An AGB analysis argues that boards of trustees are being left out of some of the biggest decision-making moments in college athletics, including realignment and major financial commitments. AGB points to how trustees were not included in testimony at a U.S. Senate Commerce Committee hearing on the Protect College Sports Act, where leaders representing other stakeholder roles appeared but no trustees did. The piece describes how athletic conference realignment can reshape institutional economics and reputational risk—driven by media revenue decisions, athlete enrollment incentives, travel cost changes, and impacts on student success and well-being. AGB highlights examples of decisions that were negotiated and executed with limited direct engagement by governing boards. For trustees, the central concern is governance oversight: ensuring boards have a voice as athletics operations become more consequential for admissions, finances, and campus climate.