The Big Ten’s proposed $2 billion-plus private capital deal is facing headwinds after a joint meeting Tuesday afternoon between trustees at Michigan and USC led to unified questions about the plan, sources who were on the call told ESPN.

The two schools discussed their shared skepticism during the call. One sticking point: The deal doesn’t address the root issue — soaring costs — that has made the need for cash so imperative for athletic departments. Just providing short-term money, sources said, does not solve that issue.

The schools also noted pending federal legislation that makes predicting the future of college athletics difficult as well as a general apprehension at selling equity in a university asset (the conference media rights).

Both Michigan and USC believe there are funding options that can provide superior terms and would like to slow the process and explore them, sources said. The goal, the meeting agreed, should be to help the Big Ten schools that need money but at the most favorable terms imaginable without giving up equity.

Although the questions are numerous, it is not certain how much influence the trustees can yield on the proposal, let alone change or even stop the process. The complicated agreement remains fluid and continues to be negotiated and worked on, meaning despite the current opposition, a deal still might be worked out.

That said, having two of the league’s biggest and most storied athletic brands against it is not insignificant.

The framework of the groundbreaking deal would send a significant infusion of money (in the range of $100 million at minimum) to each of the Big Ten schools. In exchange, the league would spin off a new entity, Big Ten Enterprises, which would hold all leaguewide television rights and sponsorship contracts through 2046. Individual schools still would retain local radio and other deals.

Shares of ownership in Big Ten Enterprises would fall to the league’s 18 schools, the conference office and the capital group — an investment fund that’s tied to the University of California pension system. The UC pension fund would receive a 10% stake in Big Ten Enterprises and would hold typical minority investor rights but no direct control, sources said. The exact equity amounts per school in Big Ten Enterprises are still being negotiated.

There is expected to be a small difference in the percentage of the remaining equity between the schools that would favor the league’s biggest athletic brands, but it is likely to be less than a percentage point. There is also expected to be a tier system for initial payments, with the lowest amount in the nine-figure range. Larger athletic departments could receive above $150 million.

The deal would call for an extension of the Big Ten’s grant of rights through 2046, providing long-term stability for the conference and making both further expansion and any chance schools leave for the formation of a so-called super league unlikely.

A conference-wide call with league presidents and athletic directors on the deal was tentatively planned for Thursday, but there might be more work to be done before then if winning Michigan and USC over is possible. No official vote has been scheduled.

“Setting up a structure that can maximize that activity is important,” Big Ten commissioner Tony Petitti said last week at the league’s basketball media days. “Whether or not we need a strategic investment to help us, we’ll determine. But it’ll be done by all 18 leaders, and I think it’s no different than looking at the other buckets that we have to maximize resources. It’s one other avenue that may or may not be available to us.”

Although governance over campuses varies by institution, both USC and Michigan have interim presidents, meaning their boards of trustees might carry more influence than normal, especially on a 10-figure deal that could span decades.

The pension fund is not a private equity firm, which has been attractive to the Big Ten and its schools. The UC fund valuation proved to be higher than other competing bids, sources said, which made it attractive.

The money infusion is believed to be acutely needed at a number of Big Ten schools that are struggling with debt service on new construction, rising operational expenses and providing additional scholarships and direct revenue ($20.5 million this year and expected to rise annually) to athletes.

Just this week, Penn State terminated the contract of football coach James Franklin and could owe as much as $49 million, although that figure could be mitigated lower.

The Big Ten has argued that the deal would alleviate financial strain and help middle- and lower-tier Big Ten schools compete in football against the SEC.