tasked with a lot or you put

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Speaker 1: it upon yourself too, to address a lot of issues.

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Speaker 1: You can come up with as many recommendations and best

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Speaker 1: practices as you want. But I'm curious, is there any

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Speaker 1: obligation for schools to implement any of the suggestions you

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Speaker 1: put forth? Is there any kind of enforcement mechanism UM. Well,

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Speaker 1: our commission is we don't have any power, so we

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Speaker 1: we UM as we do have a legacy of UM

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Speaker 1: having some some influence on policies UM and and a

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Speaker 1: good example is is one that really helped to raise

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Speaker 1: graduation rates to their current UM all time high, which

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Speaker 1: is that teams have to be on track to graduate

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Speaker 1: half their players to be eligible for any kind of

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Speaker 1: postseason competition and and participation in champ beanships. So so

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Speaker 1: that was a measure, you know, adopted more than a

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Speaker 1: decade ago that has had a huge impact on UM

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Speaker 1: graduation rates as well as UM putting in place academic

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Speaker 1: incentives for the educational outcomes. So you know, those are

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Speaker 1: examples there there in terms of what you know will

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Speaker 1: make the school's decide to UM implement some of these reforms. Again,

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Speaker 1: it comes down to the question of what college sports

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Speaker 1: wants to be and and if it was to continue

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Speaker 1: to be associated with the educational, nonprofit mission of the

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Speaker 1: University UM. It's clear that that the College Football Playoff

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Speaker 1: in particular has to adopt reforms UM. It can't continue

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Speaker 1: to operate just as a separate corporate entity UM and

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Speaker 1: an event management company when when it when the stakes

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Speaker 1: are the it decides how to divide up one billion,

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Speaker 1: maybe two billion annually, and and so you know, I

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Speaker 1: think you know, obviously with college sports, the courts have

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Speaker 1: been involved and have made decisions that have changed the

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Speaker 1: direction on on a number of big issues. We have

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Speaker 1: Congress now trying to be involved. And what we've said

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Speaker 1: all along is presidents, commissioners, athletic directors have the power

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Speaker 1: and authority to really direct to change the direction of

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Speaker 1: college sports instead of waiting for Congress and the courts

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Speaker 1: to do it for them. And unfortunately, um, they haven't

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Speaker 1: taken that taken that mantle up and made those tough

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Speaker 1: decisions yet. But there there there is a Transformation Committee

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Speaker 1: in place that has been charged with taking on these

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Speaker 1: big questions. So you know, our hope is that this

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Speaker 1: fall they really will take on these big questions and

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Speaker 1: and really can that are some of these um, really

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Speaker 1: important reforms that we've put on the table. So I mean,

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Speaker 1: you're saying basically that Congress really won't be able to

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Speaker 1: address the the bill on n I L until you know,

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Speaker 1: next year. My question for you is what's going on

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Speaker 1: right now? I Mean, from what I understand, you've got

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Speaker 1: states you know, kind of managing the process. No two

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Speaker 1: states are alike. It's a bit of a mess out there.

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Speaker 1: And we all know that once Congress gets their hand

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Speaker 1: on the bill, it doesn't necessarily mean it's going to

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Speaker 1: be passed into law. Right, So how long can this

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Speaker 1: go on? And what kind of irreparable damage is it

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Speaker 1: doing to to to college athletics? You know, great question,

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Speaker 1: and and you're exactly right. There are a variety of

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Speaker 1: different state laws. Um. And and what we saw again

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Speaker 1: and this is because college sports leaders dragged their feet

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Speaker 1: on putting in place UM and n I L bill

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Speaker 1: that or an n I L rule that would be

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Speaker 1: uniform and apply to all schools and so um, some

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Speaker 1: states got out in front and and so that created

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Speaker 1: the paotic situation we have today. UM. And again the

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Speaker 1: now the n c a A really has put kind

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Speaker 1: of all their eggs in the basket with Congress to

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Speaker 1: to help achieve uniformity. UM. But you know, again, what

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Speaker 1: we believe is that d n C first has to

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Speaker 1: begin enforcing its constitutional principles. UM. The n c A

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Speaker 1: frankly has been paralyzed by legal threats UM and entrenched

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Speaker 1: constituent groups acting in their own financial self interest. So

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Speaker 1: it's got to go ahead and enforce the constitutional principles

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Speaker 1: on UM no recruiting inducements. And in order to with

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Speaker 1: the next Congress, in order to uh really achieve uniform

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Speaker 1: n I L law, UM leaders are going to have

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Speaker 1: to be willing to you look at some other areas,

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Speaker 1: uh with regard to the financial framework. UM schools really

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Speaker 1: want to have a narrow in I L law and

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Speaker 1: some uh the Wicker Bill is one that would achieve that,

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Speaker 1: but I don't think you're going to get bipartisan support

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Speaker 1: for that type of federal legislation unless there are UM

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Speaker 1: other types of actions that address what many believe and

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Speaker 1: what the data we've just talked about show is a

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Speaker 1: warped financial system. Amy prevent Perko, CEO of the Night

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Speaker 1: Commission on Intercollegiate Athletics, thank you so much for dropping

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Speaker 1: your knowledge on us right here on the Bloomberg Business

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Speaker 1: of Sports. We really do appreciate it. Thanks so much.

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Speaker 1: This has been the Bloomberg Business of sports when we

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Speaker 1: explore some of the big money issues in the world

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Speaker 1: of sports. On Michael Barne, I'm Scarlett film and dined

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Speaker 1: Damien sis Howard. Hey if you want to look me

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Speaker 1: me right there at Big Bar Sports, and I'm at

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