Tennessee State football coach Reggie Barlow believes historically Black colleges and universities should think harder about the financial value of playing so-called “money games” against major college football programs.
Barlow said he understands why HBCUs and other FCS programs accept lucrative guarantees to play against Power Four opponents, but argued that the compensation should better reflect the physical and financial risks involved.
“I could write a book on that. I’ve been a part of it,” Barlow said on Monday when asked about Edward Waters President Zachary Faison’s recent comments regarding the economics of money games.
Faison questioned whether the financial return was worth the cost after Edward Waters played Jackson State, saying the school would look to maximize its net revenue from future scheduling opportunities.
Barlow said he agreed with that approach.
“I think Faison, there at Waters, that if you’re going to do it, you want to maximize, like he said, they would want to net and clear at least a minimum of $1 million,” Barlow said.
Tennessee State on Saturday played at No. 3 Georgia and was paid $600,000 to lose 63-3.
The issue, Barlow said, goes beyond the check an institution receives for appearing on an FBS team’s schedule. He believes a larger share of the money should be directed toward football programs, particularly as the costs associated with name, image and likeness opportunities and scholarships continue to grow.

He contrasted that figure with reports he had seen about Georgia paying UMass $1.9 million for a game.
“If you’re going to play those type games, especially when you’re playing SEC big-time opponents, I think that dollar amount should be no less than a million dollars,” Barlow said.
In 2024, Tennessee State was paid $1 million to play at Notre Dame, the highest amount an HBCU has received to compete against an FBS school in history.
Barlow acknowledged that the financial landscape has changed since he played, when NIL and collectives were not part of the college football equation. Today, he believes money from guarantee games can play a larger role in helping programs fund scholarships and NIL initiatives.
“If you’re going to go and put your guys in harm’s way versus teams like that, I do think a good portion of that should come back to your NIL and your collectives,” Barlow said.
The former NFL player also stressed the physical disparity that can exist when smaller FCS programs face SEC opponents.
“You are putting them up against guys that are bigger, stronger,” Barlow said.
While Barlow said he does not shy away from playing major-conference opponents, he believes schools should be properly compensated for the mental, physical and emotional demands placed on their players.
“You want to be rewarded if you’re going to put your team in those type of situations,” he said.






