BOZEMAN — Football Championship Subdivision commissioners are considering a pitch from a private equity firm that wants to get involved in the FCS playoffs.
The proposal, first reported by HERO Sports, came from Sequence Equity at the Conference Commissioners Association in Chicago about two weeks ago. If enacted, the plan would privatize the FCS postseason and make it more profitable for teams that get into the 24-team bracket. FCS commissioners reached out to the NCAA, which currently runs the FCS playoffs, to discuss Sequence Equity’s plan, according to Front Office Sports.
In an interview with HERO Sports, Big Sky Conference commissioner Tom Wistrcill called the CCA meeting with Sequence Equity “very intriguing.”
“It’s step one of a long process, but you have to take step one and have an open mind of different ideas,” he added. “In this day and age with the financial pressures that our schools are under, we have to get creative in trying to find ways to help them out.”
If the plan went into place, the FCS playoffs would be managed like the College Football Playoff, which is run by a company that the FBS conferences and Notre Dame own. FCS conferences would own the majority of the new postseason tournament, while Sequence Equity would have a minority stake and offer “tens of millions of dollars in investment,” a source told Front Office Sports.
The playoffs are rarely profitable for FCS schools. The NCAA reimburses teams for travel and per diem costs, but colleges that host playoff games must pay minimum bids to the NCAA, and about 85% of playoff ticket revenue goes to the NCAA.
“People realize we are being operated like the track and field championships, right?” an FCS athletic director told HERO Sports. “Same per diem, same setup. We are lumped in with everything else they do, and that’s not right.”
Montana State, which is a member of the Big Sky, lost $40,000 during last season’s FCS playoffs, the Associated Press reported. The Bobcats were able to keep about $190,000 in ticket revenue generated by the nearly 19,000 fans per game who attended their three home postseason games, per the AP. MSU spent around $360,000 for the trip to the FCS title game in Frisco, Texas, even after getting more than $130,000 from the NCAA to cover the travel costs.
“We’ve had great success with great crowds in some of our venues, so it’s like, OK, if there’s value out there, let’s listen to people who think there’s value and how could we restructure this so it’s a different financial outcome,” Wistrcill told the AP. “After the NFL and after FBS football has theirs, what do we need to do to start to get a bigger share?”
The 2024 FCS title game, which North Dakota State won 35-31, drew 2.41 million viewers on ESPN and peaked at more than 3.1 million (the second-most-watched FCS championship game on record), per HERO Sports. Last season’s playoffs averaged 1.3 million viewers, the best mark since 2009-10 and a 49% year-over-year increase.
“That’s part of what we want to talk to the NCAA about: is this properly valued?” Wistrcill told HERO Sports. “I don’t like it when I hear my ADs say to me, ‘Tom, this is awesome. Made this run in the FCS playoffs. But we lost a ton of money on it.’ That just doesn’t sit well with me.
If the FCS does adopt Sequence Equity’s proposal, the new playoff structure probably wouldn’t go into effect until at least 2027, per HERO Sports. There are also hurdles Sequence Equity and the FCS conferences would have to clear before the new private playoff enterprise could become reality.
For one, the FCS Oversight Committee would have to make a recommendation to the NCAA Administrative Committee, and the Division I Board of Directors could veto any decision that committee makes, per the AP. Also, the FCS playoffs are part of a $115 million television contract between the NCAA and ESPN that runs through 2032.
This also isn’t the first time conferences and athletic departments have considered private equity investment, but none have gone through with it, according to Jeff Schemmel, the president of the consulting firm College Sports Solutions.
“Once you bring in private equity, that means those investors are looking for a return and a substantive return,” Schemmel told the AP. “From an institutional perspective, that’s been difficult for schools to get their arms around, to share some of the revenue, to share whatever the return is on that investment to make both parties happy.”
The college sports landscape is also different than it was even a year ago. Universities are now able to share revenue with their athletes because of the House settlement. That’s one of many reasons why Wistrcill and other FCS commissioners are interested in Sequence Equity’s proposal.
“We’ve got to find new revenue streams,” Wistrcill told the AP. “It doesn’t mean it’s going to happen, it doesn’t mean I’ll be in favor of it when it’s all said and done, but these are the types of discussion we have to be having.”
UC Davis star out for season
UC Davis safety Rex Connors suffered a season-ending knee injury against Weber State in Week 5, the Sacramento Bee’s Joe Davidson reported Saturday.
Connors is a senior but hasn’t utilized a medical redshirt in his career. There’s a good chance he’ll use it and return to Davis next season, per Davidson.
Connors is a 2024 FCS All-American and a three-time All-Big Sky honoree. The Utah native became Davis’ all-time leading tackler earlier this season and is the only Aggie to ever surpass 300 career tackles (313 currently). He’s also nabbed eight interceptions, 10 tackles for loss and 27 pass deflections in his 35-game career.
Week 6 results, standings, upcoming schedule
Week 6 Big Sky scores
• Eastern Washington 35, Portland State 27
• Montana 42, Idaho State 38
• Montana State 34, Northern Arizona 10
• UC Davis 34, Cal Poly 27
Big Sky standings (overall, in conference)
T-1. Montana (5-0, 2-0)
T-1. UC Davis (4-1, 2-0)
T-1. Montana State (4-2, 2-0)
T-4. Cal Poly (3-3, 1-1)
T-4. Northern Arizona (4-2, 1-1)
T-4. Eastern Washington (2-4, 1-1)
T-4. Idaho State (2-4, 1-1)
T-8. Idaho (2-3, 0-1)
T-8. Northern Colorado (2-3, 0-1)
T-8. Sacramento State (2-3, 0-1)
T-8. Weber State (2-3, 0-1)
12. Portland State (0-6, 0-2)
Week 7 Big Sky schedule (all games Saturday, all times Mountain)
• Idaho State at Montana State, 1 p.m.
• Cal Poly at Montana, 2 p.m.
• Northern Colorado at Idaho, 3 p.m.
• Northern Arizona at UC Davis, 5 p.m.
• Sacramento State at Weber State, 6 p.m.
Two Big Sky teams rise in top 25
UC Davis and Idaho each moved up one spot in the latest Stats Perform FCS Top 25, which was unveiled Monday.
Davis is now No. 6, one place behind Montana State and two places behind Montana. Idaho rose to No. 11.
The other ranked Big Sky team, Northern Arizona, fell one spot to No. 14. Sacramento State also received some votes.
Players of the week
UC Davis quarterback Caden Pinnock and Montana wide receiver Michael Wortham were named the co-Big Sky offensive players of the week, while Montana State defensive end Kenneth Eiden IV received the defensive honor and MSU receiver/punt returner Taco Dowler earned the special teams award, the league announced Monday.
Pinnock completed 21 of 26 (80.8%) passes for 313 yards, three touchdowns and no interceptions, and he rushed for 60 yards and a TD on 11 carries in the Aggies’ win at Cal Poly.
Wortham made six catches for 124 yards, rushed for 41 yards and two TDs on seven carries, and completed both of his passes for 49 yards and a score in the Grizzlies’ win at Idaho State.
Eiden finished with seven tackles (two solo), two tackles for loss, a half sack and a QB hurry in the Bobcats’ win at Northern Arizona.
Dowler had a program-record 90-yard punt return for a TD against NAU.
Also announced Monday, Montana libero Alexis Batezel and Montana State libero Lauren Lindseth shared the Big Sky volleyball defensive player of the week honors.
Victor Flores is the Montana State Bobcats beat writer for 406 MT Sports. Email him at victor.flores@406mtsports.com and follow him on Twitter/X at @VictorFlores406
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