Boise State bet big with private equity play that could flip the script for the Group of Five. The Broncos aren’t just trying to stay afloat in the rising tide of college football finance. Instead of just trying to close the gap, AD Jeramiah Dickey wants to rewrite the rules of engagement. “Ultimately, I need to create more assets for my institution and state,” he told Front Office Sports. He expects to have a deal in place “within the next six months.” And he’s not waiting on donations and bonds; it’s Wall Street now.

In a new Instagram post on June 17, Adam Breneman dropped a major update on Boise State’s latest move that could reshape college football. “Boise State’s next move might change college football forever. The Broncos are currently considering a private equity investment, which would come sometime in the next six months,” he said in the video.

“So what does this mean exactly?” Breneman added, “For starters, Boise State knows that they can’t compete financially with Power Four schools. Using private equity offers, a fast track to new facilities, investments in recruiting, and retaining top talent.” And this is where their new investment management entity is born.

Welcome to the age of BAGS, Broncos Athletic Growth Solutions, the new entity Boise State is rolling out to inject serious cash into recruiting, facilities, and player retention. This isn’t only about upgrading locker rooms and weight rooms. It’s about creating assets that feed long-term growth.

“I have to get that much more creative, which means I have to take that much more risk, and appropriately so,” Jeramiah Dickey added. This new initiative will look into “things that I would still define as nontraditional that create new revenue streams.” Boise State’s not just trying to keep pace with the big dogs. They’re trying to invent a model that every Group of 5 schools could follow. One that ditches the outdated hope and hustle fundraising tactics and brings serious financial firepower into college athletics.

It’s an outside-the-box strategy because that’s the only box left for non-Power 4 programs that want to stay relevant post-House v. NCAA. As Breneman added, “If it pays off, Boise State won’t just catch up with Power Four schools. They’ll set a blueprint for every school in the nation. And now some schools are already following suit.” And yeah, they’re not alone in sniffing around this space.

Boise State isn’t the only school flirting with private 

Boise State isn’t diving in alone. Elevate announced a $500 million Collegiate Investment Initiative backed by Velocity Capital and the Texas Permanent School Fund called the Collegiate Investment Initiative. They’ve already closed deals with two Power Four programs and are expected to wrap up to six more before kickoff this fall. But Boise isn’t on that list. Yet. And here’s the thing. Elevate’s approach doesn’t look like your typical Shark Tank equity raid. No short-term flips, no equity stake land grabs, just long-term, customizable financing secured by future incremental revenues. 

Plainly speaking, they give you money now for stadiums and swag, and you pay them back with ticket sales, jersey patches, or whatever else your fanbase turns into gold. It’s not just arms races and stadium envy. The NCAA’s House settlement looms large, forcing schools to pay athletes legally for the first time. That means schools either start printing new money or fall behind. Boise chose the former. “If I feel it will help us,” Dickey said bluntly, “we’re going to do it.”

Boise State’s not just trying to survive this new era. They’re daring to lead it. And in doing so, they might have just laid the blueprint for every Group of Five program dreaming bigger than their endowment.