SEC becomes first conference to crack $1B in annual revenue

The SEC might be in the midst of a national title drought in football, but the conference is certainly flush with cash.

According to the conference’s recent tax filings for the last fiscal year, the SEC distributed $1.03 billion in revenue to its 16 member schools. Per Daniel Libit of Sportico, that comes out to an average of $72.4 million per school, though new members Texas and Oklahoma are on substantially reduced payouts, earning just $12.1 million and $2.6 million, respectively.

While the SEC earns less on an annual basis from television revenue than the Big Ten ($710 million compared to $1.15 billion in average annual value), the SEC is the first conference to “officially” cross the $1 billion revenue threshold because the Big Ten does not submit its tax filings until May. The Big Ten is also expected to cross the 10-figure threshold when it files in a few months.

Television payments account for the majority of a conference’s annual revenue, though payouts from College Football Playoff games, March Madness units, and sponsorships also contribute to the overall figure. Considering the SEC is only in Year 2 of its new 10-year agreement with ESPN, it’s likely the conference is making less than the reported $710 million, which is the average annual payout over the decade-long deal. That means the CFP and March Madness revenue played a key role in lifting the conference over the billion-dollar mark.

The new figures paint an interesting picture regarding the ongoing financial battle between the SEC and the Big Ten. Texas and Oklahoma will begin earning full shares of the SEC’s television revenue this year, but the conference will still only have 16 teams, two fewer than the Big Ten. That accounts for some of the revenue discrepancy, but not all.

On average, Big Ten schools will earn about $19.5 million more per year in media revenue than SEC schools under both conferences’ current deals. However, as most college football fans are well aware, the SEC has dominated the sport in television ratings since the start of its new agreement with ESPN in 2024.

The Big Ten’s deals with Fox, CBS, and NBC expire much sooner than the SEC’s, in 2030 compared to 2034. While it’s a bit early to consider how the conference’s next set of rights deals could be affected by the ratings discrepancy, it’s certainly an interesting reality right now.

The additional revenue the Big Ten is earning over the SEC seems to be translating into on-field success, especially in the NIL era, when more money can often help attract better players. The Big Ten has won three consecutive national titles as paying players have become increasingly easier.

In four years, the Big Ten could widen the financial gap between itself and the SEC even further, assuming it secures an increase in media rights fees.