Oklahoma State is hosting Baylor on homecoming in Boone Pickens Stadium as we speak, but give the stock market just a few more “corrections” and Mr. Pickens might be thinking about selling those naming rights. You see, there’s a little matter of $165 million that he promised the school, and he might not be able to come up with that money.

You may recognize T. Boone Pickens from those commercials where he talks to you in a soothing voice while windmills turn in the background. If you’re like me, you assumed he’s a fringe presidential candidate. But no, he’s pushing alternative energy, which isn’t surprising for someone who’s invested so much money in wind power. He’s also invested money in his alma mater, Oklahoma State. And that’s where the problem lies.

In December of 2005, Pickens pledged $165 million to the Cowboys athletic department to build an athletic village, which must be something like an Olympic village, except nobody lives there because they’re students and they all have dorms. Anyway, it was the single largest donation in college history — and that’s any college, not just OK State.) That’s pretty generous, but Pickens wasn’t done yet. He wanted that donation to grow and grow, so he invested it in his own hedge fund. Starting to see what might have gone wrong?

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