The College Football Playoff has finalized a six-year media rights extension with ESPN to broadcast the postseason games through the 2031 season, it was announced on Tuesday in a joint statement. The agreement beginning in 2026 will pay the CFP about $1.3 billion annually, sources confirmed to CBS Sports’ Dennis Dodd, which triples the amount of the previous contract.
“We are delighted to continue our long-standing relationship with ESPN,” said CFP executive director Bill Hancock. “It’s a significant day for the CFP and for the future of college football. The depth of coverage that ESPN gives to the sport throughout the season is second to none. There is no better platform to showcase this iconic championship as we move into the new 12-team format because ESPN’s people love college football every bit as much as we all do.”
While the format of the playoff beginning in 2026 is still under consideration, the postseason will feature a minimum of 12 teams under the new deal. However, discussions have centered around a 14-team College Football Playoff field beginning in 2026, according to Dodd. The contract also gives ESPN the right to sublicense a select number of games and sell them to other networks.
The updated revenue model, which served as the catalyst for this new deal being struck, will significantly benefit the Big Ten and SEC, launching them firmly ahead of the Big 12 and ACC moving forward. The new contract will pay the Big Ten and SEC 29% of the upcoming contract, sources tell Dodd, which works out to approximately $22 million per school. The ACC will receive 17% ($13-14 million per school) and the Big 12 will sit around 15% ($12 million per school). The numbers represent a raise across the board as all Power Five institutions receive…
Source link : https://www.cbssports.com/college-football/news/college-football-playoff-finalizes-new-tv-rights-contract-through-2031-season-with-expansion-still-on-table/
Author : Shehan Jeyarajah
Publish date : 2024-03-19 19:19:02
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