In a sense, it's already in motion. Utah finalized a nine-figure deal with Otro Capital earlier this year, forming a new company that will handle revenue-generating aspects of the athletic program. Michigan State just unveiled a new athletic department structure with $100 million in seed money, part of which is a for-profit subsidiary called Spartan Media Ventures where investors will get a return.
In early August, LSU is gathering donors at the governors' mansion for a "first look at an alternative revenue-generating opportunity for LSU athletics that is first of its kind nationally and could quite possibly change the future of college sports in America," according to the invitation. It's expected to include some type of structure where investors/donors could buy a "share" of a privatized athletic department.