Like so many things these days, it began with a conference call. The Florida Board of Governors’ new Task Force on Intercollegiate Athletics began its first session on March 23, with the late winter light still hanging over the state.
The tone was cautious and a little uneasy, as is typical of people who know they are stepping into something bigger than themselves. First to speak was Ken Jones, the chairman of the panel and the founder of Keyhole Partners. He didn’t sound hurried. He sounded as though he had been considering this for months already.
| Florida State University System – Task Force on Intercollegiate Athletics | Details |
|---|---|
| Governing Body | Florida Board of Governors |
| Task Force Chair | Ken Jones, Founder of Keyhole Partners |
| Date of First Meeting | March 23, 2025 |
| Estimated Annual NIL Economic Activity in Florida | $3 billion to $5 billion |
| Federal Anchor Event | Trump’s “Saving College Sports” meeting, March 6 |
| Executive Order Signed | April 3, 2025 |
| Key Proposals | Trust-managed NIL funds, agent oversight, transfer limits, antitrust exemption |
| Big 12 Private Equity Deal | $500 million with RedBird Capital & Weatherford Capital |
| Notable Participants | Florida Atlantic AD Brian White, FIU AD Scott Carr, USF Athletics CEO Rob Higgins, NCAA coaches and administrators |
| Federal Bill Sponsor | Sen. Ashley Moody, R-Tampa |
Naturally, NIL—name, image, and likeness—and how college athletics have changed since 2021 were the topics of discussion. Depending on who you ask, what was once a strictly regulated amateur model is now either a slow-motion free-for-all or a long-overdue correction. According to Jones, the state might not be able to wait for Washington. “Even if the federal government and Congress does come out with some guidance,” he stated, “there will still be a lot of room to maneuver at the margins.” It appears from reading between the lines that Florida doesn’t fully believe Congress will take prompt action, and it probably shouldn’t.
The urgency is not the only thing that makes Florida’s strategy unique. It’s the aspiration. Jones suggested that a portion of student-athletes’ NIL earnings be placed in a professionally managed trust. If this plan is successful, it could discreetly convert 19-year-olds from short-term spenders to long-term investors. This might be the most intelligent suggestion made this year by anyone involved in collegiate athletics. It might also never make it through the political system.
The figures contribute to the explanation of why people are paying attention. According to Jones, NIL-related endorsements, collectives, media projects, and licensing could bring Florida schools between $3 billion and $5 billion a year. It’s not a side gig. It’s an industry. Additionally, it’s spreading throughout organizations that were just a short time ago still debating whether athletes should be permitted to keep a complimentary pair of sneakers.
Brian White of Florida Atlantic was direct about the fundamental issue. “The biggest issues we have is we don’t have a legally defendable model,” he stated. It may be the most accurate statement about college athletics that has been made in the past five years. Scott Carr of Florida International reiterated the request that Congress grant a limited antitrust exemption, which would allow schools to control compensation without becoming embroiled in legal battles. Washington’s ability to deliver is a different story.
The human texture of all this keeps appearing in strange places outside the meeting rooms. In a matter of months, personal trainers and barbers have rebranded themselves as NIL agents in an attempt to collect the 10–15% fees, according to Florida coach Todd Golden. Imagine a guy who was cutting hair last spring now negotiating endorsement deals for a freshman point guard. It’s humorous until it isn’t. More precisely, according to Rob Higgins of USF, students don’t always distinguish between good and bad actors.
Additionally, there is a generational undertone that is noteworthy. Amy Hass of Florida noted that too many athletes are “emotionally in their feelings about it,” longing for the college athletics of ten years ago. There will be no return to that world. RedBird Capital and Weatherford Capital recently contributed $500 million in private equity to the Big 12. Record contracts are being signed by quarterbacks before they have ever thrown a college pass. In what seemed like a single news cycle, Darian Mensah went from Tulane to Duke to Miami.
A national agent registry, five-year participation restrictions, transfer caps, and threats to withhold federal funding from noncompliant universities were all added by Trump’s executive order dated April 3. To support it, Senator Ashley Moody is drafting a bill. It’s really anyone’s guess as to whether any of it makes it through the legal system. Jones acknowledged that the courts might ultimately have a greater influence on this than lawmakers.
As this develops, it’s difficult to avoid feeling that Florida is taking a step that other states haven’t quite had the courage to take. Not flawless. Not quite done. However, the attempt to construct guardrails while the highway is still being paved is truly ambitious. The state has at least decided to act rather than wait, regardless of whether the interstate compacts Chancellor Ray Rodrigues mentioned, the trust model, or the agent rules actually come to pass. That is significant at a time when the majority of institutions are still trembling.
