Texas State is in the Sun Belt Conference. The media deal that conference has only pays each school 2M annually; I believe that's one of the lowest conference payouts around.
so if, for example the Pac-X can get a deal in the 7-9M/year range, hypothetically, Texas State would be coming out ahead. Except of course that travel costs would eat up all of that extra revenue. They would also have a 5M exit fee. IIRC, the MWC, while negotiating with Texas State offered to cover any exit fees; but I don't know what, if any, travel costs were covered. Texas State declined the MWC offer and officially informed the Sun Belt Conference they would remain a member
right now, Texas State probably has the Pac-X bent over a barrel. The Pac is getting desperate to add that 8th team, and TS might be the only remotely viable candidate. I'd imagine that a certain condition they'd attach would be a guarantee that the Pac-X cover at least 80% of TS's travel costs. They would probably also demand a set annual distribution, regardless of the media deal. Maybe something like 10M/year + 80% of travel costs. Could easily be more though because they have all of the leverage
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OSU/WSU really fucked this up. All they had to do was agree that all MWC teams could join the revamped Pac-12. That would have fit perfectly with all their rhetoric about being the schools left in the lurch by the self-interested avarice of the 10 departing Pac-12 teams. Instead, they tried to do the same thing to the MWC that was done to them.
Reportedly, the MWC was ok with an uneven distribution of media revenue; a 3-tier payout with OSU/WSU getting the largest allocation (then a middle tier with San Diego St, Boise St, etc). OSU/WSU could have then split the 130M settlement with the 10 departing team + future Pac-12 revenues from existing contracts. A total somewhere in the 220-240M range. That's 110-120M each
instead, they paid the MWC 28M for a scheduling agreement. They agreed to pay the exit fees for the 5 MWC teams; about 85-90M. And of course, there is the 55M poaching fee owed to the MWC that OSU/WSU agreed to but are now trying to escape in court (might be in arbitration now). They could have each had a war chest of 110-120M. If they lose their latest legal battle, that war chest could drop from 115M to 30M. And a good chunk of that will be eaten up by mobilizing the revamped Pac-X
it could get worse too. If Texas State says no to Pac and the Pac-X fails the deadline for an FBS conference (IIRC Aug 1 2026), they would spend a minimum of 2 years as an FCS conference and lose CPS revenue. That would be damaging