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Big 12 officials discussed a structure in which Texas and Oklahoma would receive additional revenue shares to encourage the two schools to stay in the conference rather than pursue a future in the SEC, said officials. conference sources at CBS Sports.
Such a structure would grant the Longhorns and Sooners an additional half a share each year (1.5 shares each), bringing their payouts to around $ 56 million per year. The other eight schools would reduce their payments accordingly. The 12 major schools currently represent an average of $ 37 million in annual television rights revenue, including bowling and NCAA tournament revenue.
The topic became a topic of discussion Thursday night during the conference call with Big 12 Commissioner Bob Bowlsby. Texas and Oklahoma were not part of the appeal. A person familiar with the conversation pointed out that the idea of revenue sharing was “from the 50,000 foot level” and preliminary in nature.
Follow live the developments of the expected departure of the Big 12 from Texas and Oklahoma.
Texas and Oklahoma are expected to notify the Big 12 on Monday of their intention not to renew their rights-granting agreements with the league, signaling their departure from the conference. This agreement lasts until the 2024-25 sports season.
What is not known is when the Longhorns and Sooners hope to leave the Big 12. As CBS Sports reported on Friday, the Big 12 powers are owed the conference up to $ 80 million each. ‘they were leaving before the current television rights agreement expired.
An industry source told CBS Sports that such a bold move could serve as a warning to a conference like the Big Ten, which must ensure it prevents the state of Ohio and Michigan from moving to the future.
There are exceptions, but most FBS conferences share revenue equally.
While the Big 12’s earnings game may be a long one, league sources told CBS Sports the conference has not given up on keeping Texas and Oklahoma in the fold. Retaining UT and OU was the first stated goal in a summary provided by the Big 12 following that Thursday night conference call.
If Texas and Oklahoma transition to the SEC as planned, there will be a financial windfall for these schools and the SEC as a whole. SEC teams are currently making an average of $ 44 million per year from their rights agreement, a figure that could reach over $ 60 million with UT and OU in tow.
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