Abstract: Based on the new governance context and the dilemma of "Campus Football" system innovation in China, the study analyzed its value orientation and realistic path.The study believes that the reform of the "Campus Football" system in China should be consistent with the direction of the reform of the national governance system.In the process of advancing the reform of the "Campus Football" system, the government should seek a coordinated development of the government, market, and society in a new governance paradigm.For this purpose, the institutional innovation of "Campus Football" should establish the corresponding value orientation from the two levels of concept and practice, combine and reconstruct governance entities such as government, market and society, accelerate the institutional innovation of government departments, and introduce the entering of the market and sports social organizations.A multiple and coordinated governance structure can thus be established.