New Era: Big 12 nets $50M NIL hoops event deal

"The partnership will create a new financial relationship between the Big 12 and the Players Era, which gives every participant a guaranteed $1 million NIL payout. It also ensures that the event will have eight teams each year from one of the country's top conferences as it prepares to expand to 32 squads in 2026. In this year's event, No. 2 Houston, No. 24 Kansas, No. 16 Iowa State and Baylor are key teams in a Players Era field that features nine top-25 programs."

"The conference has been instrumental to our growth from day one. The Big 12 now receives guaranteed access to the biggest college basketball event outside of March and it will benefit perennial powers and teams with national championship aspirations. Over the next six years, Players Era will commit no less than $50 million dollars to Big 12 basketball programs in rights fees."

The Big 12 secured a partnership with the Players Era Festival that guarantees eight annual automatic bids and commits no less than $50 million in rights fees. Every participant in the Players Era receives a guaranteed $1 million NIL payout. The event will expand to 32 teams in 2026 and will include eight Big 12 teams each year, with representatives determined by the previous season's conference standings through 2029-30. This season's Players Era field includes multiple top-25 programs such as Houston, Kansas, Iowa State and Baylor. The Big 12 has consistently ranked at the top of KenPom since 2013-14.

Read at ESPN.com