The college football world has been spinning at full tilt lately, with headlines flying out of every major conference. Michigan made waves in the Big Ten by firing head coach Sherrone Moore over personal misconduct.
Meanwhile, Notre Dame took aim at the ACC, accusing the conference of boosting Miami’s playoff case at the Irish’s expense. But don’t sleep on the Big 12-because what it just pulled off might not make the same kind of noise, but it could quietly shape the future of college sports in a big way.
In a move that signals a new era of financial strategy, the Big 12 is on the verge of finalizing a business partnership with private equity firms RedBird Capital and Weatherford Capital. The deal, which could be worth up to $500 million, isn’t just about dollars-it’s about optionality, flexibility, and future-proofing in an increasingly unpredictable college athletics landscape.
Let’s break down what this actually means for the Big 12-and how it stacks up against the more dramatic (and ultimately stalled) private equity play attempted by the Big Ten.
What the Big 12 Is Doing-and What It’s Not
First off, this isn’t a fire sale. The Big 12 isn’t handing over equity in the conference.
Member schools will still own 100% of the league’s operations. There’s no creation of a for-profit arm, no slicing off chunks of media rights, and-crucially-no extension of grant-of-rights agreements.
That last part is key. The 16 schools remain tied to the Big 12 through the current media deal, which runs through the summer of 2031, but they aren’t locking themselves into anything long-term.
Instead, what’s on the table is a more measured, strategic partnership. Each school will have access to up to $30 million in up-front cash through an opt-in credit line.
That’s right-opt-in. No one’s being forced to take the money, and this isn’t a one-size-fits-all solution.
It’s a financial safety net, not a lifeline.
Think of it as the Big 12 giving its schools access to capital without the strings that typically come with private equity. It’s a way to tap into RedBird’s deep experience in sports business-this is the same firm that helped the Big 12 land a deal with PayPal earlier this year, turning the company into the league’s revenue-sharing platform in response to the House v. NCAA settlement.
That partnership alone generated $145 million in contracted revenue for the conference and its schools. Now, the Big 12 is looking to deepen that relationship, using RedBird’s expertise to explore new revenue streams inside and outside the traditional college athletics model.
How This Compares to the Big Ten’s Attempt
To understand just how different the Big 12’s move is, you have to look at the Big Ten’s failed attempt to go big with private capital.
The Big Ten’s plan involved a $2.4 billion cash infusion from UC Investments, the pension fund for the University of California. In exchange, schools would have extended their grant-of-rights agreement by a full decade-to 2046-effectively binding the conference together and blocking any potential breakaway super league in the 2030s.
That deal also included the creation of a for-profit commercial arm to house media rights and other revenue-generating ventures. Ten percent of that entity would have gone to UC Investments. On top of that, the Big Ten planned to introduce revenue tiers, which would have impacted how much each school received both up front and annually.
Unsurprisingly, not everyone was on board. Michigan and USC, two of the conference’s biggest brands, opposed the plan. The internal standoff dragged on for weeks and threatened to fracture the league.
Now contrast that with what the Big 12 is doing. No equity sale.
No long-term lock-in. No forced revenue sharing changes.
It’s a lighter touch, but one that keeps the conference nimble in a fast-changing environment.
Why This Matters Now
College football is hurtling toward a future where nothing is certain-except that change is coming. Whether it’s the formation of a super league, further realignment, or a complete overhaul of how college athletes are compensated, the next decade is going to look very different from the last.
That’s why the Big 12’s move matters. It’s not about making a splash. It’s about being ready.
This isn’t a game-changer in the way a billion-dollar media deal is. But it is a game-enhancer.
It gives schools access to capital if they need it. It opens the door to new revenue models.
And it does all of that without compromising ownership or locking schools into long-term commitments they might regret down the road.
The Bigger Picture
Big 12 commissioner Brett Yormark has made it clear he’s willing to think outside the box-but he’s also shown a knack for knowing when to pull the trigger and when to hold back. This deal is another example of that balance.
It’s calculated. It’s creative.
And it reflects a conference that, while not the biggest or richest, is proving to be one of the most unified and forward-thinking in college sports.
Unlike the ACC, which has been plagued by internal division, or the Big Ten, which nearly tore itself apart over its private equity proposal, the Big 12 seems to be operating with a clear sense of alignment. Schools are on the same page.
The front office is proactive. And the strategy is built around flexibility, not rigidity.
Bottom line: This private capital move isn’t about solving today’s problems-it’s about preparing for tomorrow’s opportunities. And in a sport where the only constant is change, that might just be the smartest play of all.