Oh, so peeling off the entire athletic department? Gotcha.
The Iowa Hawkeyes, Inc. is going to be a taxable entity. "Donations" will become nondeductible "memberships" or something like it - if there will be any sort of public support. All the revenue, less "allowable" deductions will determine taxable income.
So, who "owns" Kinnick and Carver? If it's the U, then Iowa Hawkeyes, Inc will pay rent?
Lots of these players are going to want to go to school. How will scholarships be treated?
It's all likely to be a big friggin' mess - but interesting.