A year ago, Indiana coach Curt Cignetti told CBS Sports that the day of $40 million college football rosters had arrived.
His comments, which highlighted the spending of Ohio State, Miami and Oregon, among other programs, were met with industry skepticism that any school was really spending that much.
A lot can change in a year as Cignetti and his Indiana football program upended college football norms on the way to a historic 16-0 national championship season. But one thing that hasn't: Cignetti was dead accurate about the arrival of $40 million rosters.
CBS Sports polled more than 50 industry sources -- a mix of Power Four athletic directors, general managers, personnel executives, salary cap experts, agents and boosters -- and discovered there are multiple Power Four programs in the $40 million or more-range on their football roster for the 2026 season.
It's been a sharp spike across the sport. A front office staffer at one school included on this list said their roster spend is up 50% in 2026 compared to 2024. Teams double-dipped when collective dollars and rev share dollars collided for a short window last year. But the salaries never dropped after that period ended. They've only spiked.
"Here's the thing: If you have a pretty comfortable chunk of players that are solid, but then you have six to seven high-dollar kids, it's hard not to (be in the $40 million range)," one Power Four general manager told CBS Sports. "That shit adds up quick."
As one SEC front office staffer explained, there are a few schools in their own category: Miami, Oregon, USC, Texas and Texas A&M.
"It appears to be, 'Hey, if you want to come for the most money, that's where you go,'" they said about those top spenders.
The list doesn't end there, however. These are the most expensive rosters in college football this season, grouped into tiers and listed alphabetically.
More than $40 million
LSU Tigers
Big price tag: Jordan Seaton, OT
Multiple sources anointed LSU as college football's most expensive roster in 2026, with several sources projecting it could be over $50 million.
The arrival of new head coach Lane Kiffin, the self-proclaimed Portal King, spurred on a spending spree as Kiffin remade the roster with multiple seven-figure additions such as Arizona State quarterback Sam Leavitt, Colorado offensive tackle Jordan Seaton and Ole Miss defensive end Princewoll Umanmielen. Seaton is one of the highest-paid non-quarterbacks in the country at more than $4 million annually, according to sources. One source who offered Seaton a multi-million-dollar deal during his transfer process said the offensive tackle turned it down like it was almost nothing.
This roster, which features the No. 1 overall transfer class, is built to compete for the College Football Playoff in Year 1.
"LSU is almost in a tier of its own this year," said one SEC front office staffer.
Miami Hurricanes
Big price tag: Darian Mensah, QB
Arguably no school embraced the NIL and rev share era like Miami.
The Hurricanes had one of the most expensive rosters in the sport last season, and they're well into the $40 million range for 2026. A large chunk of that cost comes via quarterback Darian Mensah, who broke away from a $4 million contract at Duke to play for the Hurricanes. Miami also is paying seven-figure salaries to players like edge Damon Wilson, wide receiver Malachi Toney and freshman offensive tackle Jackson Cantwell.
Miami might be the most aggressive school in the country from a NIL perspective, and it's paid off with back-to-back 10-win seasons.
Notre Dame Fighting Irish
Big price tag: CJ Carr, QB
The Irish spend their money differently than some others on this list. It's harder to get transfers, at least non-freshmen or graduates, into Notre Dame. So most of the money on the roster is dumped into high school investment. There's been a bigger push in recent years, as evidenced by a top five class in 2026 and another on the way in 2027.
Notre Dame spends on retention, but it is willing to make an aggressive push in the portal for the right piece, which included grabbing seven four-star transfers last cycle. And if you look forward to the Irish's No. 4 overall 2027 class, there's a strong national consensus that the Irish are dropping huge bags.
"I know they are spending like crazy on their high school class," a Big Ten GM said. "Like crazy, crazy. They got a shit ton of money."
Ohio State Buckeyes
Big price tag: Jeremiah Smith, WR
The Buckeyes made waves in their national championship-winning 2024 season when athletic director Ross Bjork publicly admitted to a $20 million roster. That may have been a shrewd maneuver as multiple sources at the time thought the true number was more like $30 million.
Bjork's bill has only gone up since then with a stacked roster that includes quarterback Julian Sayin, receiver Jeremiah Smith and defensive lineman Kenyatta Jackson Jr.
Smith, an all-world receiver who will be a top NFL draft pick next year, could be the highest-paid player in college football. Multiple industry sources believe his 2026 compensation is in the neighborhood of eight figures. Smith himself has claimed he turned down a $10 million offer to transfer elsewhere this offseason.
"They lost a ton," says a Big Ten general manager, "but I think their offense is going to be ridiculous."
Oregon Ducks
Big price tag: Dante Moore, QB
From the beginning of NIL, Oregon has been a major player in spending big to acquire top-flight talent. It helps, of course, to have Nike co-founder Phil Knight willing to bankroll the operation to hopefully one day see his dream of Oregon winning a national championship come true.
The Ducks brought in Minnesota star safety Koi Perich to give them an embarassment of defensive riches. Getty Images Oregon and the 88-year-old Knight don't want to come off as overspending, but there's no question the Ducks are in the top tier nationally in total roster spend. Oregon has two high-profile quarterbacks in Dante Moore (who could have been a top-3 pick) and incoming Nebraska transfer Dylan Raiola. The Ducks are especially loaded on defense, too, which includes former first-team All-Big Ten safety Koi Perich.
"When Oregon and Miami walk in with dollar bills floating out of their ass, you have to out-eval people, or you're going to get beat," said one SEC front office staffer.
Texas Longhorns
Big price tag: Cam Coleman, WR
"All the money that's not in the Vatican is up at UT."
Those are the words of the late Texas megabooster Red McCombs back in 2013 when the Longhorns flirted with a pursuit of Nick Saban.
Texas is a little more reserved about its spending prowess in 2026, however, with multiple program sources pushing back against the idea the Longhorns have a roster that exceeds $40 million. Nobody outside of Austin is buying it, though -- and we've spent weeks trying to drill down to the most accurate number for Texas. Under $40 million? The math does not add up.
Even with program sources indicating that quarterback Arch Manning is taking a reduced portion of the rev-share to pursue a championship -- he can make it up with endorsements -- Texas' roster is still loaded with both first-round talent and depth. Cam Coleman was a multi-million-dollar transfer from Auburn who received a $4 million offer from a rival bidder. There are also several other projected first-round picks on the roster, not including high-priced running back transfers like Hollywood Smothers and Raleek Brown. The Longhorns knew they had a championship window with Manning under center, and they spent like it.
"It's always Oregon, LSU, Miami, but you don't really hear people talk about Texas," said one SEC GM. "They try to downplay it. Texas, when you talk to someone there, they downplay it. But they've got money."
Texas A&M Aggies
Big price tag: Marcel Reed, QB
Like their arch-rivals, sources we spoke to in College Station pushed back against the Aggies having one of the most expensive rosters in the sport. They argued A&M's No. 1 class in 2027 -- and the huge spending that's fueled it -- has the compounding effect of making the 2026 roster look more expensive than it is.
Sources indicated the Aggies are in the upper 30-million range for 2026 with roster incentives that could push the number into the 40s. Either way, it's an expensive roster. Quarterback Marcel Reed makes over $3 million; the Aggies have a pair of seven-figure receivers and offensive tackles plus a few very highly paid defensive pieces. Those numbers add up quickly, and the 2027 roster projects to be much, much more pricey.
"Guys wouldn't even leave there," said one Power Four GM. "We were throwing stupid stuff out there, and they wouldn't leave A&M."
Right off the $40 million line
Georgia Bulldogs
Big price tag: Gunner Stockton, QB
Georgia isn't as flashy or outward in its spending as some others, but college football's most recent back-to-back champions have adapted to the new era with a roster in the upper-$30-million range. Most of that money is allocated via high school, where the Bulldogs have signed four straight top seven classes.
Georgia is also smart about filling holes via the portal, including making big splashes (and paydays) for those like defensive lineman Amaris Williams and wide receiver Isiah Canion. Still, there are skeptics about whether Georgia's spending is truly elite after early NIL challenges.
"I don't think they are there with the current roster," says one SEC source. "You don't find yourself in a bidding war with Georgia very much."
Michigan Wolverines
Big price tag: Bryce Underwood, QB
Michigan has continued to step up its game financially to put together a roster that can compete for Big Ten and national championships. The Wolverines made waves in late 2024 when they signed former No. 1 overall recruit Bryce Underwood to a historic contract -- with the financial help of Oracle co-founder Larry Ellison -- worth upwards of eight figures if he stays four years in Ann Arbor.
After the 2026 winter transfer cycle, Michigan was just a smidge below the $40 million mark, according to multiple sources. The late dismissal of former head coach Sherrone Moore after the coaching carousel had slowed down forced Michigan to spend up to retain talent for Kyle Whittingham and his new incoming staff.
Michigan was slow to embrace NIL spending under outgoing athletic director Warde Manuel but has serious financial firepower to compete with any program.
Ole Miss Rebels
Big price tag: Trinidad Chambliss, QB
The Rebels may have lost their head coach, but they didn't lose their appetite to spend significant money to keep a talented roster intact.
Ole Miss lost Lane Kiffin but paid big bucks to keep Chambliss, left, and Lacy around in Oxford. Getty Images Ole Miss made Kewan Lacy the nation's highest-paid running back in the seven-figure range and are paying star quarterback Trinidad Chambliss more than $5 million for his final college season. That plus retaining defensive tackle William Echoles and adding players like quarterback Deuce Knight, linebacker Luke Ferrelli, offensive lineman Carius Curne and cornerback Jalyn Crawford, and you've got a roster that's just below the elite spenders.
The Rebels finished with the No. 2 transfer portal class, according to 247Sports.
Tennessee Volunteers
Big price tag: Faizon Brandon, QB
The Volunteers landed Faizon Brandon, the No. 3 overall recruit in 247Sports' 2026 rankings and the early favorite to win the starting quarterback job. Brandon was the face of the No. 4 recruiting class that also included five-stars TK Keys and Gabriel Osenda.
Not every offseason addition worked out for Tennessee -- defensive end Chaz Coleman was initially a seven-figure addition who is already off the team -- but the program continues to show a willingness to spend big to win. Multiple sources put Tennessee in the high-$30 million range for this year's group.
USC Trojans
Big price tag: Jayden Maiava, QB
The Trojans have revved up their spending in recent seasons, with their No. 1 high school recruiting class in 2026 being among the most expensive in history. Said one Power Four GM of the Trojans: "Their 2026 class cost as much as our entire roster."
The high price of the incoming recruiting class is what pushes USC into the upper-crust of expensive rosters. Quarterback Jayden Maiava is probably the highest-paid player on the roster, but sources believe he's on a team-friendly deal.
USC did made expensive swings in the portal, bringing in high-priced additions like NC State wide receiver Terrell Anderson and Iowa State cornerback Jontez Williams. If USC isn't at the $40 million mark -- some Big Ten sources believe it is -- it is just below it in the high $30s.
Check out this 247Sports article to see the roster range every Power Four program fits in.
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