News Summary: Big 12 reaches $2.6B deal

THE DEAL: The Big 12 announced a new 13-year deal with ESPN and Fox Sports on Friday that is reportedly worth $2.6 billion.

THE TERMS: The deal to televise football and men’s basketball through 2024-25 includes a so-called “grant of rights” by each of the league’s 10 schools. That allows the Big 12 to retain the media rights and accompanying revenue of any school that leaves the conference. Few would be expected to ever take such an expensive step.

THE SIGNIFICANCE: It should provide long-term stability for a conference that once seemed on the brink of collapse.