The college sports earnings season began last week when the SEC released its financial data for the 2023 fiscal year.
Stakeholders were undoubtedly pleased. The conference reported $853 million in revenue, a 6 percent increase over the previous year, and distributed more than $50 million to each campus, according to USA Today.
The results will add context to the Pac-12’s fiscal situation when it reveals FY2023 revenue and campus distributions in a few months. They also underscore the irresponsible spending that placed the Pac-12 on its low path to extinction.
For instance, SEC commissioner Greg Sankey, arguably the most influential and respected figure in college sports, received $3.6 million in compensation.
That’s $500,000 less than former Pac-12 commissioner Larry Scott earned in 2015 and almost $2 million less than Scott received at the peak of his exorbitant pay. All in all, Scott received approximately $50 million in compensation during his 13-year contract term — all of it approved by the Pac-12 presidents.
(The annual compensation for current Pac-12 commissioner George Kliavkoff will be disclosed this spring and is expected to be comparable to Sankey’s salary.)
Meanwhile, the SEC distributed an average of $51.3 million per campus in the 2023 fiscal year, per the USA Today report.
When it’s released this spring, the Pac-12’s financial statement for FY2023 is expected to show campus distributions of about $36 million — a Hotline estimate based on data currently available from the campuses.
The Pac-12 has three primary revenue sources. The total is sent to the schools after accounting for conference expenses and the $72 million being withheld by Comcast in the aftermath of the overpayment scandal.
The three revenue buckets are:
— Media rights from the Tier I contracts (ESPN and Fox) and the Pac-12 Networks’ distribution deals.
— The college football postseason (bowls and the playoff)
— The NCAA Tournament
The schools itemize…
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