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The first big splash of the 2025 transfer cycle did not come Tuesday, but rumor season kicked off in earnest with reports that Arizona State star quarterback Sam Leavitt is considering the transfer portal for the 2026 season.

Whispers of Leavitt possibly leaving aren't new. It's been an open discussion point among industry sources since Leavitt's season ended early with a foot injury in late October.

Arizona State is set to lose a good chunk of its starting 22 to graduation or the NFL, and the Sun Devils are expected to have significant work to do in the portal to rebuild.

Leavitt would be a big part of that 2026 effort. He'd also be expensive.

The salary for a quarterback of Leavitt's caliber will be $3 million-plus next season. Arizona State as an athletic department isn't spending the full rev share allotment this year ($18 million versus around $20.5) and the Sun Devils would be bidding against schools who have both the full rev share and significant resources via name, image and likeness dollars beyond the rev share cap to offer Leavitt.

The sheer math of the situation may make it hard for Arizona State to retain Leavitt if it got into a bidding war. And even if it kept him, it might prevent the Sun Devils from building a quality roster beyond QB1.

All of that said, Leavitt hasn't made a final decision on his future, nor has the Sun Devil staff been informed of his impending departure. Leavitt's brother, Dallin, aggressively shot down a report that Sam was leaving, stating that he is "still deciding what to do." CBS Sports reached out to Dallin, a former NFL player who helps with his brother's process, and he referred to his post on his Instagram story.  

Leavitt is just one of thousands of college football athletes currently weighing their future as the season comes to and end and the Jan. 2 to 16 transfer portal window looms. Negotiations are happening between players and schools, and agents are actively testing the market for their players.

It's happening with Leavitt. It's happening with many others as well.

If Leavitt were to enter the portal, he would have a robust market interested in him. Some of the schools this school that will likely enter the quarterback market this cycle include Indiana, LSU, Miami and Texas Tech. Leavitt, if he were to leave, would be of interest to almost any program that needs a QB1.

As for the rest of the season, the Sun Devils remain in the Big 12 mix, and the portal remains over a month-and-a-half away.

Leavitt would be a big domino if he did jump. It just remains to be seen if that domino tips.