"According to Cal’s latest financial report, which covers donations through March 31, the cash on hand equates to a long-term value of $145 million. That’s slightly more than half the ultimate goal of $270 million.
"The situation is not as bad as the numbers ($35 million) because some of the people who paid the first installment will pay the second," Noll said.
But the difference between the Endowment Seating Program plan (ESP) and a mortgage — and it’s a monumental difference — is that participants can drop out of the ESP at any time without penalty."
What I've learned is that if Cal football sucks for the next three decades, there could be problems.
Check out the original rebuttal to the WSJ editorial.