College football’s money race has never been more public, and this fall is showing just how unforgiving it can be when the receipts don’t match the record.
Texas A&M, Oregon and Michigan all entered 2026 with some of the sport’s biggest roster budgets, and all three have already taken at least two losses before the season is even halfway done. The numbers are staggering, but the standings are plain enough: big spending has not bought a smooth ride.
The Athletic estimated in September that Oregon had somewhere between $48 million and $54 million to build its roster, a figure second only to Ohio State. Texas A&M was projected at $45 million to $50 million, while Michigan landed at $36 million to $40 million. Together, that trio is 9-7.
That spend-first reality has become part of the sport’s new normal. A Sports Illustrated survey of coaches and athletic directors this summer found costs rising across every major conference, and The Athletic’s September projections tied playoff contenders closely to the top of the spending market. Power conference teams with at least a 50% chance of making the College Football Playoff averaged $41 million to $46 million in roster spending.
Texas A&M is the clearest warning sign right now. Mike Elko signed a six-year extension last year that pays more than $11 million per season after the Aggies’ 11-2 Playoff run, and the program opened 2026 ranked No. 8 in the AP Top 25. Six games in, the Aggies are 3-3 and 1-3 in SEC play.
Every loss has come by double digits. The latest was a 27-6 defeat at Missouri, where Texas A&M managed just 216 total yards and converted only five of 18 third downs. Quarterback Marcel Reed and new play-caller Holmon Wiggins, who replaced Collin Klein this offseason, haven’t found the right answers, and ESPN’s efficiency ratings have the Aggies’ offense sitting 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.
That’s the kind of hole that doesn’t care how much was spent to avoid it. Texas A&M now needs three wins in its final six games just to get bowl eligible, with Alabama coming up on Oct. 24 and Texas still on the schedule. Elko already appeared on our latest college football hot seat index after Week 6.
Oregon, meanwhile, came into the season with one of the sport’s richest roster builds and a returning starter at quarterback in Dante Moore. The Ducks were No. 2 in the AP poll at the start, but they’ve already suffered two losses.
One of them came in Stillwater, where Oklahoma State - with a budget The Athletic estimated at $15 million to $19 million - beat Oregon 39-31 on Sept. 12. “We did not perform at any level that was winning football,” Dan Lanning said afterward.
The other came Saturday, a 17-15 home loss to unbeaten UCLA that laid bare what happens when the depth chart gets stressed. Moore was out with a concussion, and Nebraska transfer Dylan Raiola struggled badly, completing six of 19 passes for 43 yards with two interceptions before Lanning turned to third-stringer Brock Thomas in the fourth quarter.
The Ducks finished with seven turnovers and just one conversion in 11 third-down tries. Defensive tackle Bear Alexander’s controversial hit on UCLA quarterback Nico Iamaleava could also bring Big Ten discipline. ESPN now gives Oregon only a 9.8% shot at reaching the Playoff, and 5-1 Nebraska is next up at Autzen Stadium on Saturday.
Michigan’s situation is a little different, but the budget story is the same. The Wolverines and Indiana were both estimated at $36 million to $40 million, though Indiana is 6-0 and among the nine unbeaten teams left in the sport. Michigan, by contrast, is 3-2 and still looking for its first Big Ten win under first-year coach Kyle Whittingham.
That first season has been bumpy from the jump. Michigan opened with a 13-12 win over Western Michigan on a disputed Hail Mary, then lost 20-19 at home to Iowa on the final play and dropped a 20-14 game at Minnesota, which was Michigan’s first loss in Minneapolis since 1977. Against the Golden Gophers, the Wolverines produced only 180 yards 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,” a line that has raised questions about sophomore quarterback Bryce Underwood’s job entering the bye week.
Michigan gets Penn State at home on Saturday.
Penn State is another expensive roster that has not found its footing. The Nittany Lions hired Matt Campbell from Iowa State and built a $29 million to $32 million roster that includes 24 former Cyclones, among them quarterback Rocco Becht. They handled Marshall, Temple and Buffalo, then hit the wall with losses to Wisconsin, Northwestern and USC.
Northwestern gashed them for 413 rushing yards in a 34-13 win on Oct. 2, and the 31-23 loss to USC came before a Beaver Stadium crowd of 114,419, a stadium record.
Penn State and Michigan meet Saturday at 3:30 p.m. ET in a game that pairs two teams still searching for their first Big Ten victory.
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