As the realignment waters settled and it became clear the Big Ten wasn’t adding more schools, the Hotline
pegged valuation ranges for the Pac-12 and Big 12 as the following:
— Pac-12: $35 million to $40 million per school per year
— Big 12: $38 million to $42 million per school per year
But then the landscape changed, dramatically. The Big 12 prioritized security over cash, opting to renew its partnerships with ESPN and Fox instead of waiting a year to hit the open market.
The resulting seven-year deal, reportedly worth $31.7 million per school per year, made sense given the league’s tumultuous past. But it undercut the Pac-12’s negotiating position.
Whereas the Big Ten’s deal had served as a valuation North Star for the conference, the Big 12’s agreement became its Southern Cross to bear.