What USC's Opposition to Big Ten Capital Deal Means for the Trojans' Future

The Big Ten conference is looking to make significant changes, proposing a private capital deal for a large investment. The deal will bring in funds for each Big Ten school, but the USC Trojans are one of two programs pushing against the deal.

Sep 13, 2025; West Lafayette, Indiana, USA; Southern California Trojans head coach Lincoln Riley stands on the sidelines during the first quarter against the Purdue Boilermakers at Ross-Ade Stadium. Mandatory Credit: Marc Lebryk-Imagn Images | Marc Lebryk-Imagn Images

Several changes have occurred in the Big Ten in recent years, notably expanding to 18 teams. The USC Trojans are in their second year in the conference, and the Big Ten is proposing major changes to continue to grow financially.

The Big Ten and commissioner Tony Petitti are working on a private capital deal that would also extend the Big Ten’s grant of rights through 2046. The deal would bring in an investment of approximately $2.4 billion to the conference, but it would involve an uneven distribution of the funding. The USC Trojans are one of two programs that are against agreeing to the deal.

Dec 2, 2022; Las Vegas, NV, USA; Southern California Trojans head coach Lincoln Riley watches game action against the Utah Utes during the second half in the PAC-12 Football Championship at Allegiant Stadium. Mandatory Credit: Gary A. Vasquez-Imagn Images | Gary A. Vasquez-Imagn Images

USC athletic director Jen Cohen released a statement in her “State of Troy” letter, calling for a thorough investigation before agreeing to the deal.

“As we continue to evaluate the merits of this proposal or any others, our University leadership remains aligned in our stance that our fiduciary obligation to the University of Southern California demands we thoroughly evaluate any deals that could impact our long-term value and flexibility, no matter the short-term benefit,” Cohen wrote. 

“We greatly value our membership in the Big Ten Conference and understand and respect the larger landscape, but we also recognize the power of the USC brand is far-reaching, deeply engaging, and incredibly valuable, and we will always fight first for what’s best for USC.”

Jul 21, 2023; Las Vegas, NV, USA; Southern California Trojans coach Lincoln Riley speaks during Pac-12 Media Day at Resorts World Las Vegas. Mandatory Credit: Kirby Lee-Imagn Images | Kirby Lee-Imagn Images

In the statement, Cohen details the concern over the long-term challenges. Before agreeing, Cohen and the program want to understand the long-term benefits, such as flexibility. If USC finds that the deal will help the program long-term, the Trojans could still agree.

How Money Would Be Spread To USC

According to USA Today, over 15 years, the UC investments would receive 10 percent of the conference’s media and sponsorship rights. The other 90 percent would be spread through the schools. They divide between the schools based on earning potential.

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While the conference would be gaining a large sum of money, the distribution would not be even. The conference’s grant-of-rights agreement would be extended from 2036 to 2046 with an upfront payment. USC would earn about $150 million through the tiered revenue system. Michigan, the other school in the conference that is also against the plan, would receive $190 million as a higher tier.

Oct 5, 2024; Minneapolis, Minnesota, USA; USC Trojans head coach Lincoln Riley looks on during the first half against the Minnesota Golden Gophers at Huntington Bank Stadium. Mandatory Credit: Matt Krohn-Imagn Images | Matt Krohn-Imagn Images

While the Trojans would still be earning a significant amount, more would go to a higher tier, such as the Ohio State Buckeyes. While the smaller schools in the conference may be okay not earning as much, as it would still help the program, the middle-tier programs may not feel the same.

What Could Happen If USC Does Not Agree To Deal

The other challenge is the long-term commitment, locking the 18 programs in the conference until 2046. If there is no clarity on how it will affect the program in the future, the Trojans may not agree to the deal, possibly leading to more major changes for USC.

While the proposal is on hold, there is a chance the Big Ten will go through with the proposal without USC and Michigan's agreement. If USC does not agree to the plan, a possible conference realignment is not impossible.

The Trojans have only been in the conference for two years, along with Oregon, UCLA, and Washington, but USC could find a new home if the Big Ten chooses to go through with the deal. The Trojans are looking to do what it takes to chase a national title, and if that means switching conferences again, it is a possibility.

Sep 13, 2025; West Lafayette, Indiana, USA; Southern California Trojans quarterback Jayden Maiava (14) talks with Southern California Trojans head coach Lincoln Riley before the game against the Purdue Boilermakers at Ross-Ade Stadium. Mandatory Credit: Marc Lebryk-Imagn Images | Marc Lebryk-Imagn Images

Even the threat of USC or Michigan leaving the Big Ten could force the conference to rethink the deal. 

The Big Ten is also reportedly pushing for a playoff expansion, which would give the conference more automatic qualifiers, such as USC. The USC Trojans are a competitive team, currently competing to make the College Football Playoff. With the current roster and the strong recruiting class, USC is on pace to be a competitor for the next several years and is a valuable team to keep in the Big Ten.

While USC can still agree to the deal, for now the proposal is at a standstill and will something to monitor as the Trojans continue to stand against it.