Over the last few years, collegiate athletics has seen a seismic shift. All thanks to NIL. The opportunities NIL has given have changed everything from recruitment to roster-building strategies. For many athletes, NIL money has become the tiebreaker when choosing where to play. It’s no longer just about a school’s legacy or coaching pedigree.
It is also about how much financial support is on the table. And with the coaching staff focusing on immediate results, the behind-the-scenes NIL arms race is becoming just as important as what happens on the hardwood. And like competition, here are some colleges that are playing the NIL game bigger and better than others.
Which Are the Programs That Have Spent the Most NIL Money?
There are 10 programs that are doing it big. The programs are “estimated” to have spent the most NIL money on incoming transfers this offseason. The numbers mentioned have been calculated by using the Front Office Suite by EvanMiya.com. These numbers reflect the theoretical market value for players based on current NIL trends.
It is not necessarily what was actually paid. For instance, sources suggest Iowa’s actual spend might be far below its estimated $9 million, which could make their roster build one of the savviest in recent memory. Let’s take at the names topping the NIL charts.
1. Indiana | $10.1 million
When it comes to NIL-powered basketball, Indiana leads by a mile. They have long been known for their deep pockets and passionate boosters. And the NIL numbers seem to be a reflection of the same.
Updated: Here are the CBB programs that are “estimated” to have spent the most NIL money on incoming transfers this offseason:
Indiana 10.1 million
USC 9.9m
Iowa 9.0m
Michigan 8.9m
Kentucky 8.8m
St. John’s 8.4m
Baylor 8.1m
Miami 8.1m
Virginia 7.9m
Texas A&M 7.6mThese are… https://t.co/kD1bLHz7TH
— Evan Miyakawa (@EvanMiya) May 15, 2025
As the transfer portal explodes with opportunity, Indiana has stayed ahead, reportedly offering deals that total over $10 million in player market value. In a chaotic NIL market where no one knows what the competition is offering, Indiana’s approach is: spend now, win big later.
2. USC | $9.9 million
USC is going full throttle on the NIL train. And they are doing it on both the men’s and women’s hardcourts. On the men’s side, USC has a strong collective infrastructure in place to keep the money flowing.
And then there’s JuJu Watkins, the breakout star whose NIL value alone nears three-quarters of a million dollars. With high-profile deals from State Farm to Pottery Barn Teen, Watkins is a case study in NIL superstardom. Evidently, they are ahead of the game.
3. Iowa | $9.0 million
On paper, Iowa’s NIL “spend” is a cool $9 million. But insiders insist the reality is very different. According to HawkFanatic, the actual NIL budget for Iowa men’s basketball is closer to $1.5 million. That is quite different from the estimated player market value.
If the $1.5 million is true, Iowa is pulling off one of the best cost-per-win scenarios in the country. However, the financial issues seem to have made it harder to attract big names. Still, if they’re doing more with less, it’s either genius budgeting or a case of market overvaluation.
4. Michigan | $8.9 million
Michigan has entered a new NIL era. And that’s no exaggeration. Michigan has joined the Players Era Tournament. This means that the Wolverines are part of a group poised to receive substantial NIL payouts just for showing up. In 2024, the eight-team tournament distributed $9 million.
That number is projected to jump to $24 million in 2025, with Michigan among the new programs cashing in. NIL partner TheLinkU handles the financial side, ensuring that Michigan’s players are well compensated. With the tournament expanding and no cap on participation, Michigan’s NIL budget could grow even further in the coming year.
5. Kentucky | $8.8 million
When it comes to breaking the mold, nobody does it quite like Kentucky. The Wildcats have restructured their entire athletic department into a for-profit LLC, Champions Blue. This move has allowed them to speed up financial maneuvering in the NIL world.
While initial rumours pegged their NIL budget at $20 million, experts suggest the real number hovers below that. New head coach Mark Pope is using this financial muscle to retool the roster with transfers and recruits. This is simply the beginning of the new NIL and Kentucky era.
6. St. John’s | $8.4 million
Rick Pitino’s Red Storm is coming off a record-tying 31 wins and a second-seed in the NCAA tournament. They have also managed to assemble a great transfer portal class, which includes big names like Bryce Hopkins and Ian Jackson. It is no secret that that kind of talent does not come cheap.
While estimates place St. John’s NIL spend at $8.4 million, Pitino isn’t buying the hype. He even took to X and wrote, “I love the exaggerations of what people are spending on NIL.” Maybe a deflection or maybe the truth, but there is no doubt that St. John’s is a serious player in the NIL race.
7. Baylor | $8.1 million
Baylor got a massive NIL boost just last year. So these numbers don’t come as much of a surprise. Baylor in 2024, for a $10 million gift from donor Bob Simpson, aimed directly at athletic and NIL initiatives. The money went toward the Give Light Capital Fund, helping Baylor compete with top-tier programs in men’s and women’s hoops.
The university has also created an in-house NIL unit to streamline deals and maximise player opportunities. With leadership like Director of NIL Administration Haneen Rashwan, Baylor is building a system that ensures long-term NIL success.
8. Miami | $8.1 million
Miami has been headlining the NIL era for quite some time. And that is all thanks to booster John Ruiz, who reportedly dropped over $10 million in the first year alone. His impact has brought in names like Nijel Pack and the Cavinder twins to Coral Gables.
Miami’s Final Four run in 2023 was partially fueled by these big-time NIL investments. While Ruiz has since scaled back his involvement, Miami remains one of the most aggressive and visible programs when it comes to NIL.
9. Virginia | $7.9M
Virginia has an estimated $7.9 million in NIL spending, which places it among the top spenders nationally. It is not far behind Miami and could possibly overtake it in the coming years.
KEEP READING: Texas Tech Secures JT Toppin With Bank-Breaking $4 Million NIL Deal
10. Texas A&M | $7.6M
Texas A&M’s NIL outlook is gaining momentum heading into the 2025–26 season. The credit partially goes to the broader NCAA changes and a major multimedia rights deal.
With a 15-year, $515 million partnership in place, the school is expected to be well-positioned to funnel more resources into athlete compensation. While official NIL figures remain under wraps, the Aggies are expected to commit heavily to NIL initiatives moving forward.
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