Colorado has been holding “substantiative talks” regarding its future conference affiliation, according to a report.

That’s per CBS Sports’ Dennis Dodd, who said Tuesday that Colorado has been speaking with the Big 12 as it considers a Pac-12 exit. Dodd cited a source with knowledge of the discussions.

Colorado’s potential exit comes as the Pac-12 is hoping to finalize a longterm TV deal in the coming weeks. The league has been negotiating a new media rights agreement with several potential broadcast partners, but no deal has come to fruition yet.

The Pac-12’s current grant-of-rights agreement will come to an end on July 1, 2024. If it does not sign a new deal, Colorado could leave for another conference as early as next summer.

“I have no comment other than what I said last week,” Colorado athletic director Rick George told CBS Sports. “We are proud members of the Pac-12. In a perfect world, we’d love to be in the Pac-12, but we also have to do what is right for Colorado at the end of the day.”

Dodd’s report says that a move to the Pac-12 would not be made without the support of head coach Deion Sanders.

Big 12 expansion

The Big 12 has been aggressive in expansion since Texas and Oklahoma announced it would leave for the SEC 2 years ago. The league has since added BYU, Cincinnati, UCF and Houston, all of whom will play their first Big 12 football this seasons this fall.

If Colorado does leave for the Big 12, it would be a homecoming of sorts for the Buffaloes. Colorado spent decades in the Big 12 — or variations of it — before joining the Pac-12 in 2011.

Texas and Oklahoma are set to join the SEC beginning in 2024.