Yet the particulars of the contracts reveal that much of the meal plan cost does not go for an individual’s food. Colleges use the money to shore up their balance sheets, create academic programs and scholarships, fund special “training tables” to feed athletes, and pay for meals for prospective students touring campus.

Like many such deals, Texas A&M’s agreement with Chartwells comes with a catch, Mr. Mac Dermott said. If Texas A&M wants to cancel the deal, a pro rata portion of the money must be repaid.

“Suppose the operator isn’t doing well over time?” Mr. Mac Dermott said. “The university can’t get rid of them. The investments are made on the guarantee that if the contract is terminated by either party, the client will return the money. That’s not a gift.”

But Phillip Ray, A&M’s vice chancellor for business affairs, said there was no clawback if the contract were terminated for cause. “People say, ‘You’ve signed this big deal, now they own you,’ ” Mr. Ray said. “Not at all. We call the shots.”

In 2013, the year after A&M entered its agreement, several dining facilities there were temporarily closed by the county health department, which found rodent droppings and a roach infestation.

Other colleges have deals that offer sweeteners — renovations to the president’s house, private parties catered for employees, free meals for athletic officials in exchange for free football tickets.