College Football Playoff leaders plan to meet with ESPN on Friday to outline media rights terms for a proposed 24-team bracket.
Then, another waiting game begins.
The CFP's exclusive 30-day window to negotiate directly with the network will likely lapse Friday evening without an agreement, sources told CBS Sports. CFP officials plan to deliver a final financial proposal Friday, triggering a clause that gives ESPN five business days to review the numbers. The network's deadline to respond falls on either Oct. 16 or Oct. 19, depending on whether Monday is counted as an off-day because of a holiday.
The sides have traded proposals, but sources told CBS Sports they've found little common ground on the numbers. Earlier this week, ESPN shared its latest offer and the two sides were still far apart, according to a source familiar with the network's position. Still, some involved are confident the two sides will reach a deal that keeps ESPN as the lone rights holder for the CFP, sources said. If not, the CFP will go to the open market, where ESPN retains certain matching rights.
Conference commissioners are focused on offsetting the financial loss from eliminating conference title games, a necessary sacrifice to accommodate the expanded playoff. The shift gives ESPN a strategic opportunity as it evaluates the CFP's offer. Since ESPN already holds broadcasting rights for the ACC, Big 12 and SEC championship games, and Disney Advertising manages official corporate sponsorship packages for both the ACC and SEC as their network partner, the network could reallocate those rights fees directly into an expanded CFP rights agreement, industry sources said.
CFP executives expect to land on a final figure of roughly $70 million to $80 million above the total cost of the conference games (valued at nearly $250 million). That means the final CFP offer to ESPN could exceed $320 million, sources familiar with the process said, and were granted anonymity because of the sensitivity of the dealings. The estimated $320 million or more is on top of the current contract, which averages $1.3 billion per year.
If ESPN declines the proposal, the CFP may keep pushing for a 24-team field by splitting media rights among multiple networks to meet its financial goals. Less likely, the playoff could stay at 12 teams or expand to 16.
ESPN's current six-year, $7.8 billion deal runs through the 2031-32 and covers up to 14 teams at no added cost. The Big Ten and SEC each take about 29% of CFP revenue. The ACC gets about 17%, the Big 12 about 15%, and the Group of Six and Notre Dame divide the rest. How CFP executives divide new money under a new contract could spark another fight.
The model on the table includes 23 at-large teams with one guaranteed Group of Six spot and no automatic bids for conference champions. CFP executive director Rich Clark told CBS Sports last week that an expanded first round and a new second round would be played on campus. Discussions would need to address moving the Army-Navy game from the second Saturday in December to the first, the date traditionally reserved for conference championships. The playoff would start during the second week of the month. New Year's Six bowls would host the quarterfinals and semifinals.
Regardless of the outcome in the coming week, a year-long cycle of debate and negotiation among conference leaders appears to be nearing a conclusion. The Big Ten initially advocated for a 24-team field, while SEC commissioner Greg Sankey stood firm on a 12- or 16-team structure to protect his conference's championship game. Both leagues agreed to evaluate the 24-team model in September, shortly after Sankey issued a memo outlining key prerequisites: offsetting lost SEC title game revenue and mandating at least 10 regular-season games against power-conference teams. The Big Ten and SEC hold ultimate authority over the format, and they must finalize their choice by Dec. 1.
For now, college football waits. Again.
