In a pivotal move that signals both resilience and recalibration, the Pac-12 Conference has secured a major domestic broadcast rights deal with CBS Sports, set to begin in the 2026 season and run through 2030–31. The agreement, valued between $56 million and $80 million annually, delivers a much-needed shot of credibility and financial reinforcement to the once-premier but recently fragmented college sports conference.
The Deal Breakdown
- Coverage Scope: At least three college football games and multiple men’s basketball fixtures per season, including championship games.
- Platforms: Content will be distributed across CBS Sports Network and Paramount+, with select fixtures airing on linear CBS.
- Duration: Five-year term starting 2026, tying current and incoming Pac-12 schools through 2031.
This long-term agreement comes on the back of a short-term stopgap deal signed earlier in 2024, which allowed CBS to cover the upcoming 2025 football season — featuring only Oregon State and Washington State, the two remaining legacy members.
A Reassembled Conference
The Pac-12 is essentially starting over. Ten of its original twelve members have departed for ACC, Big Ten, or Big 12, lured by significantly higher media rights payouts. The new lineup includes:
- Oregon State
- Washington State
- Boise State
- San Diego State
- Fresno State
- Colorado State
- Utah State
- Gonzaga (basketball only)
While this expansion brings fresh energy, it’s also strategic necessity — the NCAA mandates at least eight football-playing members to maintain conference status. One more addition, likely Texas State, is expected to meet that requirement.
Financial Reality Check
Before the collapse, the Pac-12 commanded $20.8 million per school per year from its ESPN and Fox rights deals. The new CBS arrangement offers just $7–10 million per school, still better than the Mountain West’s ~$4 million per school, but far below what rivals enjoy:
- Big 12: $2B deal with Fox & ESPN (through 2036)
- Big Ten: ~$7B deal across Fox, CBS, and NBC
Adding to the strain is a realignment debt burden: Collectively, the new Pac-12 schools reportedly owe $145 million in exit and poaching fees. Even with the CBS bump, that hole won’t be easy to fill.
Strategic Questions
- Will CBS’s distribution help rebuild the Pac-12 brand nationally?
- Can the conference secure additional broadcast deals for non-CBS-covered games to boost revenue?
- How does this deal position the Pac-12 for the next media rights negotiation cycle?
- And crucially—does this lock-in limit their upside?
This CBS deal offers the Pac-12 stability but at a potential cost of flexibility and future upside. Here’s how we see the key plays for stakeholders:
For Broadcasters:
- Bundle regional storytelling with live rights.
- Tap into loyal local fanbases via short-form, always-on content on streaming platforms.
For Schools:
- Monetize non-broadcast rights (NIL content, behind-the-scenes series, docuseries).
- Build school-specific OTT platforms that can piggyback CBS exposure.
For Sponsors:
- Activate locally — this Pac-12 is hyper-regional now.
- Work with institutions to build year-round partnerships that extend beyond marquee fixtures.
Let’s Rebuild Your Rights Strategy
At 365247 Consultancy, we help sports organizations and leagues extract maximum value from their media rights, whether you’re rebuilding like the Pac-12, scaling globally, or launching new formats.
