Michigan State University’s Board of Trustees revised its code of ethics to restrict trustees from publicly dissenting from board majority decisions—prompting concerns about oversight at a time when the athletics department is expanding revenue structures tied to private capital. The change follows internal criticism of Spartan Ventures, a public-private partnership approved last December to generate revenue streams tied to NIL-related opportunities. Board members raised questions about access to information, arguing that Spartan Ventures’ for-profit arm is not subject to the state Freedom of Information Act, which can limit trustees’ access to financial documents unless members agree to nondisclosure terms. Trustees framed the issue as a governance and security concern rather than a debate over athletics strategy. The development arrives as college presidents increasingly worry that the future of Division I athletics is moving in a negative direction and as more universities consider public-private partnerships to finance sports-adjacent facilities and entertainment developments.