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How to fix college football by forming an LLC

If you’re a college football fan, chances are you’re dissatisfied with the BCS (Bowl Championship Series) that is meant to determine the college football national champion, but instead seems to create more controversy and mess with each passing year.

Instead of clearly crowing a national champion, the big football conferences have set up a convoluted system that cannot guarantee to put the two best teams on the field to compete for the national championship. Undefeated teams get left out of the BCS championship game because of arcane computer calculations. One-loss teams fail to win their conference, but still get to compete for “national champion.”

To fix the BCS mess, according to this article, a group of conference power brokers are discussing the possibility of introducing a true national Division 1 college football playoff system. And the secret weapon of this new system might be as simple as forming an LLC.

Why is forming an LLC so important to the possible college football playoff?

  • Forming an LLC could create a new brand for the college football post-season: The BCS has become a national joke, with its reputation sullied by too many dubious decisions and highly visible snubs. By forming an LLC to serve as the corporate structure for a new college football playoff, the organizers could make a fresh start with a new brand.
  • Forming an LLC allows for flexibility of ownership: Currently, the BCS championship is administered by several big college football conferences, not by the NCAA itself. The NCAA provides referees, sanctions the events and provides regulatory oversight, but ultimately the biggest share of the ownership of college football (and the massive revenues that football generates) go to the universities and the conferences. One hypothetical is that if a new college football playoff gets created, the newly formed LLC would be a partnership between the conferences and the NCAA. The NCAA could lend its brand to the new football playoff, while the overall control of the playoff would still rest with the conferences.

Will this idea of forming an LLC ultimately lead to a “real” college football playoff? It’s still too soon to tell, but as people become more disillusioned with the BCS system, and as public pressure builds on the conferences to create a playoff that leads to an authentic national champion, forming an LLC might be the best way to get it done.

The devil is in the details of course. Big-time college football is a massively lucrative revenue source for the schools and conferences, and it’s unlikely that they will want to share too much of this money with the NCAA. They also won’t want to surrender control to the NCAA. Forming an LLC can be an ideal way to create a business partnership and reduce personal liability, but you still need to have a clear understanding of each partner’s role and responsibilities.

Ready to start a business and create a massively lucrative new revenue source of your own? Talk to CorpNet for free business consultation on how to incorporate a business. CorpNet’s free tools, advice and guidance can help you choose a business structureform an LLC, set up an S-Corporation or other corporate entity to protect your assets and attain the corporate tax benefits and financial advantages of doing business as a corporation.

 

Ben Gran

Ben Gran

Ben Gran is a freelance writer based in Des Moines, Iowa.

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