The hiring was bold, the expectations even higher. But now, one of college football’s biggest offseason moves has turned into a high-stakes mess. A program riding the momentum of its best season since 1984 secured a marquee coach. Now, it’s revealing a massive financial gap that threatens to derail everything before it even begins. 

After an 11-3 season that saw them crack the AP top 20 and flirt with a CFP berth, UNLV Rebels has every reason to dream big. And they did when they convinced former SEC HC and ESPN analyst Dan Mullen to return to the sidelines on a 5-year, $17.5 million deal. But the embarrassment is they only have the money to pay him for two seasons.

On March 13, Sports Illustrated posted a grim message on UNLV via Las Vegas Review-Journal. The post featured a photo of Coach Mullen with the following words — “UNLV AD says school unable to pay for final three seasons of Dan Mullen’s contract.” The caption reads — “UNLV AD Erick Harper says the athletic department is nearly $31M in debt, but hopes to raise money through donations and increased revenue from football games.” The revelation raises the question — How do you go all-in on a high-profile hire when your program is already short of money?

Dan Mullen’s return to coaching was supposed to mark a new era — his track record at Mississippi State and Florida speaks for itself. And the buzz was immediate. Nearly 1,000 new season tickets have already been sold for the 2025 season. Premium seats and ticket price hike brought in an additional $2.5 million. The Rebels also secured between $19 million and $24.8 million from the Mountain West.  

These numbers, however, can shift fast if the product on the field doesn’t match the hype. After Barry Odom left for Purdue leaving behind an 11-win stint, UNLV is banking on Mullen’s arrival translating into more wins, more revenue, and ultimately, financial stability. If not, the situation could spiral out of control. 

A season of uncertainty for UNLV Rebels

Even if ticket sales hold steady, regents questioned if UNLV’s AD’s financial crisis was worse than reported. As per Mick Akers’ report in the Las Vegas Review-Journal, “The report stated for the fiscal year 2024 UNLV had a bigger shortfall of nearly $27 million, with nearly $21 million in debt added to the reserves fund that was already $6 million in the red, which was carried over from the previous fiscal year.” Regent Heather Brown called them out for “creative accounting” and set the record straight saying, “Because what this is actually saying to me is that you’re $31 million in the hole, not $26 million in hole.”

When Regent Joseph Arrascada inquired Harper about how they plan on paying Dan Mullen, he answered that UNLV has funds to pay him over the next two years. Then he added, “We have been working with our donors to assist with philanthropic dollars. We have one that has already paid their commitment, and that money is in an unrestricted line and that will be utilized in the future to help with the salaries.” But this is far from a guaranteed fix.  

For now, Dan Mullen will coach with a massive cloud hanging over his tenure. UNLV needs a long-term financial plan or else, it could lead to a crushing loss.