The 10 remaining Pac-12 schools have agreed to terms on a Grant of Rights contract pending the signing of an acceptable TV contract, according to multiple reports on Wednesday.
The arrangement is a bit like agreeing to go to dinner with 10 friends so long as you all agree on the restaurant, but it's progress nonetheless. Speculation has swirled for months that the conference was on the verge of imminent collapse, with Colorado and Arizona as the most common targets for rumor and intuition.
Even yesterday, a CU board of regents meeting with "legal advice on a specific matter - athletics" led to rampant speculation that the Buffaloes were headed for the Big 12. In hindsight, it seems the regents were meeting to give the OK on the terms of the new Grant of Rights.
As for the terms: the 10 schools would have an equal share of money from the to-be-determined TV contract, and schools that reach and advance in the College Football Playoff would receive a larger piece of that pie. This is an arrangement that the ACC recently agreed to while dealing with its own turmoil, and it's how the NCAA distributes money from the lucrative men's basketball tournament.
CBS reported last month that ESPN dropped out of negotiations to continue carrying the network after its current contract expires on July 1, 2024.
"We're continuing to have really good dialogue and discussion with several media bidders and media partners," Washington State president Kirk Schulz said on May 16. "I know our fans are frustrated ... I ask everybody to be patient because we have more bidders coming to the table, more people interested as the time goes on, and the 10 schools are as unified as I've ever seen them.
"We hope in the next few weeks to a month to be able to have a media rights deal, to get the grant rights signed by all 10 schools, and then to work on expansion."
San Diego State is widely anticipated to become the 11th Pac-12 member once the TV deal is ironed out. However, multiple reports indicate that it would be prohibitive for the Aztecs to get out of the Mountain West in time for the 2024 football season if they do not begin that process by the end of this month.
With a Grant of Rights agreement-in-principle in place, perhaps other dominoes may begin falling soon.
In the meantime, stay tuned to The Scoop for the latest.