SEC to distribute nearly $55M to each member after revenue rose to $777.8M in 2020-21

The SEC on Thursday said revenue rose to $777.8 million during the 2020-21 fiscal year -- an increase of $120.1 million from the previous year.

The money will be divided equally among the conference's 14 schools. Excluding bowl expenses, each school will receive roughly $54.6 million.

The total distribution is made up of revenue generated from television contracts, postseason football games, the SEC championship game in football, the conference's men's basketball tournament, NCAA championships and a supplemental surplus distribution.

It does not include a one-time supplement of approximately $23 million given to each school in 2021 to help offset the financial impact of COVID-19.

"The commitment of the SEC's 14 universities to provide an impactful and lasting student-athlete experience is enhanced exponentially by the substantial revenue distributed through the Southeastern Conference," commissioner Greg Sankey said in a statement. "As a direct result of this distribution, SEC universities provide their student-athletes exceptional instruction, training, equipment, academic counseling, medical care, mental health and wellness support and life-skill development that is unmatched in intercollegiate athletics."

In August, the SEC announced that Sankey had agreed to a contract extension that will keep him with the conference through 2026.

The contract came on the heels of Sankey overseeing the future growth of the conference to 16 teams, adding historical Big 12 powerhouse programs Texas and Oklahoma.

Oklahoma and Texas plan to remain in their current conference through June 30, 2025, when the current Big 12 media rights deal expires -- but it's possible that the schools will attempt to exit sooner.