Money talks, but it doesn’t always translate to wins. That’s the lesson Texas Tech fans are grappling with after one of the most significant financial windfalls in the program’s history. Cody Campbell, one of the Red Raiders’ biggest boosters and the mastermind behind their NIL collective, The Matador Club, just cashed out in a major way. His oil and natural gas company, Double Eagle, was sold to Diamondback Energy for a staggering $4.08 billion in cash and stock. And if history tells us anything, it’s that some of that money will inevitably find its way back into Texas Tech’s football program.
Campbell, who is the co-founder and CEO of Double Eagle alongside his business partner John A. Sellers, structured the deal to include roughly 6.9 million shares and $3 billion in cash. It expects the deal to close on April 1, but the ripple effects are already being felt in Lubbock. It was an unprecedented spending spree, reportedly reaching $10 million. Working with Texas Tech HC Joey McGuire and general manager James Blanchard, Campbell helped stand together as No. 1 in the portal class, according to Pete Nakos of On3 on X.
NEW: Texas Tech NIL collective founder Cody Campbell has sold his oil and natural gas company, Double Eagle, for $4.1 BILLION
The Red Raiders recently locked down the No. 1 portal classhttps://t.co/6ZqzZyM4i8 pic.twitter.com/cENzaVGBnF
— On3 (@On3sports) February 18, 2025
This isn’t Campbell’s first major foray into reshaping the program. The Matador Club, which he launched in 2022, has been at the forefront of NIL since its inception. In July of that year, the collective signed 100 Texas Tech football players to a $25,000 NIL contract — one of the first major moves in the evolving landscape of college sports. His involvement is as hands-on as it gets, even taking to social media to promise roster improvements. After a 41-27 loss to Colorado in November, when a fan sarcastically suggested he “buy us an O-line,” Campbell didn’t shy away from the challenge, simply replying: “I will.”
That helped the Red Raiders snag USC RB Quinten Joyner, who picked the Red Raiders over Ohio State. They also added Miami (OH) receiver Reggie Virgil, who had 41 catches for 816 yards and nine touchdowns in 2024. Virgil chose Tech over Oklahoma, Florida, and Florida State. The level of financial backing Campbell provides has given Texas Tech a level of recruiting power that was once unthinkable. The Red Raiders aren’t exactly a historical powerhouse, yet their NIL structure has allowed them to outbid major programs for talent.
However, a question that looms large is whether this money will ever translate into actual on-field success. Texas Tech finished the 2024 season at a pedestrian 8-5, with a 29-26 Liberty Bowl loss to Arkansas, doing little to erase the sting of a late-season collapse. For all their offseason fireworks, the Red Raiders ended the year as an afterthought in the national conversation.
With Campbell’s newfound billions, it’s fair to wonder what’s next. Will Texas Tech double down and continue to flex its financial muscle, further reinforcing the idea that NIL is the great equalizer in college football? Or will this become another cautionary tale of how a flashy superstar-endorsed kit can’t manufacture a winning culture? Campbell’s commitment is unquestioned, but the return on investment is murky at best. The once-Patrick Mahomes-led team is in grave danger.
Internet takes a jab at Texas Tech despite cashing in the billion-dollar deal
The first wave of responses to Texas Tech’s financial moves was far from celebratory. One user asked outright, “Ain’t this kinda bad news for them?” There’s a valid concern that the program is throwing cash at problems instead of addressing fundamental coaching and development issues.
Another commenter took a more comical approach, writing, “Nice. All to finish #50 at EoY .” While money can bring in talent, it doesn’t guarantee coaching competence, player development, or the ability to compete against teams with deeper, more established winning cultures. Texas Tech has yet to prove that its investments will elevate it beyond a middle-tier team in the Big 12.
Perhaps the most cutting response was, “All this to lose to the power of friendship and Iowa State.” The Cyclones, known for their ability to do more with less under head coach Matt Campbell, are a direct contrast to Texas Tech’s big-spending approach. The bluntest take came from a user who scoffed, “It’s fine they won’t win anything.” Development, coaching, and program stability still matter, and Texas Tech has yet to prove it can put all those pieces together.
And then there’s the final dagger: “Money can’t un-lame you. It’s still Texas Tech.” Brutal? Yes. But it also speaks to the challenge the Red Raiders face in changing their perception. Texas Tech has long been seen as a middle-of-the-pack program, one that occasionally flirts with relevance but never quite makes the leap. But their non-significant win reputation isn’t going anywhere.
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