The Athletic in Serious Talks With Kalshi for Sponsorship Deal
By this time last year, all but two schools had announced plans to leave the Pac-12. The conference failed to deliver a desirable media-rights deal, prompting members to defect to the Big 12, Big Ten, and even the ACC.
Oregon State and Washington State, the conference’s two remaining members, could have allowed the Pac-12 to disintegrate. Instead, they’ve developed a plan to keep the group alive: The conference went to court to win control of the Pac-12 assets and intellectual property (yes, that means the two schools get to keep the name “the Pac-12,” even though the colloquial nickname has become the “Pac-2”). It promoted longtime Pac-12 executive Teresa Gould to be the next commissioner, revamped the struggling Pac-12 Networks into a new entity called Pac-12 Enterprises, and found homes for its Olympic sports in the West Coast Conference for the next two years.
Pac-12 football will fight to live another day as well. Under the conference banner, the two schools negotiated a scheduling partnership deal with the Mountain West, allowing them to fill the majority of their schedules with the nearby quality Group of 5 teams. The conference also inked a modest media deal to show home games on the national stage.
To outsiders, Oregon State and Washington State’s 2024–2025 football season plan could make them look like they’re barely treading water. But if they play well enough, the pair are eligible for the seven at-large bids in the new 12-team College Football Playoff. And they’re aiming high, even if their goals are lofty given their preseason expectations.
“The goal,” Gould tells Front Office Sports, “is always going to be the postseason.”
What will the Pac-12’s season look like?
The Mountain West and Pac-12 inked their one-year scheduling partnership back in December. OSU and WSU will play a slate of non-conference games, and then be integrated into the Mountain West’s conference schedule.
The slate includes the lone “Pac-12” matchup between OSU and WSU in November, as well as other games with local former Pac-12 members. Oregon State is still playing Oregon this season, for example—it’s just billed as a non-conference game.
What are the pros and cons of the scheduling partnership?
Gould and Mountain West commissioner Gloria Nevarez agree the partnership gives OSU and WSU a schedule difficult enough to contend for an at-large bid in the CFP—though they will have bowl game opportunities if they don’t qualify. “It’s like a gift wrapped on a silver platter,” Nevarez says. (The Pac-12 schools aren’t eligible for one of the five conference champion bids, but they could snag one of the seven at-large bids if they’re ranked high enough.)
The convenience can’t be overstated. OSU and WSU get a one-stop shop for a conference slate of games—making it much easier to put together a schedule than if the two operated as football independents. Creating an independent schedule has become increasingly difficult in recent years as power conferences have expanded, leaving fewer weeks open for non-conference or independent opponents. And they’ll save on the travel costs that their former league counterparts will now face, given that Mountain West schools are relatively local.
The partnership provides off-field benefits, too. “It’s really, really important this year and next year, as we’re kind of navigating optionality for the future … that these two programs stay nationally relevant, that we put our best foot forward, that there’s buzz,” Gould tells FOS. She described football games as “the best commercial for these two programs that is possible.”
Speaking of commercials, how can I watch the Pac-12?
In May, the Pac-12 announced a one-year media deal with Fox Sports and The CW to broadcast 13 home football games.
Fox Sports has the rights to two non-conference matchups: Oregon State vs. Oregon and Washington State vs. Texas Tech. The CW will air 11 other home games, though they’ll be produced by the facility and staff at Pac-12 Enterprises. (The leftover Pac-12 Networks arm will continue to produce OSU and WSU events as well as sell production capabilities to other college and pro entities.)
Gould noted the deal marks the first time all of the Pac-12’s home games will be available on a national platform, as The CW has much broader distribution than the now defunct Pac-12 Networks. “That’s a huge opportunity for these two brands,” she says. “It’s a real first for these programs, and a success that we’re really proud of.”
The league didn’t reveal financial terms of the deal, but it hopes Pac-12 Enterprises will be profitable.
What’s the Mountain West getting out of all this?
The Mountain West, first and foremost, is getting paid. The scheduling partnership agreement, which FOS previously obtained through a public records request, requires the Pac-12 to pay seven figures in fees.
- A one-time “administrative fee” of $1 million per Pac-12 school
- A $1.5 million “football participation fee” for each time one of the two schools plays a Mountain West program at home
- A $3 million “additional operational fee”
The fees will be split among the schools and the Pac-12’s funds, Gould says. (The Pac-12, surprisingly, won an impressive war chest in its split with departing members: It received $65 million in exit fees alone.)
The agreement also provides the Mountain West with stability. The NCAA, through a grace period, will give the Pac-12 two years to find at least six other members to maintain its FBS status. Last fall, there were multiple conversations about whether the Pac-12 would try to poach a slate of Mountain West schools to rebuild its conference. But the scheduling partnership with the Mountain West includes language that would impose heavy fees starting at $10 million on the Pac-12 if it tried to add one or more Mountain West programs. The Pac-12 would, however, be allowed to offer the entire Mountain West entry into the Pac-12 as a reverse merger.
On the football front, the scheduling partnership helps improve the competition for Mountain West programs looking for at-large bids in the CFP, Nevarez notes. “Those schools brought a real nice strength-of-schedule bump to our institutions.”
What does the future look like for Pac-12 football?
Though they haven’t announced a decision yet, Gould says the conference is strongly considering the renewal, but it is also looking at other options like having the football teams operate as independents and piecing together schedules with schools from multiple conferences.
The Mountain West scheduling agreement includes an option to extend for a second season if the parties agree by Sunday. Though they likely won’t end up meeting that deadline, a partnership extension is still an option.
For the next two seasons, the Pac-12 will receive distributions as part of the previously agreed upon CFP structure and maintain access to the expanded event. Starting in 2026–2027, they’ll be treated as independents in the CFP, though with higher distributions than independents besides Notre Dame.
Ultimately, OSU’s and WSU’s university presidents have been adamant that their programs fully intend to try to rebuild the Pac-12, rather than abandon the 100-year-old brand and settle for non-power-conference status.
