Dear OSU Community Members,
I am pleased to share that OSU, WSU and all 10 universities departing the Pac-12 Conference announced an agreement in principle that ends litigation, achieves a fair resolution for each university, supports our student-athletes, and promotes the continuing vitality of the Pac-12 Conference.
This agreement marks a huge victory for our university and a significant step toward stabilizing the Pac-12 Conference and preserving its 108-year legacy. As I shared with you in the days following the momentous events of Aug. 4, we believe that preserving the Pac-12 is in the best interests of OSU student-athletes and our university. We will continue to do everything in our control to stabilize and rebuild the conference. Under the negotiated agreement, the departing schools have agreed to forfeit a portion of distributions over the remainder of the 2023-2024 year and provide specific guarantees against potential future liabilities. The conference retains its assets and all future revenues.
From the beginning, our highest priority has been the holistic development and well-being of student-athletes, including their ability to compete at the highest level possible. A scheduling agreement with the Mountain West Conference for the 2024 football season and plans with the West Coast Conference for 10 other sports provide that certainty while minimizing travel time for student-athletes, families and fans. In addition, these agreements allow us the flexibility to keep options open as we assess the future viability of the Pac-12.
Having secured governance of the Pac-12 as its sole board members, OSU and WSU now have an opportunity to chart an unprecedented path. Will this also mean a financial windfall for our athletics programs? No. In fact, the loss of the Pac-12 media rights deal means that our financial projections for 2025 and beyond remain the same, and conference revenues alone cannot make up the more than $40 million annual gap in OSU Athletics funding caused by the departing universities. We continue to need a combination of legislative, institutional and philanthropy support to sustain the program and put OSU in a stronger position for the next potential rounds of conference realignment.
As the state Legislature comes back into session in February, we will again ask for its support. We’ll continue to provide updates on this and other developments resulting from conference realignment at https://beav.es/TBs.
Sincerely,
Jayathi Murthy
President