Brett McMurphy of ESPN.com reports that the Big 12, ESPN and Fox on Friday will announce a media rights deal worth $2.6 billion over 13 years, or $200 million annually ($20 million for each of the league's 10 teams).
The Big 12's board of directors will formally vote on the proposal on Friday morning, and it's expected to be approved with no resistance.
The new deal, which apparently goes into effect immediately (McMurphy says it runs through the 2024-25 school year), puts the league on par with the Big Ten in per-school TV revenue, just behind the Pac-12's $21 million each. Guess losing Colorado, Nebraska, Missouri and Texas A&M didn't matter much.
ESPN and Fox will divvy up the league's football schedule, while ESPN will own the rights to all men's basketball games.
The deal also includes a "grant of rights" which assigns a school's media rights and revenue to the league should the school leave for another conference. The clause is designed to protect the Big 12 from defectors; the Big Ten and Pac-12 also have such language in their respective deals.