The Big 12 board has unanimously approved a conference championship game, which will begin play in the 2017 season.
The conference announced the changes Friday following a gathering of school presidents in Dallas.
The Big 12 becomes the last power conference to add a title game with the NCAA recently ruling it can hold one despite having just 10 members. The school reported a 20% increase in per-school revenue distribution for 2016, up to an average of $30.4 million.
Commissioner Bob Bowlsby said there are still questions about whether expansion is the right move for the conference, but that “in all likelihood” the conference will split into two five-team divisions. He added that the average annual value of a championship is worth nearly $30 million.
Oklahoma president David Boren said there are no plans to go forward with a conference TV network at the moment.
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The conference is currently in a state of flux, with Kansas State, Texas Tech and Baylor all employing interim school presidents, and Baylor rocked by a sexual assault scandal that has seen major upheaval in leadership as well as within the football program.