Conference

but now we have the ability for student-athletes to showcase their talent across the country. That’s exciting.”

For all the other benefits, the bottom line to the defections is the bottom line. The SEC has become a college football behemoth that distributed $54.6 million to each of its member schools in the 2021 fiscal year. The Big Ten has tried to keep up and had a per-school distribution of $46.1 million last year.

The Pac-12 had the lowest distribution number among Power Five schools — the Atlantic Coast Conference and the Big 12 are the other two leagues in that quintet — by paying its member institutions $19.8 million in 2021.

At the core, it’s all about the TV.

The SEC has a $3 billion deal with ESPN that’s set to kick in next year, and the Big Ten is currently negotiating a massive media rights deal. The Pac-12 has floundered when it comes to TV as the conference’s network has struggled to gain footing while many of its games are played late at night.

As costs to run college athletic programs have climbed in recent years, a process exacerbated by the coronavirus pandemic, moving to an even bigger conference provides more financial stability. For the Big Ten, adding UCLA and USC gives the conference a foothold in the nation’s second-largest media market.

“Money talks,” said Tom McMillen, president and CEO of Lead1, which represents Football

Bowl Subdivision athletic directors and programs. “I was on the board of regents when Maryland jumped into the Big Ten, and there were all kinds of arguments about it was academics and it was this and that, but ultimately it came down to money. I think that’s the same case here.”

The defections will create two megaconferences that will hold the majority of power and money, leaving other leagues scrambling to keep up. The tiering could stratify even more if the Big Ten and SEC continue to expand, which could be the next step.

The future power structure could consist of two, maybe three megaconferences of up to 20 schools at the top, with the Power Five’s remainders joining the Group of Five conferences in the tier below but still above the Football Championship Subdivision.

More schools in the ACC, Big 12 and Pac-12 could bolt in hopes of more stability, and conferences losing members likely will face two options: Combining with another league to form a megaconference of their own or expanding on the current membership. The Pac-12 plans to take the expansion route, issuing a statement Friday that said it is exploring all options in that regard.

“You have exploding costs on one end and your revenue sources are being decimated, which is a tremendous pressure,” Zimbalist said. “On the other hand, what do you do? Well, something pretty radical, I think, is going to have to happen.”

Uncertainty is the only thing that’s certain at this point.