According to cbssports.com, the Big 12 may get a new media rights deal with ESPN and Fox within weeks. The league has been pursuing a new deal prior to the conference’s formal negotiating window for 2024. The Big 12’s contract currently with ESPN and Fox expires after the 2024-2025 academic year. A new deal this far ahead of the expiration of their current contract is not guaranteed, but it could position the Big 12 ahead of the Pac-12 in securing more lucrative broadcast windows. The Pac-12 is currently on the open market for a new contract as their current one is set to expire in 2024.
Brett Yormark the Big 12 commissioner told CBS Sports on Wednesday that if a new deal isn’t finalized in the near future “there is the option to wait 16 months [for the formal negotiating window to begin].” He also said that he expects per school media rights revenue to increase from its current deal despite losing Texas and Oklahoma to the SEC starting in 2025. Those two Big 12 schools are currently receiving $43 million annually for their media rights, a figure that uses revenue from the NCAA Tournament and bowl games. Bob Bowlsby, former commissioner, testified to the Texas legislature after the loss of Texas and Oklahoma that the value of the conference would decrease by 50% without having those programs involved.
When asked how a new media rights deal could surpass $43 million per program, Yormark responded, “I’m a good salesman. There is nothing more valuable than live sports right now. Generally speaking, there is a huge appetite for what we sell. That in itself gets us to a higher place, I don’t believe in flat, We’ve got to go up. We’ve made a very compelling case. We’re also selling a future vision. If you buy into my vision of where we’re going to take this conference, how we nationalize, how we build our brands — in partnership — then you’ll hopefully get to a point where you rationalize the number that I need in order to do this deal.” Adding in that, “I’m going to create … new events, go to new markets, do media blitzes, use music, celebratize our events, use influencer marketing, Although the economics are important, it’s not the only thing I’m looking for. I want partners that want to market, promote and story tell,”
Whatever ends up happening, the Big Ten is expected to lead all conferences in 2023 when its new deal with CBS, Fox, and NBC starts. Once USC and UCLA join in 2024, Big Ten schools are expected to make between $75 and $80 million per year.
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