Last Thursday, West Virginia athletic director Oliver Luck told the Gazette the Big 12 had extended the granting of television rights from a minimum of six years to 13. Now, CBSSports.com is reporting that extension has led to a lucrative new media rights agreement for the conference.
Site writer Dennis Dodd said the Big 12, ESPN and Fox have verbally agreed to a combined $2.6 billion deal, worth $200 million annually or an average of $20 million per school through 2025.
Luck commented on the granting of rights in Friday's Gazette.
"There's a very good spirit within the Big 12," he said. "Not only is there stability, but a granting of [television] rights for 13 years. That's an eternity in our business."
Previously, the league voted on the minimum of six years. Apparently, the extension led to the verbal commitment.
The Big 12's current deal with ESPN/ABC doesn't expire until 2016. Dodd said "that part of the agreement is being termed an extension that would 'synch up' with a $1.2 billion, 13-year deal signed with Fox in April 2011."
The deal, however, has not been signed and is not official.