It’s Gameday, and fans across the country have locked their eyes on the Miami vs. Ole Miss Fiesta Bowl showdown. The semifinal clash goes down tonight, Thursday, January 8, 2026, at 7:30 p.m. ET inside State Farm Stadium in Glendale, Arizona. Ole Miss enters at 13–1, punching its ticket to the semis with big wins over Tulane and Georgia. Miami isn’t far behind at 12–2, earning its spot after taking down Texas A&M and then stunning Ohio State. Now, both teams are one win away from playing for it all.

The Rebels’ road here hasn’t been smooth, either. Ole Miss is adjusting on the fly after head coach Lane Kiffin’s sudden departure to LSU, with longtime defensive coordinator Pete Golding stepping in as head coach. Even though Golding has handled the past two playoff clashes, this has a bit of a high-stakes feel.  History-wise, this matchup is almost brand new. Ole Miss holds a slim 2–1 edge in the all-time series, but the two programs haven’t faced each other since 1951.

As for tonight, Miami comes in as a slight favorite. The sportsbooks are listing the Canes at around 3 to –3.5, and the over/under is set at 52.5 points. Win this, and it’s on to the CFP National Championship game on January 19, 2026. And beyond the shot at a national title, there’s also serious prize money on the line for both programs. Let’s break down exactly what the teams stand to gain.

What is the total Fiesta Bowl 2026 payout?

Just making it this far already comes with a massive payday. Each of the four teams that reached the College Football Playoff semifinals pockets $6 million, in addition to the $4 million they earned for winning in the quarterfinals and another $4 million for being selected as one of the original 12 playoff teams.

The CFP also makes sure travel expenses don’t eat into those earnings. To cover expenses such as flights, hotels, and logistics, teams receive an additional $3 million per round, ensuring the money remains within the program.

All told, by the time kickoff arrives in Glendale, both Miami and Ole Miss will have generated roughly $17 million in CFP revenue for their respective conferences

How much prize money do Miami and Ole Miss receive?

Other than the on-field edge, Miami has the upper hand in the prize money. While those dollar figures sound insane, it’s worth remembering that in college athletics, money doesn’t just land in a school’s bank account all at once. How it’s actually paid out depends a lot on conference rules and bylaws. Miami’s case is a little different from most.

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The ACC recently changed the system. Under the new setup, a playoff team like Miami retains 100 percent of its CFP earnings instead of splitting the revenue evenly across the conference. The move was designed to help close the massive revenue gap the ACC faces, especially compared to the Big Ten and SEC, whose media deals are far more lucrative.

That change didn’t happen by accident, either. It came after schools like Clemson and FSU slapped the NCAA with lawsuits. Both of them were openly exploring ways to leave the conference in search of better financial terms. Letting top programs keep more of what they earn was the ACC’s way of keeping them in the fold.

The SEC, on the other hand, plays things differently. It uses a tiered distribution system. While Ole Miss still receives solid travel money and a participation bonus, the SEC pools and shares a large portion of the remaining CFP cash among all 16 member schools.

Fiesta Bowl 2026 team payout breakdown

For a team that reaches the Fiesta Bowl as a semifinalist, the money adds up fast. Across all rounds, that run generates $14 million in base payouts for its conference. On top of that, the CFP distributes another $9 million in expense stipends across three rounds, bringing the total to $23 million tied to a single playoff appearance.

It’s also important to note that this money doesn’t go straight to the school. CFP payouts are sent to the team’s conference, which then distributes the funds according to its own criteria.

How Fiesta Bowl payouts compare to other New Year’s Six Bowls

The bowl games themselves don’t decide these payouts. Instead, everything runs through centralized CFP guidelines, with conferences earning money based on how far their teams advance. And not on which bowl they play in.

When they’re part of the New Year’s Six bowls, all the Fiesta, Rose, Sugar, Orange, Cotton, and Peach bowls follow the same financial model. There’s no special bonus tied to one bowl.

Where things change is in years when a bowl isn’t hosting a CFP semifinal or the national title game. During those seasons, the so-called “Contract Bowls,” such as the Rose, Sugar, and Orange, operate under separate agreements with specific conferences, including the Big Ten, SEC, and Big 12. Those deals can lead to different, and often larger, base payouts for those leagues.

The “Access Bowls,” like the Fiesta, Cotton, and Peach, don’t have those conference tie-ins. In non-CFP years, they adhere to a standard $4 million payout, keeping things much simpler.