“I think what it does, it affords us the opportunity to make sure that we can continually do the things we need to do to take care of our student-athletes, to fortify our institutions, to build our programs,” Big Ten Commissioner Kevin Warren told the AP. The large increase in revenue to the conference won’t kick in until the third year of the deal and gradually will increase over the final five years.
The person spoke to the AP on condition of anonymity because Big Ten and network officials were not disclosing financial details publicly, but the deal is believed to be the richest ever on an annual basis for a college sports property. The deals go into effect in 2023, expire in 2030 and eventually will allow the conference’s soon-to-be 16 member universities to share more than $1 billion per year, a person familiar with the terms told The Associated Press.
The Big Ten announced Thursday it has reached seven-year agreements with Fox, CBS and NBC to share the rights to the conference’s football and basketball games.