What if a third party (like a Ryan Smith) could essentially invest and run any or all of the sports programs at a university themselves.

They could license the brand from the school and lease the facilities. It would essentially create a minor league for pro sports but allow the universities to continue profiting from a revenue and brand equity perspective.

Players could be students of the university if they wanted but they would be employed by the third party.

Could that work and would it be a tenable solution for universities?