The Patterson rumors are ridiculous IMO. No negotiations took place until after the option period. However, as I've said before, UA made it known as early as July (around the time the Michigan/Nike deal was leaking) it was willing to open the bidding at 150 over 10. This is done all the time by all the major players with institutions and players. You are correct that part of the UA tender was stock based. However, UT could liquidate on the market if it chose, and many would estimate the value could be more than $26M/yr based on this. UA has shown continual growth and with Steph Curry/Jordan Spieth/Tom Brady/Kershaw/Harper, etc., they continue to grab more of the market. Regardless of all of that, apples to apples it was almost $10M/year more. It is enough there is some head scratching going on.