Report: ESPN backs out of Big Ten media rights negotiations, rejects massive financial figure

More details are emerging from the Big Ten’s media rights negotiations with ESPN. As it turns out, the network is walking away from the table — and a nearly $400 million per year deal.

John Ourand of the Sports Business Journal reported the Big Ten offered a seven-year, $380 million per year deal for ESPN to carry games as part of the new agreement. Sports Illustrated’s Ross Dellenger added the offer was for about 13 games, which is half of the current 27-game package, and included the second- and third-best games on the Big Ten slate. ESPN’s primetime window would’ve also been impacted, Dellenger said.

ESPN said no, and pulled out of the negotiations entirely, potentially setting the stage for CBS and NBC to swoop in, as previously reported by the New York Post’s Andrew Marchand.

It also means ESPN won’t have any Big Ten football or basketball games for the first time in 40 years.

To put it in perspective, ESPN currently pays the Big Ten $190 million per year, according to The Athletic’s Stewart Mandel. The latest offer would’ve been double that number. In addition, CBS is reportedly gearing up to offer a figure in the “neighborhood” of $350 million to air Big Ten games in its 3:30 p.m. ET time slot, which currently showcases SEC games.

Now, the question is what’s next for ESPN. Marchand reported Monday night that the network could target the Big 12 or the Pac-12 for potential media deals to deal with losing the Big Ten.

More on the Big Ten’s decision to move on from ESPN

Monday night, Ourand reported ESPN wouldn’t end up carrying Big Ten games and named CBS and NBC as the leaders in the clubhouse as negotiations continue.

“Barring a last-minute change of direction, ESPN will not carry Big Ten games for the first time in 40 years. Big Ten deals could be reached by the end of this week or push into next,” Ourand tweeted. “CBS and NBC have emerged as the clear front runners.”

The move away from ESPN comes on the heels of the SEC’s decision to move their broadcast partnership from CBS to the ABC and ESPN network, beginning in 2024. Prior to the SEC’s move, they were partnered with CBS for nearly two decades.

Fox has already agreed to the “A” package of games for the Big Ten, and will carry a football game from the conference at noon ET on their channel — in addition to games on FS1 and BTN. The proposed change that CBS and NBC are pursuing is for a split of a “B” package of games.

On3’s Austin Brezina contributed to this report.