Journeyman quarterback TJ Finley is once again preparing to enter the NCAA transfer portal, a winding journey that spans six programs and may soon stretch to seven. His story illustrates the extremes of the modern portal era that officially reopens on January 2, but is already overflowing with high-profile names, none more coveted than quarterback.

Coaches aren’t browsing the portal looking to add depth to the position. They’re aggressively hunting for proven starters, potential Heisman contenders, and NFL prospects. All of it unfolds in a marketplace where seven-figure NIL deals for signal-callers are no longer shocking but expected.

The impact the right quarterback can have on the right team was reinforced this season in emphatic fashion. Indiana’s Fernando Mendoza, who transferred after two seasons at Cal, led the Hoosiers to a stunning 13-0 season and captured the Heisman Trophy.  As the nation’s top-ranked team, the Hoosiers get a first-round bye in the College Football Playoffs that begin this weekend.

Heisman runner-up, Diego Pavia, elevated the Vanderbilt program from an SEC afterthought to national prominence after transferring from New Mexico State. Ohio State’s Julian Sayin, another Heisman finalist, arrived from Alabama without ever playing a down for the Crimson Tide after Nick Saban’s retirement. In a results driven sport those examples are impossible to ignore.

Plus, the cash can be greener on another team. In the NIL era, quarterbacks at major college programs can receive anywhere from $2 million to $4 million. It’s why quarterbacks with starring roles at prominent programs are moving on.

Cincinnati quarterback Brendan Sorsby is a prime example. A modern dual threat with size and arm strength, Mr. Sorsby has reportedly received multiple NIL offers north of $4 million while drawing interest from Texas Tech, Miami and Tennessee. His rise from relative anonymity to portal prize underscores how fast fortunes can change when production meets opportunity.

Josh Hoover, the steady TCU quarterback, who has passed for 9,629 yards and 71 touchdowns, is the frontrunner to replace Mr. Mendoza at Indiana. North Texas quarterback Drew Mestemaker, who led the nation with 4,129 passing yards, is expected to follow his head coach Eric Morris to Oklahoma State.

Nebraska quarterback Dylan Raiola, a five-star recruit who passed for 4,819 yards and 31 touchdowns over two seasons, is ready to move on.  Like most coaches, Nebraska’s Matt Rhule is adjusting with the times.

“The portal will giveth and the portal will taketh away,” Mr. Rhule said. “It’s just the new normal and we have to embrace it. Dylan made his decision. He did a great job for us, getting us to back-to-back bowl games. If he needs a fresh start, I’ll pray that he finds the right place and has a lot of success. With that being said, there are a lot of great quarterbacks out there, and a lot of them want to play at Nebraska.”

Then there’s Mr. Finley, a glaring example of how eligibility waivers, second chances and a relentless pursuit to get to the NFL has created portal extremes. Mr. Finley, 23, hopes to use a season-ending injury during the 2024 season to gain a seventh season of eligibility. If the extra year is granted, he’ll be eligible to play for a seventh program.

Mr. Finley began his collegiate career at LSU in 2020, then played quarterback at Auburn in 2021 and 2022. In 2023, he transferred to Texas State before moving on to Western Kentucky in 2024. He spent the spring of 2025 at Tulane where he was suspended indefinitely by the school following an arrest in New Orleans on a charge of illegal possession of a stolen vehicle. Mr. Finely claimed he was a victim of a Facebook scam, believing he was making a legitimate purchase.

He entered the portal again three weeks later and wound up at Georgia State where he passed for 1,244 yards and 6 touchdowns in seven games.

The NCAA evaluates injury waiver requests on a case-by-case basis, but Mr. Finley is optimistic his collegiate career isn’t done.

“I thank God for carrying me through the storm and allowing me to put everything behind me as I move forward in 2026,” he said. “I’m focused, healthy, and motivated. I look forward to finishing my career at a university that gives me an opportunity to compete, lead and finish strong. The story isn’t over.”

It never really is for quarterbacks in the portal. The carousel keeps spinning and the market keeps paying.