The Big 12's Board of Directors has approved a 13 year deal with ABC / ESPN and Fox, worth an estimated $2.6 billion. The agreement stretches through 2025.
The conference and TV networks agreed in principle back in May, but all the finer details have now been ironed out.
Under the deal, the conference is expected to pocket about $200 million annually, with each school getting a share of about $20 million per year.
ESPN and Fox will have rights to air the games and ESPN will air more than 20 games per year, with at least 25 games being aired on national broadcasts and cable channels.
One interesting note in the deal is a "grant of right" clause that provides security for the ten members of the Big 12.
The clause states that if a Big 12 school leaves the league during the term of the contract, that school's media rights and revenue would remain with the Big 12 and not the new conference of the departed school.
Commissioner Bob Bowlsby described the clause as "a very public & business-oriented substantiation of the commitment that the ten institutions have privately" in the press conference announcing the deal.