$1.3 billion rumored College Football Playoff contract with ESPN gets finalized as exclusive rights bind both sides through 2031 season

ESPN signed a massive new deal with the College Football Playoff to be the sole media rights holder of the event through the 2031-2032 season.

ESPN will pay $7.8 billion over six years, meaning $1.3 billion per year. The deal will come into effect once the ongoing 12-year contract expires after the 2025-26 college football season.

This deal includes exclusive rights to all the programming connected to the College Football Playoff. It means the CFP Selection show, the AP Poll shows and all CFP games will be airing under the ESPN umbrella.

ESPN chairman Jimmy Pitaro said regarding the new contract that the company is excited to lock in the College Football Playoff for the next eight years.

"ESPN has worked very closesly with the College Football Playoff over the past decade to build one of the most prominent events in American sports.

"We look forward to enhancing our valued relationship over the next two years, and then continuing it for six more as we embark on this new, expanded playoff era. This agreement further solidifies ESPN as the home of college football, as well as the destination for the vast majority of major college championships for the next eight years." h/t ESPN

With the new expansion of the College Football Playoff this season to 12 teams, it will be interesting to see how things look going forward. All we do know is where these games are going to be aired.

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What does the College Football Playoff format look like this upcoming season?

The College Football Playoff format changes for the first time since the four-team structure was introduced. The field has multiplied by three, as there will be 12 teams competing in the CFP to win the national championship.

The seeding is going to be the top four conference champions and then the remaining seeds will be by the other Power Five conference champion as well as the seven best non-conference champions.

The top four conference champions will be the top seeds in the CFP and get a bye in the first round of the single-elimination tournament.