A device and method for trading commodity options and futures related to an educational institution's non-rival athletic program to manage risks associated with producing collegiate athletic programs. In one version, the underlying asset of the options and futures contracts is an athletic prospect's obligation to participate in a non-rival athletic program at a particular institution in exchange for the opportunity for the athletic prospect to participate in academic and athletic programs within the institution. In a particular form, the underlying asset is a signed National Letter of Intent, a contract that obligates a prospect attending a particular institution to participate in that institution's non-rival athletic program. Revenues generated by options and futures contracts traded according to the device and method of the present invention can be used to further the institution's educational and athletic missions.