The sign on the podium said “Protecting the most vulnerable,” but on this particular Wednesday, Louisiana Gov. Jeff Landry chose a very different target: big-time college football.

Instead of focusing on the looming food-stamp crisis caused by the government shutdown, Landry launched into a blistering critique aimed directly at the LSU Athletics Administration Building—and more specifically, at athletic director Scott Woodward’s desk.

Frustrated by both LSU’s disappointing results under head coach Brian Kelly and the staggering $53 million buyout required to fire him, Landry publicly rebuked Woodward and made it clear he would not be the one solely deciding LSU’s next major hire.

“My role is about the fiscal impact of firing a coach under a terrible contract,” Landry said when asked about his involvement in Kelly’s dismissal, which reportedly reached all the way to the governor’s mansion.

“I care about what taxpayers will have to cover, and I wasn’t happy about raising ticket prices during a losing season while paying a coach $100 million and getting no results.”

He doubled down the next day, telling ABC he plans to have the attorney general review the next coaching contract “to understand to what extent the state is ultimately liable.”

In Louisiana, none of this is particularly shocking—politics and LSU football have intertwined since the days of Huey Long. But Landry’s public scolding struck a nerve across the nation, resonating with administrators who have long worried about the escalating financial chaos in college sports.

“Finally, someone said it out loud,” a trustee at another university remarked. “This is completely irresponsible.”

Buyout Season Has Arrived

LSU is hardly alone. Between Oklahoma State’s firing of Mike Gundy on September 23 and Kelly’s exit one month later, 10 FBS programs fired their head coaches. Total buyout costs: $169 million.

And this comes just as schools face unprecedented new expenses.

In June, U.S. District Judge Claudia Wilken approved a $2.8 billion settlement (the “House settlement”), forcing schools to begin directly sharing revenue with athletes. The estimated payout this year alone is $20.5 million, and it will rise annually.

This financial reality has left university leaders stunned—frustrated that contracts sold as “protection” for schools actually shield only the coaches.

“No one is flying the plane,” one board member said. “There’s not even a plane. It’s just a hot-air balloon drifting whichever way the wind blows.”

College football has spent lavishly for years—state-of-the-art facilities with mini-golf courses, marble showers, sensory-deprivation tanks; exploding staff sizes; and contracts designed to prevent poaching by rival schools.

At the start of this season:

• 9 head coaches earned over $10 million annually
• 12 coaches had buyouts exceeding $40 million
• Georgia’s Kirby Smart topped the list with a $105 million buyout

But now, with buyout bills and athlete revenue-sharing hitting simultaneously, the hard question is becoming unavoidable:

Where is the money actually supposed to come from?

“I have no idea,” said another board member. “The money does not exist.”

A Financial Picture That Makes Little Sense

Consider Penn State and LSU—responsible for two of the largest current buyouts:

• Penn State owes James Franklin: $49 million
• LSU owes Brian Kelly: $53 million

Over the last decade:

• Penn State’s football spending jumped 113%, while department revenue grew 83%
• LSU’s football spending rose 44%, revenue only 40%

Meanwhile:

• Football coaching salaries jumped 106% at Penn State and 90% at LSU
• Ticket sales grew only 33% and 37%
• Donor contributions rose 53% and 66%

These numbers simply do not add up.

Contracts include “best efforts” clauses that require fired coaches to seek other employment, reducing the burden somewhat. But it still leaves schools paying enormous sums—not just to head coaches, but to entire staffs.

For example:

• LSU owes fired OC Joe Sloan $530,000
• Penn State’s DC Jim Knowles earns $3.1M/year
• OC Andy Kotelnicki earns $2.4M/year
• Last year, Penn State paid over $900,000 in severance alone

Athletic directors insist they will cover the costs “within athletics,” not with academic funds.

But as one board member put it:
“No one has the answer.”

The Spending Still Isn’t Slowing Down

Despite all the financial red flags, the spending arms race continues.

The Big Ten’s attempt to bring in private equity stalled after pushback from USC and Michigan. Donors are being asked to fund not only coaching salaries and facility upgrades but now also player contracts under revenue sharing.

Virginia Tech recently announced a $229 million athletic investment over four years, partly funded by increased student fees—another warning sign.

“That deal should terrify boards everywhere,” a trustee noted.

And yet, schools keep doubling down. Indiana gave Curt Cignetti, who has coached only 21 FBS games, an 8-year, $93 million guaranteed contract after a breakout season.

LSU: A Perfect Storm of Chaos

Less than 24 hours after Landry publicly undermined Scott Woodward, LSU’s athletic director began negotiating his own exit. The school now has:

• No university president (William Tate left in May)
• No head football coach
• No athletic director

Woodward is expected to receive a buyout of roughly $6.4 million—yet another massive payout for LSU.

The System Is Cracking

Administrators and trustees across the country are increasingly saying the quiet part out loud:

• The spending is unsustainable
• The buyouts are out of control
• The revenue-sharing era makes old financial models impossible
• And the money simply isn’t there

But for now, the machine keeps running—until it doesn’t.