According to CBSSports.com, the Big 12 Conference has reached a verbal agreement on a television contract with ESPN and Fox. The contract is expected to be a 13-year deal worth $2.6 billion, which will give each team $20 million annually.
The contract will run through 2025. With this agreement, the Big 12 Conference will enter the same status as the PAC-12, SEC and Big Ten. All of those conferences earn near or above $200 million per year in its TV contracts.
Also expected to be announced with the television contract is an extension of the league’s grant of rights. The league previously agreed to a six-year grant of rights, which allows the conference to keep a school’s television rights if it leaves for a new league.
The Big 12 Conference is still in its current deal with ESPN/ABC, which doesn’t expire until 2016. Part of this agreement is being termed an extension with the previous deal. No official announcement has been made by the Big 12 Conference yet.
This agreement comes less than one week after Bob Bowlsby was named the new Big 12 Conference Commissioner.