According to a new report from Sports Business Journal’s (SBJ) Michael Smith, the Pac-12’s exclusive negotiating window with ESPN and FOX Sports has ended without a deal, and the league is now expected to open negotiations with other media companies for the entirety of its media rights on the open market.

In the exclusive period, the Pac-12 could only negotiate the package of rights that ESPN and FOX had. Now, all of its inventory is on the table for bidding. According to SBJ, there’s a hope multiple bidders could drive the rights fees higher.

The Pac-12’s current media rights agreement ends in 2024. It was a deal that paid the conference $250 million annually for more than a decade. With USC and UCLA leaving for the Big Ten when the current deal expires, there’s a flurry of speculation about what the next annual number could be for the league.

When the Big Ten announced its deal with FOX, CBS, and NBC, the number bandied about was over $1 billion annually. It’s unlikely the Pac-12 will sniff that, but it could have a card to play the Big Ten didn’t.

According to multiple reports, streaming services like Amazon and Apple are interested in college football. Amazon was reportedly willing to spend in excess of $350 million annually to get in on the Big Ten’s deal. The package Amazon was interested in instead went to CBS.

With the popularity of Amazon’s Thursday Night Football production in the NFL, the streamer looks like a legitimate possibility. Apple also recently agreed to a $2.5 billion deal with the MLS. Apple also airs MLB games produced by the MLB Network, and the plan is for the MLS to have the same kind of production relationship.

If either streaming service wanted Pac-12 inventory, the Pac-12 Network could provide the production, making for an interesting potential partner to the more traditional linear TV rights.

According to SBJ, the league’s negotiations are expected to continue into early 2023 if they’re not solidified sooner, and both ESPN and Fox continue to have strong interest in carrying Pac-12 inventory.