EXPLAINED: Every Big 12 Team is DENYING Brett Yormark's Free $30 Million

The air around Big 12 headquarters usually smells like expansion and relentless optimism, but lately, there’s a new, colder scent in the room: private equity. While Commissioner Brett Yormark made history this month by finalizing a league-wide deal with RedBird Capital Partners, the "free money" isn't being scooped up as fast as many expected. As of May 7, 2026, a wave of member schools—including TCU, Baylor, Cincinnati, Houston, and BYU—have officially declined the school-level $30 million credit option. On the surface, turning down eight figures in an era of $20 million-a-year athlete revenue sharing seems like madness. But for these universities, the "miracle" of private equity looks a lot like a high-interest trap from a bygone era. The rejection is fueled by two primary fears that echo the old-school skepticism of the Southwest Conference days. First, the math doesn't favor the bold: the $30 million is a line of credit, not a gift, carrying a double-digit interest rate. For stable athletic departments, their own universities can often secure much more favorable financing without the "predatory" strings of a PE firm. Second, and perhaps more importantly, is the fear of losing the "soul" of the program. Accepting the money invites another voice into the room—one that cares about quarterly returns more than homecoming traditions. If a school defaults, the private equity firm could theoretically trade that debt for equity, giving corporate outsiders a seat at the table of collegiate governance. For the proud institutions of the Big 12, the promise of quick cash isn't worth the risk of a corporate takeover. They’d rather keep the "For Sale" sign off the locker room, betting that they can survive the new frontier of college sports on their own terms. Everydayer ClubIf you never miss an episode, it’s time to make it official. Join the Locked On Everydayer Club and get ad-free audio, access to our members-only Discord, and more — all built for our most loyal fans. Click here to learn more and join your team’s community: https://lockedonpodcasts.com/everydayerclub   Support Us By Supporting Our Sponsors! Indeed Listeners of this show get a $75 Sponsored Job Credit to help give your job the premium placement it deserves at http://Indeed.com/podcast RugietGet 15% off your treatment → https://rugiet.com/lockedonnhlRugiet. Performance medicine for men. FanDuel Today's episode is brought to you by FanDuel. Right now new customers can bet just five dollars and get one-hundred and fifty dollars in bonus bets if your first bet wins. Visit https://FANDUEL.COM to get started — Play Your Game.   FANDUEL DISCLAIMER: 21+ in select states. First online real money wager only. Bonus issued as nonwithdrawable free bets that expires in 14 days. Restrictions apply. See terms at sportsbook.fanduel.com. Gambling Problem? Call 1-800-GAMBLER or visit FanDuel.com/RG (CO, IA, MD, MI, NJ, PA, IL, VA, WV), 1-800-NEXT-STEP or text NEXTSTEP to 53342 (AZ), 1-888-789-7777 or visit ccpg.org/chat (CT), 1-800-9-WITH-IT (IN), 1-800-522-4700 (WY, KS) or visit ksgamblinghelp.com (KS), 1-877-770-STOP (LA), 1-877-8-HOPENY or text HOPENY (467369) (NY), TN REDLINE 1-800-889-9789 (TN) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.