Jennifer Cohen has heard her peers this spring lament the precarious state of college football, with the College Football Playoff format in flux, the College Sports Commission under fire and the current model of college athletics hanging by a proverbial thread. As athletic director at USC, Cohen understands the reasons for their doom and gloom.

There’s little clarity about where things stand in college athletics right now, let alone where they’re going. Plus, it has never cost more to run an athletic department — or a football program, with the price tag of rosters exceeding $40 million this season — in part because of name, image and likeness rights.

“There’s no doubt that this last year’s been frustrating, and that’s because we tried to fly a plane and build a plane at the same time,” Cohen told The Times last week. “So it’s certainly not going swimmingly, right?”

Before discussing all that’s wrong with the current college sports landscape, Cohen wants to remind everyone that it hasn’t all been bad.

“It’s important to talk about what are the positives that came from what’s happened,” Cohen said.” And from my perspective, student athletes have benefited now more than ever, you know?”

At USC, Cohen has managed to steer the athletic department through the chaos. As costs have risen exponentially with the advent of revenue sharing, Cohen says department revenue at USC is up almost 60% over a three-year span, sponsorship values have doubled and USC donors have poured money into the Trojan Athletic Fund, which is up 707% since she started.

And later this summer, USC will open a $200-million football facility — a rarity in an age when such spending has more often taken a backseat.

None of that is to say USC is immune to the coming financial crunch in college sports.

“We also have to manage expenses, and we’re trying to do that and still support what we think is part of our DNA, which is [keeping all] 23 programs,” Cohen said. “As you look at the financial benefits that football brings to this place, the more you’re gonna take those revenues from football and put it back into football and to football student athletes versus other programs, you’re gonna feel the pinch. And so we’ve tried to mitigate that with new strategies on revenue generation.”

But what about when football rosters costs balloon to $50 million … or $60 million? What about $100 million?

“Hopefully not,” Cohen said. “We’ve gotta match roster spends with revenues and, and, and, and how we run a business.”

“I don’t think there’s one simple answer to this, and I do think that we are at a point where we’ve got to figure out as an industry, how do we do this in a smart way and not just let our competitiveness get the best of us? But that’s hard when football winning is the only way that you pay your bills.”

The Times sat down with Cohen last week to discuss the state of affairs in college football and USC’s athletic department. The following conversation has been edited for length and clarity.

With college football in such an uncertain place, do you feel like there needs to be some form of outside intervention? Or some major governance change that would help solve these problems?

“I think at some point in time we’re gonna have to find something. I mean, obviously we’re a year in. So I think first we all need to look in the mirror — myself included, as a leader — and say, ‘What did we do in this new system that worked? And what have we done in this new system that doesn’t work? And the question becomes, ‘Can you get everybody across the Power Four [conferences] to do that exercise and be honest enough to find some sort of solutions together? Or do you need to start looking at other solutions? I, for one, fully believe in federal support. I understand why it’s needed. I’m somebody that spent a lot of time on that earlier in my career, and, you know, the patchwork situation of laws is not fair from a competitive standpoint. It’s also very confusing to student athletes and to their families and to our coaches. But I am absolutely not holding my breath for that.

Eric Musselman and athletic director Jennifer Cohen hold a jersey with Musselman’s name during his introductory news conference as the Trojans’ basketball coach in 2024.

(Myung J. Chun / Los Angeles Times)

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“The most important place where I’m spending my energy is figuring out how we are going to win in whatever environment that we’re dealt. Because I don’t have as much control in my current role to solve for all of those national issues. I am 24/7 thinking about how USC is going to compete in whatever environment we’re in. And I feel really confident that we will. But as somebody that loves college sports, I also think that we are gonna have to find a different alternative than how we’re operating right now to have a sustainable and durable model.”

USC seems to be in a really strong place with NIL, stronger certainly than when you were hired. How would you say that USC has gotten to that point?

“ When we got here, my mantra was if you’re not ahead, you’re gonna get behind. And so there were a lot of areas that we focused on to just try to improve and get ahead, and NIL was one of them. There’s a natural ability here to be really competitive in NIL — especially in the third-party space with brands. You know, we were just looking at some data the other day just in this new CSC-NIL Go model. Our brand deals are valued 2 1/2 times more than the national average, and I think that really speaks to both USC, the city of L.A., and obviously the quality of the student athletes that we have. And I think it’s just been a strategy of embracing the new era, recognizing that it’s really cool to be able to have student athletes benefit in that new era, and it’s important, and that you have to be competitive in that space.

“And so I think it was just a matter of having intentionality in a plan and getting all of our stakeholders aligned around that plan, and it was an urgent matter to keep trying to get ahead in that space. Because if we weren’t, other people were. That’s how we’ve been tackling it, and so we’re really proud of how robust the program is now. But we’re gonna have to keep getting better at it. We’re gonna have to keep evolving.”

The Big Ten has come out in favor of expanding the College Football Playoff to 24 teams. What are your thoughts on that?

“We’re unified as a league around 24, there’s no doubt about that. And obviously that’s gaining traction in some of the other conferences as well. And so where we’re unified, USC’s gonna support that. I think that there’s merits in the 24 model. I also think there’s plenty of fair questions around that. It has to make sense for everybody. So that’s kind of where we stand on it.

USC athletic direct Jennifer Cohen wears a headset with microphone as she’s interviewed before a football game in 2023.

(Icon Sportswire via Getty Images)

“I think personally speaking, I would have absolutely no problem staying at 12. I think we’ve experienced a lot of change in college sports and in college football. I think we need to understand how that change is impacting not just us, but our fans and others. And so if we end up at 12, I’m confident that we’re gonna find our way in that 12 every single year. And again, uh, that’s where my focus is. I mean, I am nonstop thinking about how USC athletics can compete in whatever model that we’re in, and I feel really good about the plans that we are developing and will continue to develop because we’re gonna have to keep changing to, to make sure that we’re competitive.

Being that it’s now Year 5, is it fair to say that the expectation is that Lincoln [Riley] needs to take USC to the Playoff this year?

“The expectation has always been the same. That’s the thing, that’s the reason why I came here, is that the standard is high. We do expect to make the playoff. We do expect to have a championship run. We do expect to be competing for championships every single year. I think that’s what’s awesome about USC, is that that’s what we all expect of it. And I know that I’m not the only one that expects that. I know our fans expect that. I know that he expects that. And so I really like this team. I really like the kids that we brought in. I love the returners. I love the leadership of this team.

“We’ve got some really outstanding older young men in this program that get it, that have been through a lot and really care about this place and this program. The young guys are awesome. They’re really challenging the older guys. So I feel really good about the talent level of this team, and I feel really good about what Lincoln’s done. I think with this staff, I think we have a highly competitive staff. I think we have a really experienced staff. And then you can’t dismiss what Chad’s accomplished. You know? I think that that’s been the benefit of bringing in not just Chad, but an entire front office staff, taking the pressure off of Lincoln, taking the pressure off of the other coaches so that they can be at their best. I mean, he’s been really energized about that and really focused on taking the strengths that he has. So yeah, the expectation, I mean, we haven’t been shy about that. We expect to win, and I, I feel confident that we’re going to.”