The Big 12 Conference and Allstate are in discussions about selling the league's naming rights to the insurance giant, sources told Action Network.
The "Allstate 12 Conference" is the leading candidate for the new name, sources said, while the "Big Allstate Conference" has also been discussed. The multi-year deal could earn the league between $30-$50 million annually to be divided among its 16 league members, sources said.
League sources stress this is not yet a done deal between the Big 12 and Allstate.
The Big 12 also is considering a financial company for its naming rights, which would pay the league slightly more than Allstate, sources said. However, the league has been more engaged with Allstate, a source said.
While stadiums, venues and bowl games sell naming rights, the Big 12’s multi-year deal would be the first professional or collegiate league to sell its naming rights.
It’s unknown if a deal could be completed to begin for the 2024 season, with the required amount of time to make changes in signage, field logos and other items.
One new concern was that the NCAA’s recent decision to allow corporate logos on the field could reduce the value of a naming rights deal, a source said.
The league also is considering a private equity investment deal worth $800 million to $1 billion for 20% ownership of the Big 12, sources told Action Network.
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.
CVC is a global private equity giant that manages over $200 billion in investments worldwide, according to its website. The firm made a presentation to the league recently at the Big 12 spring meetings in Dallas, CBS Sports reported.
One key factor for CVC is the upside in the Big 12's value and media rights, CBS Sports reported. The Big 12's current rights deal is worth $2.3 billion in total. The league is currently fourth in average annual value for its schools among the Power Four behind the Big Ten, SEC and ACC.
Big 12 commissioner Brett Yormark did not respond for comment, but on May 30, at the league’s spring meetings in Irving, Texas, Yormark discussed the importance of developing new revenue streams.
“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," Yormark said.
Before becoming the Big 12’s commissioner two years ago, Yormark was an executive with Jay-Z’s Roc Nation and a former CEO of the NBA’s Brooklyn Nets. Before that, when he was with NASCAR, he oversaw a $750 million agreement with Nextel Communications for naming rights to the circuit’s top racing series.
“Obviously, it’s going to be a changing landscape,” Yormark said at the spring meetings. “But I also do see opportunities in that changing landscape, and the work really starts now. A lot of work to be done. I look at this as a bit of a reset for our industry. And we’re prepared for that.”
A private equity deal and/or naming rights deal would solidify the Big 12 with the third-most revenue behind the Big Ten and the SEC and ahead of the ACC.
The Big 12’s media rights deal with FOX and ESPN, which ends in 2031, is worth $31.7 million per school. By comparison, Big Ten schools earn about $75 million annually following a new media rights agreement with FOX, CBS and NBC.
In the upcoming College Football Playoff contract, beginning in 2026, the Big 12 will receive $12 million per school compared to the Big Ten and SEC at about $22 million per school and ACC at $13-$14 million per school.
“As I’ve said before, I’m betting on the Big 12,” Yormark said in April from Scottsdale, Ariz.
Conference USA also is in discussions with companies for a naming rights deal, most notably Globe Life Insurance, sources told Action Network. The multi-million dollar deal was first reported by Yahoo Sports.
New name possibilities for CUSA include Globe Life Conference USA or Globe Life Conference, sources said.
The majority of the 10 FBS conferences are exploring conference naming rights as the leagues must develop new revenue funds, sources said.
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