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The Big Ten has officially completed a new seven-year media rights agreement with FOX, CBS and NBC that will be the richest-ever television agreement for a college athletic league, ESPN's Adam Rittenberg reported on Thursday (August 18).
The new deal, which is expected to bring in more than $7 billion for the conference, will begin on July 1, 2023 and run through the end of the 2029-30 athletic year, according to Rittenberg.
Specific terms of the agreement weren't disclosed at the time of the report, but media sources with knowledge of the negotiations told Rittenberg that a financial windfall wasn't expected to come immediately.
CBS' payout in Year 1 is reported to be lower since the network will continue to carry Southeastern Conference games through the 2023 season, while only airing seven Big Ten matchups.
However, the Big Ten's per-school distribution will increase during Year 2 as the league will officially add USC and UCLA to its conference in 2024 and a substantial revenue rise is expected to begin in Year 3.
The Big Ten is projected to eventually distribute between $80 million and $100 million to all 16 of its member schools over the course of the television deal.
CBS, NBC and FOX are all set to carry future Big Ten football championship games as part of the deal, with FOX remaining the conference's primary broadcast partner, having aired the football title game annually since its initial agreement in 2011.
FOX will broadcast the 2023, 2025, 2027 and 2029 Big Ten football championship games -- as well as the previously scheduled 2022 title game -- and carry between 24-32 football games per season as part of the new deal.
CBS will broadcast the 2024 and 2028 Big Ten title games and broadcast 14-15 games annually.
NBC will broadcast the 2026 Big Ten football championship game and 14-16 games on its linear network, as well as eight annually on its Peacock streaming service.