FORT WORTH, TX - OCTOBER 10: Texas Christian University Chancellor Victor J. Boschini Jr. signs the 'Official Letter of Agreement' making TCU a member of the Big XII during a press conference on October 10, 2011 in Fort Worth, Texas. (Photo by Brandon Wade/Getty Images)
Coming off a fantastic party in the stockyards of Fort Worth to welcome TCU into the Big 12, comes news this morning that the ten current member institutions have agreed to grant all media rights (except tier 3 rights) to the Big 12 conference for a period of 13 years, through the end of the 2026 athletic season. The grant of rights lines up with a new 13 year, $2.6 Billion television deal with ESPN and Fox Sports which is set to begin this year.
The grant of rights solidifies the conference over the same period of time, with schools essentially creating a situation where leaving the Big 12 would be so financially dangerous it is likely no longer an option for any institution.
The new television deal, which has ESPN as the primary Tier 1 rights holder and Fox as the Tier 2 holder, will provide member institutions with an annual payout of appox. $20 million. TCU, whose revenue is being scaled into effect as a "buy-in," will receive the following payouts over the next few years:
2012-2013: $10 Million (50%)
2013-2014: $13.4 Million (67%)
2014-2015: $16.8 Million (84%)
2015-2016: $20 Million (100%)
Recent reports have also indicated that while the Big 12 would have the ability to renegotiate the current contract if it decided to add members, ESPN and Fox have indicated the only potential addition that would add value would be Notre Dame, even if only as a partial member.