Big 12 Conference Turning Into The 'Allstate Conference'? Leaders Also Reportedly Looking Into Private Cash

As the college athletics world continues to look for different ways to raise money for the upcoming new era with revenue sharing, leaders across the Big 12 are discussing the opportunity to sell its conference naming rights and a possible cash infusion from a private equity firm.

We have now entered a new era in collegiate sports with the Big 12 reportedly discussing the potential to have Luxembourg-based CVC Capital Partners invest upwards of $1 billion for a piece of the conference, as Dennis Dodd reported. 

The private equity ‘giant’ recently made a pitch to Big 12 leaders about the possibility of the investment group getting a 20% stake in the conference, which would be the first of its kind in college sports. 

In simpler terms, the Big 12 is looking to keep up with the Big Ten and SEC when it comes to television-generated money, along with the college football playoff, and having a company invest upwards of a billion dollars would put the conference on solid financial footing. 

Big 12 Commissioner Brett Yormark talks before the opening game of the Big 12 Tournament basketball game on March 8, 2023 at T-Mobile Center in Kansas City, MO. (Photo by Scott Winters/Icon Sportswire via Getty Images)

While the Big 12 conference currently receives $31.7 million per team annually for its television contract with ESPN and FOX, schools would see a significant raise when it comes to yearly revenue. There is so much change happening in college sports right now with the NCAA settling the ‘House’ case, athletic departments around the country are looking for additional revenue. 

If the conference decides to sell a stake to a private equity firm, it will be interesting to see how much power this CVC firm would have in future decision-making, especially with its media rights deal that expires in 2031. 

Big 12 Conference Could Turn Into The ‘Allstate Conference’?

On top of the possible PE tie-up, the Big 12  is also looking at selling the conference naming rights. Yes, you read that right. We could end up seeing the ‘Quik-Trip Conference' or the ‘Allstate Insurance Conference,’ according to Action Network. The report states that the Big 12 could ask for anywhere between $30-$50 million per year that would be divided equally between conference members. 

So, along with looking for a massive cash infusion, the Big 12 conference is ready to sell off its name for a massive check. If you're wondering if this sounds crazy, unfortunately, this is where we are headed, and you're certainly not crazy. 

FORT WORTH, TX - SEPTEMBER 2: Head coach Deion Sanders of the Colorado Buffaloes watches action against the TCU Horned Frogs during the first half at Amon G. Carter Stadium on September 2, 2023 in Fort Worth, Texas. (Photo by Ron Jenkins/Getty Images)

At the end of the day, these schools that aren't in the SEC or Big Ten are trying to find ways to raise capital to keep up, especially when revenue-sharing with student-athletes begins. 

But the biggest takeaway should center around how college athletics has decided to go full-corporate when it comes to its future. 

Having a stadium change its name due to an advertising deal is one thing, but changing the name of a conference, or having a private-equity company get involved with college sports is a whole different ballgame. 

The Big 12 won't be the only conference to go this route, as Conference-USA has already been mentioned. But you can expect Greg Sankey from the SEC or Tony Petiti from the Big Ten to find similar ways to jolt the bank accounts of their conference members. 

Welcome to the new era.