Background and Aim: College physical education (CPE) is a Key Stage in the transition from school physical education to national sports. Collaborative governance is an effective new type of social participation, but there is not much research on CPE collaborative governance. The purpose of this study is to describe the interrelationship of multiple subjects in the College Physical Education (CPE) collaborative governance and explore the specific influencing factors that affect the effect of CPE collaborative governance. Materials and Methods: This study uses the Delphi method. A total of 18 experts conducted two rounds of expert consultation questionnaires with the Delphi method and completed the CPE Collaborative Governance Scale. The scale includes four dimensions: Government-led multi-sectoral coordination, CPE internal governance, and external synergy, System design of CPE collaborative governance, and Mechanism construction of CPE collaborative governance. Three criteria for the inclusion of experts have been established, including educational background, professional title, and management experience, ensuring the authority of experts. Results: The theoretical model of CPE collaborative governance constructed shows the interrelationships among multiple subjects of CPE. The four dimensions of collaborative governance in college physical education are government-led multi-sector collaboration, internal governance and external collaboration of CPE, the institutional design of CPE collaborative governance, and the mechanism construction of CPE collaborative governance. The results show that after the expert consultation and verification of the Delphi method, the 4 Indicator Dimensions and 28 Specific Items in the revised CPE collaborative governance Indicator System have significance and reference value for CPE collaborative governance. Conclusion: The relationship between multiple subjects of CPE collaborative governance revealed in this study, as well as the quantified and validated indicators of collaborative governance effectiveness, have certain reference values for CPE to carry out collaborative governance work. CPE managers can use the results of this study to carry out CPE collaborative governance work based on the current situation.