The Big Ten has announced its long-awaited media rights deal, officially coming to terms with FOX, CBS, and NBC for a seven-year agreement worth a reported $7 billion in total. The deals go into effect July 1, 2023, and run through the 2029-30 season.

The agreement also includes escalators in it, according to Sports Illustrated’s Pat Forde, which could raise the total payout even higher if the Big Ten continues to add teams beyond USC and UCLA — set to join in 2024. According to Forde, a Big Ten source told Sports Illustrated that is the plan.

As it stands, the 16 members of the Big Ten will share an average of $1 billion in revenue each year. The deal is backloaded, according to reports, with the big jump in payouts kicking in during the third year of the agreement and gradually increasing over the final five years. The annual payouts over the lifetime of the agreement for each of the 16 members could average in excess of $70 million per school — not including additional conference disbursements, i.e. bowl and NCAA basketball tournament revenue).

The deal is believed to be the richest ever on an annual basis for a college sports property.

Beginning in the fall of 2023 the Big Ten will show games on FOX at 9 a.m. PT, CBS at 12:30 p.m. PT, and NBC in Prime Time. In total, Big Ten sports will be available across six different platforms — FOX and its various affiliates, FS1 and the Big Ten Network (BTN), CBS, NBC, and the NBC streaming service Peacock.

According to The Athletic’s Richard Deitsch, Notre Dame — which is working on its own separate deal with NBC — will still retain a handful of its traditional nighttime slots on NBC.

“The Big Ten Conference media rights agreements are more than just dollars and deals. They are a mechanism to provide stability and maximum exposure for our student-athletes, member institutions, and partners during these uncertain times in collegiate athletics,” said league commissioner Kevin Warren in a statement. “We are very grateful to our world-class media partners for recognizing the strength of the Big Ten Conference brand and providing the incredible resources we need for our student-athletes to compete at the very highest levels, and to achieve their academic and athletics goals.”

For the first time in four decades, Big Ten games will not be broadcast on ESPN.

FOX — which owns a majority stake in BTN — will have the rights to more than two dozen football games and at least 45 men’s basketball games and women’s basketball games, according to the AP. CBS will carry 14-15 Big Ten football games a season from 2024-29, including a Black Friday game.

Starting in 2023, NBC will carry 15-16 games per season on its network and another eight football games plus “dozens” of men’s and women’s basketball games on Peacock, according to the AP.

FOX, CBS, and NBC will hold a draft for games, allowing each network opportunities for first selection in a given week.

FOX will air the Big Ten championship game in 2023, 2025, 2027, and 2029. CBS will have the game in 2024 and 2028. NBC will carry it in 2026.

For the Trojans and Bruins, the announcement of the deal cements exactly why they wanted to jump to the Big Ten in the first place. Both programs will soon enjoy a massive influx of cash. For UCLA, it will help reset the books after a trying few years. For USC, it helps the program further maintain a position of strength within the sport of college football — with money pouring in to invest in facilities, support resources, and coaching.

From the Pac-12’s perspective, now that the Big Ten deal is finalized, attention should shift to its next media deal. The league is now next to market in 2024, and commissioner George Kliavkoff stated at Pac-12 Media Day last month he expected the process to ramp up once the Big Ten’s deal was done.

With numbers known for USC and UCLA, it will be interesting to follow the next steps for schools like Oregon, Washington, and Stanford. The Big Ten package looks attractive, and the two Los Angeles schools are certainly walking to greener pastures.