Alright, so imagine a school sitting on a mountain of hype, shiny new coaching staff, and the glitz of Las Vegas—but quietly drowning in debt. Not exactly your usual underdog story, right? There’s serious buzz, big-time boosters, and the scent of a Pac-12 upgrade in the air. But behind the scenes? This athletic department’s got a hole in its wallet that even Vegas can’t bluff its way out of.

Now let’s talk about who’s at the center of this high-stakes gamble: the University of Nevada, Las Vegas—UNLV. The same one sitting with an eyebrow-raising deficit teetering between $26 million and $31 million, making university regents visibly uncomfortable. How did we get here? In FY 2024, the school spent $71.7 million but only pulled in $50.8 million. Factor in a leftover $6 million from last year’s red ink, and boom—you’ve got a $27 million-sized headache.

Yet, despite being knee-deep in red, UNLV found itself in the middle of the Pac-12 expansion conversation. With the conference bleeding members to the Big Ten and Big 12, they were desperate to reload. UNLV, thanks to its Las Vegas location and a solid 10-3 football run, was a flashy prospect. Vegas has star power—UFC’s Fertitta brothers and Dana White have lent their support, and momentum in the city’s sports scene is real.

On June 11th, Blake Ruffino broke it all down on “The Ruffino and Joe Show,” raising eyebrows and dropping heat about the money flow—or lack thereof. “I know that there’s been some scuttlebutt out there, though, about UNLV possibly not doing it,” Ruffino teased. “That would make a lot of sense, Joe, with the amount of money that’s being poured into Vegas right now.” He brought up Dan Mullen’s concern that schools without financial backing would crash in the next decade. “Joe, they’re spending a sh*tload of money to get sports up. I mean, like—and it’s Vegas, right?”

Blake Ruffino doubled on that Pac-12 move: “The Fertitta brothers from the UFC have—have—have gotten their hands involved in it. Dana White had—did things with UNLV, got his hands involved in it. I mean, like, UNLV would be the—the no-brainer for me, if I’m being honest, to—to go and grab.” And Joe DeLeone signed it off with,” UNLV. 100%”

Look, when the Pac-12 finally came knocking in September 2024, UNLV hesitated. While the offer sounded tempting, the school’s financial reality took over. The Mountain West waved a fat check—between $25 million and $30 million just to stay put—plus an annual media bump worth up to $1.8 million. UNLV bit. It wasn’t just the safer bet—it was the only bet they could afford to make without going deeper into debt.

Athletic Director Erick Harper and President Keith Whitfield stuck to their game plan: financial survival over shiny logos. And let’s be honest, a conference still figuring out its media deals isn’t exactly a sure thing. That Mountain West money gave UNLV something the Pac-12 couldn’t—stability. Or at least a little breathing room. Still, even with new cash flowing in, UNLV’s financial stress isn’t magically disappearing. Not when the athletic department is still over $26 million in the hole. So, what happens next? That leads us straight to the hottest seat in town—head football coach Dan Mullen.

UNLV’s $26 million debt might hold Dan Mullen’s contract back

When UNLV announced Dan Mullen as its new head coach, it felt like a power move. A College Football Playoff hopeful bringing in a proven name to build on a 10-3 season. The ink on Mullen’s five-year, $17.5 million contract wasn’t even dry when reality hit: the school could only afford two years of his salary—unless donors stepped in.

“We have the funds to pay the coach over the next two years,” Harper told the Board of Regents. That’s not exactly the kind of announcement you expect after hiring a high-profile coach. But here’s the thing: in today’s wild world of college athletics, this might be the new normal. Especially with the looming House v. NCAA settlement that could force schools to pay out over $20 million to players in direct revenue sharing.

UNLV is essentially banking on Mullen turning them into a playoff contender before the bills come due. If it works, they’re golden. If it flops? That $26 million deficit becomes a crater. And Harper knows it, which is why donor support is already in play. “We’ve been working with our donors to assist with philanthropic dollars,” he said, noting that one big check has already landed in their unrestricted account.

It’s a risky play, but that’s kind of been UNLV’s brand lately. They didn’t blink when Barry Odom left for Purdue. In fact, they walked away with $3 million in buyout money from Purdue, split over two years. That softens the blow a little, but with Mullen’s annual salary pegged at $3.5 million—and bonuses layered on top—it’s still a tight squeeze.

His deal sweetens in 2027 with a $100,000 retention bonus, plus $25,000 for reaching the Mountain West title game and a cool $100,000 if he leads them to the playoff. That’s not a pipe dream, either—UNLV nearly made it last year, falling just short behind Boise State. Mullen’s hiring is a signal they’re not just aiming to compete—they’re gunning for history.

So yeah, UNLV’s bet on Mullen is bold. They’re hoping his name, experience, and system can elevate the Rebels into a powerhouse that pays its own way. But it’s not just about wins. In today’s college football economy, it’s about finding enough money to keep up with the Joneses—er, Georgias and Alabamas—before the whole system shifts again.

And with Vegas behind them, you know they’re going to try. Whether it’s Dana White, the Fertitta brothers, or a high-rolling donor circle with deep pockets and even deeper loyalty, UNLV’s making moves. But one thing’s clear: in the high-stakes poker game of college football, UNLV is all in. The only question now is—will the cards fall their way?

And maybe the next time the Pac-12 calls? Might wanna answer with a calculator in hand.