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Dary Stone on the Protect College Sports Act — The Fight to Save College Athletics
Dary Stone has done a little of everything — he's been a lawyer, real estate developer, political operative, chairman of the Texas banking commission, and chairman of the board at Baylor University. Today he's one of the central figures behind the Protect College Sports Act, the bill racing through Congress to put guardrails on a college sports landscape that's become, in his words, professional sports without a commissioner.
In this episode of Under the Number, Brent sits down with Dary for an up-to-the-minute look at the most consequential legislation in the history of college athletics — and why its backers believe this is a one-shot window before the August Senate recess.
We get into:
How the NCAA's NIL loss morphed into an unregulated, uncapped pay-for-play system with no parity and no one in charge
What the bill actually does — transfer rules, eligibility, direct-pay limits, antitrust protection for the NCAA, and the ability to pool media rights
Why pooling media rights (à la the NFL and the 1961 Sports Broadcasting Act) could roughly double revenue for universities and protect women's and Olympic sports
The SEC / Big Ten vs. everyone-else dynamic, and why competitive advantage is pulling against the health of the whole system
How Dary and Cody Campbell merged their efforts into the Saving College Sports Board of donors, board chairs, and university presidents
The bipartisan tightrope — unions, the employment question, plaintiffs' attorneys, and why antitrust protection needs 60 votes
Private equity, bridge financing, and real estate plays like Tennessee's Neyland development — and Dary's warning to schools about "selling their souls"
The midnight-phone-call work of Senators Maria Cantwell and Ted Cruz
And to close: Dary's "art of the deal" — why the best deal is picking the right cause
A rare, insider view of a live legislative fight from one of its key pieces of connective tissue.
Under the Number is a Skybox production.
Recorded on July 26 and July 27, 2026.