Without the Comcast mess, the Pac-12 would be approaching the $40 million mark in distributions to each school. Instead, the situation has exacerbated an existing revenue gap and will impact the distributions again in the 2024 fiscal year.
Jon Wilner The financial report released by the Pac-12 last month provided crucial insight into the post-COVID budget but fell short of a real-time look at the numbers. Like many of its Power Five peers, the conference files its 990s to the IRS a full 10 months after the close of the fiscal year. The data made public in May of 2023 addressed the year that ended in June 2022.
However, we must adjust upward the FY2023 revenue from the media rights deals with ESPN and Fox. Why? Because according to the term sheet signed in 2011 — the Hotline has a copy — the networks agreed to an escalator clause of 5.1 percent annually. Split the increase 12 ways, and the result is a $1.85 million-per-campus year-over-year uptick.
That gargantuan number is the sum of 1) the excessive payments made by Comcast to the Pac-12 Networks from 2012-22 and 2) the diminished payments from Comcast to the networks for 2023-24 resulting from a recalculation of the Comcast subscriber base.That brings the total reduction in payouts to $5.7 million per school over two years, which is actually less than the raw dollars being withheld by Comcast because of measures taken at the conference office.
Overall, operational expenses at headquarters are expected to drop by $5 million in FY2023, to $36 million. That’s a 12% year-over-year reduction and a 23% plunge from the pre-COVID spending peak of the Scott era . It could have been worse if not for the spending cuts and the use of the emergency reserves. But the decrease runs counter to the situation across the Power Five, where conferences are expecting distributions to increase.
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