Changing financial dynamics of higher education and more specifically intercollegiate sports have led some colleges to explore unprecedented relationships with private equity firms. The potential infusion of private equity money into revenue-generating college sports programs portends an era of free-market capitalism in which college sports offerings would better serve market demand without requiring substantial upfront investment from non-profit institutions. But, these investments in college sports also produce newfound legal and ethical questions that require meaningful exploration. This article is the first to systematically investigate the potential for private equity investment into revenue-generating college sports. It provides a framework drawing on various legal theories to help regulators, university administrators, coaches, and athletes navigate the hurdles that inevitably will arise from such relationships.