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New tax filings show college sports’ financial arms race has new winners — and losers
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- New tax filings show college sports’ financial arms race has new winners — and losers
Each of the four power conferences in college sports has now filed its latest annual tax form with the Internal Revenue Service, providing detailed insight into how they compare financially after another round of realignment and increased television money.
The Big Ten is king with $1.47 billion in revenue for fiscal year 2025, followed by $1.11 billion for the SEC .
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∎ After that, the ACC received record revenues of $826.5 million, fueled by $588.8 million in television money from ESPN and the expanded reach of the ACC Network.
∎ The Big 12 also received record revenues of $610.9 million after adding four new members.
The numbers reflect a consolidation of power in the two wealthiest leagues after they weakened the Big 12 and Pac-12 by taking their top brands. The SEC added Texas and Oklahoma from the Big 12 in 2024, while the Big Ten took in USC, UCLA, Oregon and Washington from the Pac-12 that same year .
To show how the leagues compare, USA TODAY Sports assembled the following key metrics for the Power 4 leagues and the Pac-12, including their revenue, distributions to members and commissioner pay. The information comes from tax forms obtained by USA TODAY Sports for the 2025 fiscal year, which started in the summer of 2024 and includes the 2024 football season. It is the most recent year available and first since the Big Ten and SEC expanded.
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Total revenues for the Big Ten, SEC, ACC, Big 12 and Pac-12
∎ Big Ten (18 members): $1.47 billion, according to its tax form released May 1.
∎ SEC (16 members): $1.11 billion, according to its tax form released in February .
∎ ACC (18 members): $826.5 million according to its tax form released May 22.
∎ Big 12 (16 members): $610.9 million, according to its tax form, also released May 22.
∎ Pac-12 (two members): $111.5 million, according to its tax form released May 15 .
Minimum distribution to each league member
∎ Big Ten: $76 million, not including new members Oregon and Washington, which received $46-48 million.
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∎ SEC: $70.3 million, not including new members Oklahoma and Texas, which received $2.6 million and $12.1 million
∎ ACC: $42.8 million, not including Notre Dame or new members Cal, Stanford and SMU, which received $17-23 million.
∎ Big 12: $37.9 million, not including new members BYU, Houston, UCF and Cincinnati, which received $19-23 million.
∎ Pac-12: $29 million to both Oregon State and Washington State.
Conference commissioner compensation, pay comparison
∎ George Kliavkoff, Pac-12 (former): $6.1 million, includes $5 million in severance
∎ Jim Delany, Big Ten (former): $5.8 million, includes $2.8 million in deferred compensation
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∎ Brett Yormark, Big 12: $5.6 million
∎ Greg Sankey , SEC: $4.8 million
∎ Jim Phillips, ACC: $4.7 million
∎ Tony Petitti, Big Ten: $4.5 million
∎ Teresa Gould , Pac-12: $1.4 million (first full year on job).
Revenue increases from fiscal year 2024
∎ Big Ten: $540 million increase from fiscal 2024 to fiscal 2025
Why:The league's revenue pie expanded for four new members (USC, UCLA, Oregon, Washington). It also reflects escalating media revenues in the second year of a $7 billion deal with Fox, CBS and NBC.
∎ SEC: $269 million increase from fiscal 2024
Why:The league started a new $3 billion deal with ESPN/ABC and got a "contract upgrade" after adding two new members (Oklahoma, Texas).
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∎Big 12: $117.9 million increase
Why:The Big 12 added Colorado, Arizona, Arizona State and Utah from the Pac-12 , which led to an increase. Fueled by deals with ESPN and Fox, television contract revenue increased from $294.7 million in fiscal 2024 to $336.6 million in fiscal 2025. Postseason bowl revenue increased from $110.7 million in fiscal 2024 to $192.1 million in fiscal 2025.
∎ ACC: $115.1 million increase
Why:After adding new members California, Stanford and SMU, the league's television revenue rose from $487 million in fiscal 2024 to $588.8 million in fiscal 2025, according to its tax form released May 22. This was fueled by its deal with ESPN and the expanded distribution of the ACC Network. It was the ACC's sixth straight year of record revenue.
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∎ Pac-12: (-$455 million). This is a decrease from fiscal 2024.
Why:The league was left with only two members after realignment defections: Washington State and Oregon State . This led to a drastic reduction from TV companies wanting to pay for their games, down to about $3 million from $381 million the year before in fiscal 2024. The Pac-12 is adding seven full new members this year (fiscal 2027).
Highest distribution amounts per conference
∎ Big Ten: Ohio State, $91.6 million (football national champion in fiscal 2025)
∎ SEC: Georgia, $74.5 million
∎ACC: Clemson, $55.1 million
∎ Big 12: Arizona State, $43 million
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Note:Schools receive different amounts because of College Football Playoff participation and other factors.
Follow reporter Brent Schrotenboer @Schrotenboer . Email: bschrotenb@usatoday.com
This article originally appeared on USA TODAY: New tax returns show how Big Ten, SEC, ACC and Big 12 rank financially
