The Big 12 has come to terms on a new media deal.

Drum roll please!

And they agreed to a 13 year media rights deal with ABC/ESPN and Fox. The deal is for $2.6 billion which over 13 years is $200 million a year. That translates to $20 mi

llion a year per school in the 10 team, Big 12 conference.

That also puts the Big 12 in a place to be competitive with conferences like the Pac-12 and the Big 10. The Pac-12 conference averages $21 million per school. The Big 12′s $20 million average is similar to the Big 10′s and also puts them ahead of the ACC and SEC. Though the SEC is negotiating a deal that is surely set to be more lucrative.

ABC/ESPN will split the conference’s football games with Fox but they will exclusively get the rights to the Big 12′s basketball games.

“The stability of the Big 12 Conference is cemented,” Big 12 commissioner Bob Bowlsby said. “We are positioned with one of the best media rights arrangements in collegiate sports, providing the conference and its members unprecedented revenue growth, and sports programming over two networks.”

The deal includes what is called a “grant of rights.” Which basically means if a team leaves for another conference, their media rights stay with the Big 12 and this deal throughout the contract which will expire in the 2024-25 school year. The Pac-12 and the Big 10 were previously the only other conferences with “grants of rights.”

The “grants of rights” is huge for the Big 12 which was on the

verge of extinction just a couple years ago. They watched 4 schools (Nebraska, Colorado, Missouri, and Texas A&M) leave for different conferences. They replaced them with two quality programs in West Virginia and TCU.

But this “grant of rights” paired with the Big 12′s partnership with the SEC in the newly created “Champions Bowl” which pits each conferences champions against one another, unless either or both are involved in the BCS National Championship Game. In that case the #2 team in the conference would take their place.

Credit the Big 12 for pulling this deal off, with the addition of WVU and TCU they look to have found stability.