The Big 12 Conference and the Players Era Festival have announced a six-year, $50 million equity partnership that guarantees every participating men’s basketball team at least $1 million in NIL payouts, according to ESPN.
The event will expand to 32 teams next year, with eight automatic bids awarded to Big 12 members. Each group of eight teams, will play three games in the first two weeks, and the four group winners will advance to a third week for a final or consolation game.
Teams such as Houston Cougars, Kansas Jayhawks and Iowa State Cyclones are among those expected to benefit under the agreement.
Big 12 Commissioner Brett Yormark described the festival as a tremendous platform to showcase the conference, its student-athletes and coaches.
"The Big 12 Conference is thrilled to grow its partnership with Players Era," Big 12 commissioner Brett Yormark said through the event's release. "The tournament is a tremendous platform to showcase our conference, student-athletes and coaches as the best in college basketball, and we look forward to continuing to make Players Era a national marquee event."
The deal further reinforces how conferences are creating new revenue streams in the post-NIL era of college athletics.
More college basketball news:
Duke Basketball one-and-done makes NBA history, earns Player of the Week honor
Bruce Pearl becomes Auburn super fan during son's loss to No. 1 Houston