This just sets the stage for the upcoming grant of media rights that runs out in 2024. Nothing more, nothing less. Right now this is a good deal for the Big 12, they are moving all level 3 content except for OU and UT to ESPN.
The big question we all have to worry about is UT and OU willing to stay in the Big 12, many think UT is the key school, I disagree, to me the key school is OU.
UT has the LHN signed with ESPN until 2035 or so, they are locked into ESPN and that will bar them from moving to the Big 10. Texas will never join the SEC with aTm already there, they could do the independent deal and join the ACC, but that means more travel. They will stay and continue to run the Big 12.
OU is another matter, they and OSU could jump to the SEC in a moment, or try and join the Big 10 without being an AAU school, and let OSU head to the SEC.
It will get interesting over the next few years, but this is a great first step to insuring the future of the Big 12 as it now stands.
LHN was 15 years so that is around 2025. And Texas is the big boy, not Oklahoma.