Nebraska's Matt Rhule: 'Good quarterback in the portal costs $1 million'

Nebraska coach Matt Rhule said publicly what’s been known for a while in the NIL world – landing a top-shelf quarterback from high school or the transfer portal comes at a price.

“Make no mistake: a good quarterback in the portal costs $1 million to $1.5 million to $2 million right now,” Rhule told reporters Wednesday in Lincoln. “So just so we’re on the same page, right? Let’s make sure we all understand what’s happening. There are some teams that have $6-7 million players playing for them.”

Rhule was just being up front about the current situation facing recruiters – something more and more coaches have been speaking out about in recent weeks.

Then again, if you’ve been paying attention, you know that until college sports reaches the next phase of its evolution, financial packages remain a key component of attracting and retaining some of the top athletes.

Trying to project a player’s market value during portal season is a challenge collectives and coaching staffs constantly face. If teams identify an athlete they want, all parties must be aligned. The numbers Matt Rhule tossed out on Tuesday are accurate, especially for some of the top quarterback talent in the portal.

Overbidding for talent remains a fear, many NIL stakeholders have told On3 over the last 20 months. Picking up veteran talent who can make an instant impact is valuable, though.

Financial packages for quarterbacks are not new to college football, except the dollars have soared since the summer of 2021.

“If you want to talk ball with the top quarterbacks in each class, you’re going to need to come to the table ready to pay a seven-figure yearly salary,” an SEC collective leader previously told On3. 

Added another collective operator: “A top-10 caliber quarterback in the transfer portal is worth seven figures. But a high school quarterback isn’t worth anything because they’re not going to start.”

Matt Rhule agrees with that strategy. Nebraska brought Jeff Sims in through the portal last offseason, picking up the former Georgia Tech quarterback. The plan never clicked, however, as Sims struggled with injuries and turnovers. Heinrich Haarberg finished out the year at quarterback for Rhule, playing in 10 games.

The Nebraska head coach outlined what he’s looking for if the Huskers bring in a transfer.

“The portal for me, I either want to get someone with multiple years, no matter the position, that’s on caliber with the guys we have,” he said. “Or someone who is an instant impact upgrade. Someone who can make a difference.”

What will transfer portal look like?

A year ago, sources were bracing for the portal to open. Phrases like “‘I’m expecting total chaos” and “it’s going to be on steroids” were commonplace, as many expected college football’s version of free agency to clash with NIL.

The portal will reopen at midnight on Dec. 4, the day after the College Football Playoff field is revealed. As opposed to a 45-day window in December, that number has shrunk to 30 and it closes on Jan. 2. Athletes on CFP teams will be allowed to enter an additional five-day transfer window in January.

The portal provides the opportunity for programs to retool over a short period of time. For first-year head coaches, the portal could provide the quickest turnaround time. And the elite players in the portal will still demand a high price.

Some in the space still expect chaos to run the portal. Others believe the space has matured, with real market values now in place at each position.

“I don’t think it’s going to be chaos,” added an SEC collective leader. “But that top 10%, depending on the quality of talent, will still be able to drive the market.”