Top conferences lead changing college sports dynamics

Media deals among power conferences in place until 2030s

Big Ten: Now in its third year, the Big Ten's media rights agreement with FOX (US), Paramount and NBC (US) is valued at over $8 billion for seven years and continues to stand as the largest media rights deal in college conference history. Previously, the six-year contract with Fox, ESPN (US) and CBS (US) was worth $440 million annually, while the current deal is valued at an estimated $1.15 billion per year. The conference begins its second year with 18 teams following the transition of Oregon, UCLA, USC and Washington from the previous version of the Pac-12.

SEC: After a successful inaugural season with the additions of Texas and Oklahoma, the SEC began the second year of its 10-year media rights agreement with ESPN, valued at roughly $3 billion. This deal replaced the iconic CBS arrangement, which was worth about $55 million annually. The conference's current media rights arrangement combines with the more extensive partnership with ESPN that originated from the launch of the SEC Network, which was extended until 2034. As a result of these collective efforts, the SEC is projected to generate $710 million in media rights annually.

Big 12: The Big 12 began the six-year, $2.3 billion media rights extension agreement this season, running through at least the 2030-31 season. The average annual payout of $380 million in the deal represents a substantial increase compared to the conference's previous deal, which amounted to $200 million per year. The Big 12 lost Texas and Oklahoma last season, while adding Arizona, Arizona State, Colorado and Utah to the conference.

ACC: The ACC is engaged in a 20-year, $4.8 billion media rights agreement with ESPN, lasting until 2036, which provides a stable revenue stream and coincided with the launch of the ACC Network. The CW also has a sublicensing deal to air select ACC games.

Following intentions to leave the conference, Clemson and Florida State reached a settlement, stabilizing membership while hinting at future upheaval by 2030. This agreement introduces an uneven revenue distribution model based on performance and TV ratings, with diminishing exit fees decreasing from $165 million in 2026 to $75 million by 2030-31. The new model may widen revenue disparities among schools, with successful programs potentially gaining an additional $15 million to $35 million annually, and Clemson projecting $120 million over six years.

Collective revenues drop slightly in fiscal year 2024, revenue sharing begins following settlement

While the Power Four conferences collectively surpassed $3.5 billion in revenue, slight declines were noted in the SEC, Big 12, and Pac-12 for the 2024 fiscal year. The Big Ten led with $928 million in total revenue, while the SEC reported $840 million. The ACC's revenue remained stable at $711 million, and the Big 12 earned $494 million.

The introduction of a revenue-sharing model following the House v. NCAA settlement allows Division I athletic departments to directly pay student-athletes, marking a significant shift in college sports finance. This new structure is expected to benefit football programs the most, with allocations based on performance and market value.

Debates surrounding the structure of the College Football Playoff continue

ESPN has secured broadcasting rights for the College Football Playoff (CFP) until 2032 through a six-year extension valued at $7.8 billion, reflecting a nearly 114% increase from the previous deal. The CFP format expanded to 12 teams last season, with significant updates for the 2025-26 season that include automatic bids for the five highest-ranked conference champions and direct seeding based on final standings rather than conference titles. Future discussions involve potential expansions to 14 or 16 teams and the inclusion of more on-campus home games.

Various plans for the CFP are being proposed by the Power Four conferences, including a model that allocates more bids to certain conferences and a radical expansion to 24 or 28 teams, which could grant seven automatic bids to specific conferences. The effectiveness of a larger playoff structure is exemplified by the Football Championship Subdivision (FCS), which utilizes a 24-team playoff system. Ongoing discussions indicate a growing divide between the Power Four conferences and the rest of college football, raising concerns about the implications for independent teams.

Pac-12 strikes new media rights deals

The Pac-12 finalized a one-year media rights deal for its 2025 football season, which will feature a 13-game package primarily consisting of home games from Washington State and Oregon State. The games will be broadcast across three networks: The CW, CBS and ESPN. The CW is set to air the majority of the games, with nine scheduled, while CBS and ESPN will each broadcast two games.

In addition to the one-year rights deal, the Pac-12 secured a longer-term media deal with CBS, marking a key step in the conference's restructuring ahead of the 2026-27 season. The financial details of the five-year CBS deal remain undisclosed, but estimates suggest it could range between $10 million to $15 million annually, with a minimum guarantee and revenue sharing. The deal may also involve more than just CBS, potentially including CBS Sports Network and Paramount+.

Future changes in college athletics are guaranteed

The NCAA has granted the Power Four conferences greater control by allowing them to hold 65% of the voting power in major NCAA committees. This change aims to streamline the legislative process and highlight the differences between wealthier athletic departments and smaller Division I schools. Concerns persist about how this will affect smaller conferences and revenue-generating tournaments, such as the NCAA basketball championships.

Additionally, Memphis's attempt to join the Big 12 highlighted the financial barriers for schools seeking entry into the Power Four, as the university's proposal of over $200 million in sponsorships was rejected. Reports indicate that expansion fees will become standard, widening the gap between the Power Four and Group of Five schools. As college football evolves, these changes are reshaping traditional rivalries, financial models, and competitive dynamics, leading to ongoing discussions about equity and access in college sports. Institutions must navigate this uncertain future carefully to ensure their success in an increasingly commercialized landscape.