College Football returns with secure media deals and new eras for Pac-12, MWC

College football stands at the intersection of athletic tradition and big business, with soaring media rights deals, conference realignments, and innovative sponsorships fueling unprecedented growth. Yet, the sport is also embroiled in heated debates over player eligibility, name, image, and likeness (NIL) compensation, and the shifting landscape of transfer rules. As universities and conferences vie for revenue and influence, these controversies are reshaping the very fabric of the game, making the business of college football as dynamic and contentious as the competition on the field.

Power conference media deals locked up until the 2030s, MAC entering final season with ESPN

The Big Ten Conference Inc.

The Big Ten has set its dominance in college football, capturing three consecutive CFP championships. Off the field, the conference is entering the fourth year of a landmark seven-year media rights agreement with FOX (US), CBS (US), and NBC (US), valued at over $8 billion, the largest in college conference history. This deal, estimated at $1.15 billion per year, far surpasses the previous six-year contract with Fox, ESPN, and CBS, which brought in $440 million annually.

Last regular season, the conference averaged 2.8 million viewers across all networks. Ohio State ranked among college football’s top five most-watched teams in 2025, highlighted by 18.4 million viewers for its win over Michigan and 16.6 million for its victory against Texas, making both games the season’s most-watched matchups.

This offseason, Fox finalized a deal to re-acquire the 2026 Big Ten Championship Game rights from NBC, reportedly paying between $45 million and $55 million. As part of the agreement, NBC will also receive one additional Big Ten game this season. With the move, Fox will hold the rights to five of the seven Big Ten title games through the 2030s, while CBS retains rights to the other two.

The Southeastern Conference (SEC)

The SEC is now in the third year of its 10-year, $3 billion media rights agreement with ESPN, which succeeded its long-standing partnership with CBS. Including its extended SEC Network deal, the conference’s media rights are valued at $710 million annually through 2034.

The SEC remains the leader in college football television viewership, with games averaging nearly five million viewers last season, significantly ahead of the Big Ten, and experiencing a 50% increase in average audience from the previous year. As the SEC moves to a nine-game conference schedule in 2026, its media value and attractiveness to broadcasters are expected to rise even further.

Atlantic Coast Conference (ACC)

The ACC is in the midst of a landmark 20-year, $4.8 billion media rights agreement with ESPN, which extends through 2036 and stands as the longest such deal among the power conferences. Signed in 2016 alongside the launch of the ACC Network, this arrangement was initially seen as highly favorable, offering conference members a stable, multimillion-dollar revenue stream over two decades. Enhancing its media exposure even further, the ACC recently entered a sublicensing agreement with the CW Network to broadcast select games. In terms of viewership, the ACC reportedly averaged 2.2 million viewers per game last season, just behind the Big Ten.

The Big 12 Conference Inc

The Big 12 enters year two of its six-year, $2.3 billion media rights extension with Fox and ESPN this season, running through at least 2030-31. The average annual payout of $380 million marks a significant increase from the previous deal, which was valued at $200 million per year. In addition to the main agreement, there are additional sub-license agreements with TNT (US), CBS, and NBC. These sub-license agreements allow the Big 12 to reach wider audiences and enhance the conference’s overall visibility and future appeal.

Overall viewership continues to set records, ranking behind only the NFL in the US

College football set new viewership records a season ago, solidifying its position as the nation’s second most-watched sport behind the NFL. Total viewing time reportedly rose nearly 10%, with ESPN averaging 2.2 million viewers, its best season since 2011, while ABC (US) led with 6.9 million. Fox’s audience increased by 12% to 3.4 million, and NBC and CBS averaged just over 3 million, mainly for Big Ten and Notre Dame games. ACC games on ESPN saw a 70% jump to 2.5 million viewers. Alabama topped the list of most-watched teams, and overall, viewership continued to climb across all major networks and conferences.

Rebuilt Pac-12 begins new media rights and membership structure

The rebuilt Pac-12 secured a media rights deal, partnering with Versant Media Group Inc.'s USA Sports under a five-year agreement beginning this fall. Under the deal, USA Sports will broadcast 22 regular-season football games, 50 men’s basketball games, and up to 10 women’s basketball games each season.

Additional coverage includes 13 football games on The CW, up to 10 on CBS Sports Network, and select games on CBS and Paramount+. The Pac-12 now features Oregon State, Washington State, Boise State, Colorado State, Fresno State, San Diego State, Texas State, and Utah State in all sports, plus Gonzaga in non-football sports and several affiliate members.

Mountain West holds diverse media partnerships and expansion

The Mountain West has adopted a multiplatform media strategy, broadcasting games on CBS, CBS Sports Network, Paramount+, FOX, FS1, FS2, The CW Network, and streaming platforms like FOX One and MW+. Its latest media deal guarantees 30 football games each season on national and regional outlets, with the championship game airing in prime time on FOX. Basketball coverage is similarly robust, with 58 regular-season games featured on national TV. The recent addition of Northern Illinois has expanded the conference’s reach and television market.

This diversified approach maximizes both exposure and revenue, giving fans a wide array of viewing options. Following the Pac-12’s addition of five Mountain West schools, a legal dispute over exit and poaching fees was settled this offseason for a reported $70 million, less than half the original amount sought. Each departing school paid under $10 million in exit fees, with Oregon State and Washington State paying slightly more in poaching penalties, allowing both conferences to move forward with restructured memberships.

MAC enters final season with ESPN and an uncertain future

The Mid-American Conference (MAC) is entering the final season of its long-standing media rights agreement with ESPN, set to expire after 2026-27. While the deal, highlighted by mid-week “MACtion” games, boosted national exposure, it also brought challenges in attendance and fan engagement. Select games are also aired on CBS Sports Network through a sub-licensing arrangement.

In recent years, more games have shifted to ESPN streaming and CBS Sports Network, reducing accessibility for some fans. As the contract nears its end, the MAC must decide whether to renew with ESPN/CBS or explore new partnerships, potentially with streaming services or other broadcasters. The addition of Sacramento State for football brings the conference to 13 members, positioning it for possible growth and fresh media negotiations.

Collective revenue rises in the 2025 fiscal year

In the 2025 fiscal year, the Big Ten, SEC, ACC, and Big 12 experienced double-digit percentage gains in revenue, with the total revenue for the power conferences surpassing $4.1 billion. This figure is a 17% increase from 2024, despite the predicted drop from the Pac-12 due to reorganization.

The Big Ten led all conferences with $1.47 billion in total revenue and distributed a record $1.37 billion to its 18 members in the 2024-25 fiscal year, an increase of nearly $500 million. This 55% distribution jump was driven by the league’s first full year with 18 members following the addition of Oregon and Washington, as well as increased revenue from the expanded 12-team CFP, which Ohio State won in 2024.

Sixteen fully vested schools received varying payouts based on CFP participation and other factors. Ohio State received the most at $91.6 million, while Penn State received $88.9 million. Other full members received between $76.0 million and $79.9 million. Oregon and Washington, still receiving partial shares until 2030, were paid $48.4 million and $46.7 million, respectively, with Oregon earning more due to its CFP appearance.

In comparison, the SEC reported $1.11 billion in total revenue for fiscal year 2024-25, up from $840 million the previous year, with the conference distributing $1.03 billion to the SEC’s 16 universities. This represented an increase of more than $200 million compared to 2023-24, during which the conference distributed $808.4 million.

The amount distributed, including CFP and bowl revenue retained by participants, averaged $72.4 million for schools with full-year financial participation. The University of Oklahoma and the University of Texas, which joined the conference in July of 2024, received distributions of $2.6 million and $12.1 million, respectively, related to CFP and bowl participation and designated National Collegiate Athletics Association (NCAA) funds.

The ACC set a revenue record for the sixth consecutive year, reaching total revenue of $826.5 million, a $115.1 million increase over the previous year. Most ACC members received over $40 million in distribution, except for Notre Dame, Cal, Stanford, and SMU, which received between $17 million and $23 million each. Clemson led the conference with a $55.1 million payout.

Meanwhile, the Big 12 earned $610.9 million, marking a year-over-year revenue increase of $117.9 million. Most Big 12 members received at least $35 million in distribution, while newer schools BYU, Houston, UCF, and Cincinnati received between $19 million and $23 million. Arizona State, benefiting from its CFP appearance, received a conference-high $43 million.

Discussions still swirling around College Football Playoff expansion

The CFP is ushering in a new era this year, highlighted by a refreshed brand identity unveiled in the offseason. As part of this update, new logos have been introduced for the six bowl games that host quarterfinals and semifinals: the Sugar, Rose, Orange, Cotton, Peach, and Fiesta Bowls. This visual overhaul coincides with the start of ESPN’s six-year, $7.8 billion media rights extension, a deal that more than doubled the annual value of the previous agreement and secures ESPN’s exclusive control of the CFP through the 2031-32 season for up to a 14-team format. Should the playoff expand beyond that, additional games could be open for bidding, potentially attracting interest from networks like Fox or streaming giants such as Amazon.com Inc. and Netflix Inc., making media rights value a central issue in expansion discussions.

The CFP’s scheduling has also evolved to maximize exposure and avoid direct competition with the NFL. Quarterfinal games are now spread across multiple days to minimize overlap with major NFL broadcasts, and the national championship has been moved to late January to sidestep the NFL playoff window. Meanwhile, TNT Sports is expanding its CFP coverage this season, broadcasting two first-round games, two quarterfinals, and a semifinal after previously sublicensing early round matchups from ESPN.

Last season, the CFP expanded to a 12-team, 11-game format, introducing automatic bids for the five highest-ranked conference champions and direct seeding based on the Selection Committee’s rankings. These changes were designed to boost competitiveness and fairness, with financial compensation for top conference champions continuing even if they do not receive first-round byes.

Despite these developments, the future format of the CFP remains a major topic among college football’s leaders. Ongoing discussions center around further expansion to 16, 20, or even 24 teams. The Big Ten, ACC, and Big 12 have expressed support for a 24-team playoff, citing increased access and potential revenue growth, especially for leagues outside the Power Four. The SEC, however, remains cautious, voicing concerns about the impact on the regular season and the value of conference championship games, which generate over $200 million annually.

Ultimately, any changes to the CFP format require agreement from both the SEC and Big Ten, who hold veto power under a 2024 memorandum of understanding. So far, consensus has been elusive, and stakeholders have until Dec. 1, 2026, to decide on any format changes that could take effect as soon as the 2027-28 season.

Rapid growth in sponsorship partnerships

College athletics is seeing a rapid rise in sponsorship agreements and alternative revenue streams as both schools and conferences look for innovative ways to address increasing costs. The Big 12’s landmark $20 million annual partnership with Monster Energy, which includes co-branded jersey patches and field logos, has set a new standard for conference-wide deals. Meanwhile, powerhouse programs like Ohio State and Notre Dame have landed multimillion-dollar partnerships with major brands such as JPMorgan Chase & Co. and SoFi Technologies Inc., signaling a growing appetite for high-profile corporate collaborations across the industry.

While these sponsorships provide essential financial support, they also bring new challenges. There are concerns about how conference-wide deals might affect school-specific sponsorship rights and create exclusivity conflicts, especially when existing agreements are in place. Additionally, many of these contracts are managed through private multimedia rights partners, limiting transparency and making it difficult for the public to access details about the financial arrangements.

In response to these pressures, some universities are exploring new business models to generate additional income and maintain flexibility. The University of North Carolina, for example, is considering the creation of an outside entity to operate beyond traditional university guidelines. This approach reflects a wider trend, as more institutions experiment with alternative structures to better manage rising expenses and the growing possibility of revenue sharing with student-athletes.

Ongoing transformations in college athletics are on the horizon

As the broader landscape of college sports continues to evolve, the industry faces several complex and far-reaching challenges that extend well beyond media rights and playoff expansion. At the forefront is the ongoing debate over player eligibility and compensation. The rise of NIL deals has fundamentally changed the relationship between athletes and their institutions, creating new opportunities but also raising questions about fairness, recruiting, and competitive balance.

Legislation like the Protect College Sports Act potentially aims to bring greater clarity and structure to these issues, but consensus remains elusive. Lawmakers, university leaders, and athletic directors are grappling with how best to support student-athletes while preserving the core values and traditions of college sports. Meanwhile, the prospect of direct player compensation and expanded benefits continues to gain traction, with some calling for a formalized revenue-sharing model that would further blur the lines between amateur and professional athletics.

Adding to the complexity is the growing interest from private equity and alternative revenue streams. As traditional income sources are stretched by realignment, escalating costs, and legal pressures, conferences and universities are exploring new partnerships and financial models to sustain their programs. This influx of outside capital could reshape everything from media deals to facility upgrades, but it also brings increased scrutiny and questions about long-term control and priorities.

Perhaps most consequential is the ongoing discussion about the future of the NCAA itself. With major conferences consolidating power and resources, there is increasing speculation that the nation’s largest and most influential leagues could eventually break away from the NCAA entirely, forming their own governing structures and postseason frameworks. Such a move would represent a seismic shift in college athletics, redefining the relationships between schools, athletes, and fans.

As college sports stands at this crossroads, the path forward will require collaboration, innovation, and a careful balancing of tradition, opportunity, and the evolving interests of all stakeholders.