One of the few advantages the crippled Pac-12 had in realignment is that it was next in line among the major conferences to have its media rights contract renewed. At a time when there was a question whether there would even be a Pac-12 after the loss of USC and UCLA, that was everything.
That advantage disappeared Wednesday when the Big 12 announced it would soon enter into negotiations with its media partners, ESPN and Fox. The Big 12 contract that expires in 2025 could now conceivably be renegotiated and moved up ahead of the Pac-12. That conference’s deal with the same two networks expires in 2024.
“It’s a smart move for [the Big 12],” said a veteran media rights negotiator. “If you’re the Big 12, why wouldn’t you do this? … It doesn’t bind either side.”
What it does is create a possibility for the Big 12 to leapfrog the Pac-12 in those talks. ESPN and Fox are expected to meet face-to-face with the Big 12 in the next week or two, sources tell CBS Sports.
“Meetings are imminent,” said a person familiar with the quickly-evolving process.
The Big 12 cannot engage bidders other than ESPN and Fox until early 2024
“It is an exciting time for college athletics and given the changing landscape we welcome the opportunity to engage with our partners to determine if an early extension is in the best interest of all parties,” said Big 12 commissioner Brett Yormark. “The Big 12 has enjoyed a fantastic relationship with its multi-media rights holders, and I look forward to having these conversations.”
Emphasizing the urgency of the proceedings, active conversations are ongoing as the Big 12 considers allowing Oklahoma and Texas to leave the conference early for the SEC, CBS Sports has learned. The two schools are bound to the Big 12 via their media rights deal for three more seasons.
“It’s definitely a piece of this puzzle, this OU-Texas separation,” said a source familiar with discussions. “Those conversations are definitely happening and are making accessible progress.”
If Oklahoma and Texas ultimately leave the Big 12 early, Fox would likely have to be made whole financially because of the loss of the two lucrative TV ratings winners prior to the end of the deal in 2025. Fox’s Big 12 valuation is based on those schools staying for the next three seasons. There is also a Big 12 early-exit penalty to consider as breaking the existing grant of rights that would have to be…
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