Overview

• Sequence Equity presented its privatization plan to FCS commissioners at the Conference Commissioners Association meeting in Chicago this week.
• The proposal would create a new LLC with FCS conferences holding a majority stake and Sequence Equity taking a minority position while supplying tens of millions in capital.
• Proponents argue a conference-run model could capture more media-rights value, pointing to the College Football Playoff LLC’s structure and its six-year, $7.8 billion deal as a reference point.
• The FCS postseason is currently a 24-team NCAA-run tournament with media rights bundled into ESPN’s roughly $115 million-per-year package covering dozens of championships.
• Talks are preliminary with limited public comment from leagues, and recent audience gains cited by backers include 2.41 million viewers for the 2024 title game and a 1.3 million average across last season’s playoffs.