Who's Trending Up (and Down) in the Big 12's NIL Arms Race
The Big 12's real power rankings are written by boosters, not coaches.
With the Big 12 headed for 2026, the gap between programs willing (and able) to spend and those holding back will be evident in the standings, not just the headlines. Let’s take a look at where things stand.
Trending up
Texas Tech - There’s no doubt about it: Texas Tech is the conference’s NIL heavyweight. In 2026, the Red Raiders are estimated to be worth $36.3 million, good for 10th nationally and ahead of every other Big 12 program. They are also in the same neighborhood as Texas A&M and Alabama. Some reporting has Tech as high as 15th nationally in pure transfer-portal spending specifically. A large part of this is owed to Oil and Gas booster Cody Campbell, whose wealth has fueled the program’s rapid growth. Besides Campbell, Tech has several other high-profile donors and a top-tier NIL collective. The results are already on the field. A first-ever Big 12 title, a CFP appearance, and the ability to poach top-level talent straight from the portal. Clearly, this isn’t a one-off; it is a sustained financial advantage the rest of the conference must compete with. Unless another team steps up, NIL will ensure Tech stays at the top of the conference.
Arizona State - Kenny Dillingham’s program has performed well since joining the Big 12, including a Big 12 Championship in 2024 and a strong 8-5 season last year. But, it’s spending like a team that wants to be a consistent CFP contender. ASU’s transfer portal class was ranked No. 15 by 247Sports - led by Colorado’s Omarion Miller, who is the country’s top receiver transfer. This portal investment, combined with the Big 12 title game appearance and CFP run two seasons ago, suggests ASU has not only closed the coaching gap, but also the spending gap.
Houston - Less flashy in the headlines than Tech or ASU, but the roster buildout under Willie Fritz is real; QB Conner Weigman (a Texas A&M transfer), running back Makhi Hughes (Oregon transfer), and receiver Amare Thomas represent exactly the kind of portal additions that cost real money to land. An impressive 10-3 season shows the spending is translating into wins, not just splashy names. Houston is making obvious strides to challenge the top Big 12 contenders, and its tapping into NIL to make that happen.
Uncertain / Trending Down
Colorado - The Deion Sanders-era spotlight brought Colorado a level of NIL attention that punched well above the program’s historical weight. Despite the hype, Colorado is losing players in the portal (receiver Dre’lon Miller among them) rather than adding marquee names - a possible sign that the financial momentum isn’t what it was. Worth watching whether it’s a temporary dip or the start of a real correction.
Baylor - Dave Aranda is reportedly on a short leash heading into this season, and there isn’t much public signal of Baylor making the kind of splashy, headline-grabbing NIL moves that Tech, ASU, or Houston have made. The issue isn’t necessarily related to spending - it could just be a more targeted approach - but it’s notably absent from this off-season’s “programs on the rise” discussion.