Pac-12 Media rights: What should be the bottom line for the FBS powerhouse hunting for a new network partner in 2023?

The Pac-12 Conference has been in the midst of a major media rights negotiation for months. The conference's current deal with Fox and ESPN expires in 2024, and it’s been working hard to secure a new agreement that will pay its member schools more money.

The conference’s current 12-year media deal with Fox and ESPN will come to an end on July 1, 2024. The contracts with the two television networks have an average combined yearly worth of $250 million, which has provided financial stability for the conference over the years.

It is believed that the Pac-12 is seeking a new deal in the region of $300 million annually. The conference officials have held extensive talks with its television partners in the last few months. However, ESPN reportedly pulled out of a potential deal in May.

While the Big 12, Southeastern Conference, and Atlantic Coast Conference have secured long-term broadcast agreements with ESPN, the network is outrightly dropping the coverage of the Pac-12 games in a bid to streamline its college football roster.

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Big 12 media deal is a benchmark for the Pac-12

After the Big 12 sealed a six-year television deal worth $2.28 billion with ESPN and Fox in the last quarter of 2022, huge pressure fell on the Pac-12 to ensure a competitive television broadcast package that can match the Big 12.

Securing the media deal appears quite crucial in keeping the conference together. After the exit of USC and UCLA, a couple of other schools in the conference are reportedly ready to jump ship. However, a media deal with an annual value of $300 million and above could be a lifesaver.

Utah v USC

Over the past months, the conference executives have reiterated their confidence in sealing a deal bigger than that of the Big 12. This could help keep its members from exiting the conference and further aid its ambitious expansion plans.

With ESPN out of the race, the conference is intensifying talks with other networks. According to reports, Amazon has been adopting a tough negotiating stance in discussions with the conference. Other potential media partners being considered by the Pac-12 include Fox, Apple and NBC.

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ESPN's decision to pull out of the media deal

ESPN pulled out of a possible deal with the conference due to its latest cost-control measure. With the network's notable absence in the bidding process for the Tier 1 rights, the conference finds itself in a challenging situation going forward.

However, considering ESPN's decision to pass on broadcasting rights for major events like the Big Ten, NFL Sunday Ticket, Premier League, UEFA Champions League, and MLS, it is not surprising in the least that they might also choose not to pursue rights for the Pac-12.