Money has become one of college football’s loudest storylines, but the scoreboard keeps delivering a blunt reminder: a giant budget does not guarantee a giant season.
Texas A&M, Oregon and Michigan all entered 2026 with roster spending in the sport’s top tier, and all three have already stumbled into at least two losses before the midpoint of the year. Combined, the trio is 9-7, a rough return for programs that poured tens of millions into building what should have been Playoff-level teams.
The gap between investment and production has been especially ugly for Texas A&M. The Athletic estimated in September that the Aggies had between $45 million and $50 million available for roster construction, good for fifth in the country.
After last year’s 11-2 Playoff run, coach Mike Elko signed a six-year extension worth more than $11 million per season, and A&M opened 2026 ranked No. 8 in the AP Top 25. Six games later, the Aggies are 3-3 and 1-3 in SEC play.
The losses have all been by double digits, and the latest one was a 27-6 beatdown at Missouri. A&M managed just 216 total yards and went 5-for-18 on third downs. Quarterback Marcel Reed and new play-caller Holmon Wiggins, who took over for Collin Klein this offseason, have not found the right mix, and ESPN’s efficiency ratings now slot the Aggies’ offense 92nd nationally.
“So we’re in a really bad spot right now, but we’ll work our way out of it,” Elko said after the loss.
The path back is getting tighter. A program that can spend as much as $50 million on its roster now needs three wins in its final six games to get bowl eligible, and a trip to Alabama on Oct. 24 plus a home game against Texas still remain. Elko already showed up on our latest college football hot seat index after Week 6.
Oregon’s slide has looked different, but the results are just as jarring. Dan Lanning’s Ducks have the second-largest estimated roster budget in the sport, and they brought back starting quarterback Dante Moore. Even so, they opened the season at No. 2 in the AP poll and have already lost twice.
One came at Oklahoma State, which The Athletic estimated was working with a $15 million to $19 million budget. The Cowboys’ 39-31 win in Stillwater on Sept. 12 drew a frustrated response from Lanning: “We did not perform at any level that was winning football,” he said afterward.
Then came Saturday’s 17-15 home loss to unbeaten UCLA, a game that exposed how thin the Ducks are behind Moore, who sat out with a concussion. Nebraska transfer Dylan Raiola struggled badly, going 6 of 19 for 43 yards with two interceptions before Lanning turned to third-stringer Brock Thomas in the fourth quarter. Oregon finished with seven turnovers and went just 1-for-11 on third downs, and defensive tackle Bear Alexander’s controversial hit on UCLA quarterback Nico Iamaleava could lead to Big Ten discipline.
ESPN gives the Ducks a 9.8% chance to reach the Playoff as 5-1 Nebraska comes to Autzen Stadium on Saturday.
Michigan’s budget sits in the same estimated $36 million to $40 million range as Indiana’s, but the seasons have gone in totally different directions. The defending national champion Hoosiers are 6-0 and one of nine undefeated teams left in the sport. Michigan, meanwhile, is 3-2 and still winless in Big Ten play under first-year coach Kyle Whittingham.
Whittingham’s debut has already included a wild 13-12 opener over Western Michigan decided by a disputed Hail Mary, a 20-19 home loss to Iowa on the final play and a 20-14 defeat at Minnesota - Michigan’s first loss in Minneapolis since 1977. The Wolverines produced only 180 yards against the Golden Gophers and failed to score 20 points for the fourth time in five games.
“I’ve been in this profession 40-some years, and this is the biggest challenge I’ve had,” Whittingham said. He also said, “We might have to make some tough decisions here,” which has put sophomore quarterback Bryce Underwood’s status in question during the bye week. Michigan returns home to face Penn State on Saturday.
Penn State is also trying to steady itself after a costly roster push of its own. The Nittany Lions hired coach Matt Campbell from Iowa State and built a $29 million to $32 million roster that includes 24 former Cyclones, including quarterback Rocco Becht. Penn State beat Marshall, Temple and Buffalo before dropping three straight to Wisconsin, Northwestern and USC.
Northwestern ran for 413 yards in a 34-13 win on Oct. 2, and the 31-23 loss to USC came before a Beaver Stadium-record crowd of 114,419.
Penn State visits Michigan at 3:30 p.m. ET Saturday in a matchup of two programs still looking for their first Big Ten win.
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