Each of the four power conferences in college sports has filed its latest annual tax form with the IRS, and documents show that the “Big Ten is king” with $1.47B in revenue for FY 2025, followed by $1.11B for the SEC, according to Brent Schrotenboer of USA TODAY. The ACC received record revenues of $826.5M, and the Big 12 also received record revenues of $610.9M after adding four new members. The numbers reflect a “consolidation of power in the two wealthiest leagues after they weakened the Big 12 and Pac-12 by taking their top brands.” The Big Ten saw a $540M increase from FY 2024 to 2025. The conference’s “revenue pie expanded” for four new members (USC, UCLA, Oregon, Washington). It also reflects “escalating media revenues” in the second year of a $7B deal with Fox, CBS and NBC. The SEC saw a $269M increase from fiscal 2024. The conference started a new $3B deal with ESPN/ABC and got a “contract upgrade” after adding two new members (Oklahoma, Texas). The Big 12 reported a $117.9M increase. It added Colorado, Arizona, Arizona State and Utah from the Pac-12. Schrotenboer noted, “fueled by” deals with ESPN and Fox, television contract revenue increased from $294.7M in fiscal 2024 to $336.6M in fiscal 2025. The ACC reported a $115.1M increase. After adding new members California, Stanford and SMU, the league’s television revenue rose from $487M in fiscal 2024 to $588.8M in fiscal 2025 (USA TODAY, 5/22).
CONTINUED GROWTH: In Norfolk, David Teel noted this year’s tax filing marks the sixth consecutive year of record revenue for the ACC, and in the past decade, “proceeds have mushroomed 121%.” Stanford, Cal and SMU “delivered revenue on two fronts: Their additions triggered a pro-rata increase in the conference’s media deal with ESPN.” Moreover, they “converted Dallas-Fort Worth and the California Bay Area into markets that could charge higher subscription rates for the ACC Network.” ACC television proceeds rose 20.9% to $588.8M, a “170% jump over the past decade.” Record conference revenue “translated to record average distributions for the ACC’s 14 fully-vested members.” Yet even as the ACC grew revenue by 16.2%, an “exceptional year for any business and its best since a 16.4% bump in FY 2021,” it “remains behind college sports’ two wealthiest conferences.” The Big Ten and SEC announced revenue jumps of 55% and 34.1%, respectively (Norfolk VIRGINIAN-PILOT, 5/22).
CATCHING UP: In San Jose, Jon Wilner wrote the Big 12 is “behind -- and losing ground exponentially.” That is why Big 12 Commissioner Brett Yormark partnered with private equity firms (RedBird and Weatherford) for a $12.5M capital infusion for the conference to “use in pursuit of new cash.” Wilner: “That’s why the Big 12 takes unconventional approaches to sponsorships (e.g., the LED glass floor at the basketball tournaments). And that’s why the schools favor expanding March Madness to 76 teams and the football playoff to 24.” The Big 12 has “zero choice in the revenue game,” and it “must act aggressively and think creatively” (San Jose MERCURY NEWS, 5/26).
