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Pac-12 lands blockbuster media rights deal

Move over SEC and Big Ten, and make some room at the big boy television rights table. You’ve got some additional -- and well-heeled -- company.

Following up on reports that Pac-12 commissioner Larry Scott (pictured, right) (not really) was hoping to land a deal in the very affluent neighborhood of $225-$250 million a year, the Sports Business Journal is reporting that the newly-expanded conference has done just that.

According to the publication, and citing multiple unnamed sources, the Pac-12 has agreed to a media rights deal with ESPN and Fox that is worth more than $2.7B over 12 years. That averages out to $225 million annually, more than triple what the conference’s current deal with the same broadcast entities paid out.

And, in the interest of full disclosure, Comcast/NBC Universal pulled out of the bidding last week for the rights package to the conference, the SBD reports.

ESPN, the website writes, has committed to carrying an unknown number of football games in primetime on ABC, while FOX will air games in primetime on both their broadcast channels and cable channel F/X. ESPN and FOX will rotate the televising of the conference’s newly-minted championship game.

The Pac-12’s new deal trumps that of the Big Ten (estimated $212 annually in their deals with ESPN, CBS and the Big Ten Network) and SEC ($205 million, ESPN and CBS), and involves not only football, but basketball and Olympic sports as well. It should also be noted that, when the current deals of the SEC and Big Ten expire in the future and are open for bidding, they will likely blow the Pac-12’s new landmark deal out of the water.

Regardless of how long this new deal remains the collegiate benchmark, though, kudos to Commissioner Scott and his team for what they’ve accomplished over the past several months and in wringing every last dollar out of a pair of networks. Excellent, excellent work Mr. Scott. You’re bosses should be proud. And ready to give you a well-deserved raise.

UPDATED 10:28 a.m. ET: After Jon Wilner of the San Jose Mercury News noted on Twitter that the schools in the Pac-12 would average $18.75 million annually under the new deal, Kyle Veazey of the Jackson Clarion-Ledger noted back that each SEC school pulled in $18.3 million in 2009-2010.

UPDATED 11:39 a.m. ET: The New York Times is reporting that the actual numbers on the new Pac-12 deal are even more astounding than initially reported. According to the Times, the conference will receive $250 million annually, more than quadruple their previous revenue from the same media stream. Using the Times’ set of numbers, each individual school would receive roughly $21 million annually.

In addition to the agreements reached with FOX and ESPN, the Pac-12 will also create its own television network. Unlike the Big Ten Network, however, the Pac-12’s network will be wholly owned by the conference. The downside of that arrangement is all of the risk, including start-up costs from scratch, falls squarely on the conference. The upside, however, is that all of the profit will tumble directly into the conference’s coffers.

The Pac-12 is expected to officially announce the new deals, which will go into effect for the 2012-2013 school year, Wednesday.