July 1 marked five years since NIL went into effect, and it’s time to take stock of what has changed. A few years ago, the chief revenue officer title was rare in college athletics. Today, it is practically standard for most universities. That shift reflects the reality of how NIL and revenue-sharing agreements have rewritten the cost structure of running a program. As a result, athletic departments are being asked to operate like businesses at the same moment the financial stakes have been remade from the ground up.

One administrator at a major program put it plainly: “I’m not allowed to spend money unless I can make money.” That framing captures where the industry is heading. Four areas reveal where the gap between ready or not is most visible.

Revenue leadership is becoming structural

Dedicated commercial roles, CRO titles, and data-driven sales teams are now commonplace at major programs. Some schools are restructuring entirely, separating revenue operations from the broader athletic department in ways that mirror how professional franchises are organized. NIL introduced costs that athletic budgets were never designed to cover, and colleges are responding to meet today’s financial demands by assigning specific roles to manage........

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