The ND at $20M is an old agreement where every one has said ND took far less than market.
The current figure I have seen for ND's upcoming 2026 contract is $75M from NBC. That only includes part of ND's schedule. ND also gets money from ACC and home & home payouts. The Ohio State game at OSU would be additional money outside ACC or NBC.
How is ND not worth the same as Ohio State, Michigan, Penn State, Texas, etc? And all those schools are worth $125M+. When Texas & OU left the Big12- their combined valuation was speculated between $200-$250M annually.
Take the Big10. If in 2024 dollars the average per school payout will be $75M, schools like Rutgers, Illinois, Northwestern, Purdue, Indiana & Maryland all have media valuations in the $30-$35M range. You can't convince me they are worth more than the current ACC & Pac12 payouts per school. So if those six schools detract around $40M annually per school ($75M-$35M), then the elite Big10 schools are all worth at least $40M more than the $75M payout. I say at least, because Minnesota, Iowa, Wisky, Neb and Michigan State are all only worth somewhere between the $35M and around $80M.
You could be right on the ACC. We haven't seen a GOR broken yet, despite all the talk of Texas & OU leaving the Big12 early. But I would be surprised if Florida State, Clemson & Miami are going to give in and accept earning around $40M from their ACC media rights when SEC & Big10 schools will make $75-$100M annually over the next 7 years.
The GOR Agreements have a penalty and force schools to give up their media rights in their new conference.
What if:
- Virginia pays the early exit penalty. Precedent is there as MD paid an exit fee a decade ago.
- The Big10 agrees to pay Virginia a reduced media payout of $30M for the entire length of the new Big10 contract. That $30M is then paid to the ACC.
- The Big10 then structures additional "Appearance Fee" payments of $45M annually to Virginia. Or classify the $45M as "Academic Bonuses" if UVA teams are above APR averages.
Everyone wins- UVA gets $45M from Big10 instead of $35M from ACC. Is the ACC going to go through litigation if they get the agreed penalty and $30M annually from UVA through 2031?
That could be enough to destabilize the ACC and open the gate for other elite ACC teams to jump to SEC & Big10. After that, as long as the BigPacACC payouts are over $40M annually/school in 2025 dollars- why wouldn't schools like Pitt, Louisville, Va Tech, Syracuse, etc. be willing to jump to the BigPacACC?
I am a firm believer that Big12, Pac12 & ACC schools that aren't targets of the Big10 or SEC have more value as a super conference than 3 different conferences. I think a CBS or NBC along with a Amazon/Apple platform would find great value in televising college sports for teams with nationwide alumni bases.