Because every endowment lays out what the funds can be used for. Most are capped at an annual spend rate too. So they usually can only spend 4-5% of their total endowment in any year and they have restricted funds (specific uses named by donors) and often restricted uses overall. And you just can’t go in and modify acceptable uses each year. Usually it requires donor approval. Many of them are dead. This continues to confuse many folks who somehow thing endowments have anything to do with football. So we can continue to post about how schools with big endowments are going to have great programs and win natties, but it’s just not true. Most schools endowment language can be assessed online. Check em out to see if they can fund football. Or just remove this one thing: NIL is not the same as endowment.