How Oil Money Turned Texas Tech Into a Football Power

A history of missed oil wealth

In May 1923, drillers struck oil at the Santa Rita No. 1 well in West Texas after 646 days of pounding through hard rock. That massive discovery created the Permanent University Fund, an endowment currently worth roughly $43 billion. That oil wealth built up the University of Texas and Texas A&M.

Texas Tech was chartered just 107 days before the oil strike, yet it received zero cents from the endowment.

The rise of Double Eagle

Cody Campbell played offensive line for Texas Tech from 2000 to 2004 under head coach Mike Leach. Campbell stood 6 foot 4 and weighed 305 pounds during his playing days. He later co founded Double Eagle Energy Holdings with his childhood friend John Sellers.

Their business ventures succeeded in a big way. Double Eagle startups have sold for around $13 billion total, including a single deal for $6.4 billion in 2021. Today, Campbell chairs the Texas Tech System Board of Regents and backs the football team aggressively.

"We were the first ones to actually come to the realization that this is just our reality," Campbell said regarding NIL rules. He added, "We were unexpected. We've been disruptive."

Big results on the field

The financial backing transformed the program on the field. Last season, Texas Tech posted a 12-1 regular season record and captured its first outright conference title since 1955. The Red Raiders reached the College Football Playoff and saw nine players selected in the NFL draft. That draft class matched the total number of Tech players drafted over the previous five seasons combined.

What it means for the next game

Texas Tech Red Raiders at Oklahoma State Cowboys (College Football, Sun, 15 Nov): Oklahoma State Cowboys win 54%, Texas Tech Red Raiders win 46%; projected score Oklahoma State Cowboys 37, Texas Tech Red Raiders 34. Our safest pick: Under 82.5 points.

Texas Tech Red Raiders at Baylor Bears (College Football, Sat, 21 Nov): Baylor Bears win 46%, Texas Tech Red Raiders win 54%; projected score Baylor Bears 27, Texas Tech Red Raiders 28. Our safest pick: Under 65.5 points.