IRVING, Texas — The Big 12 Conference, which is headquartered out of Irving, is reportedly exploring selling its naming right to a title sponsor.
College Football insider Pete Thamel reported Thursday morning that the conference was looking to make the move in "a creative way to generate revenue with multiple millions of dollars going to individual schools annually. The potential revenue from the deal that the conference is looking for would be in the ballpark of hundreds of millions over the course of the deal, Thamel reported.
It would be one of the largest commercial deals in collegiate athletics history, excluding media rights deals with broadcasting companies.
The conference's name would reportedly undergo significant alteration, prominently incorporating the sponsor's name in the title, much like how bowl games are treated. The latest conversations centered around removing "Big" from the name but still incorporating the number "12" in the name.
College Football Insider for The Action Network, Brett McMurphy, reported the company in talks with the Big 12 was Allstate. McMurphy also reported that the Big 12 is "considering a financial company for its naming rights, which would pay the league slightly more than Allstate," however, "the league has been more engaged with Allstate." CBS Sports identified Luxembourg-based CVC Capital Partners as the equity firm, and the partnership would give the conference access to CVC's investment services and clients.
A decision is expected in the coming months, according to Thamel. Any agreement must gain the necessary support from the Big 12 presidents and chancellors.
Back on May 31, Big 12 Commissioner Brett Yormark announced its members would share a record $470 million of revenue distribution. Yormark said the increases came as a result of bigger College Football Playoff and bowl revenues, growth in ticket revenue across all of the conference championships and sponsorship after streamlining that to be handled directly by the conference instead of using outside parties.
“Since I took this job, you know, I said from day one, I was open for business. And I guess you could say we’re open for business now more so than ever before,” Yormark said during the news conference with reporters in May. “When I think about my background, I certainly do believe that collegiate athletics is shifting, more closely to where I came from than where we are today.”
Since Yormark took over as the conference's commissioner, there have been several examples of unique sponsorship deals, including partnering with the WWE for its conference championship game. As part of that partnership, the game's most outstanding player would receive a custom-made WWE championship title belt and a co-branded WWE X Big 12 logo appeared throughout the stadium and on the field. Texas quarterback Quinn Ewers won the inaugural WWE belt.
The Big 12 Conference and WWE collaborated on a Big 12 Championship merchandise line, which was made available online and at the stadium's team stores.
WFAA has reached out to the Big 12 Conference for comment on Thamel's report.
Yahoo Sports! college football insider Ross Dellenger also reported that McKinney-based Globe Life was exploring buying the naming rights to Conference USA. Globe Life notably has the naming rights to the Texas Rangers stadium: Globe Life Field.
The Associated Press contributed to this report.
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