The Big 12 promised more money this summer to keep the league together. Step one of getting it appears to have been a success.
According to a report in the Sports Business Journal, Fox and the Big 12 are nearing a long-term deal worth $60 million per year, which would triple the revenue from the league's current contract, which runs through the 2011-12 academic year.
The deal could potentially reach near $70 million annually for the league. Combined with the current deal with ABC/ESPN that runs through 2015-16, that would mean $130 in television revenue is available each year, divisible by 10 teams.
In a separate negotiation, the Big 12 and Fox are also discussing the formation of a network that may or may not be called the Big 12 Network, depending on the decision from the league office. Texas has already announced the formation of their own network with ESPN, and Oklahoma plans to create their network as well, but few details of the Sooners' plans have emerged.
Both are great signs for the future stability of the Big 12, but I'll have more thoughts on the deal later this afternoon.