The Pac-12 Conference's newly released tax return for fiscal year 2025 paints a stark picture of the financial devastation caused by college football's realignment wave. The numbers are jarring, but they also mark a transitional period—this is a league that's already planning a comeback with seven new members set to join in 2026.
The tax return, obtained by USA TODAY Sports, covers the period from July 2024 through June 2025—a year when Oregon State and Washington State stood as the conference's only remaining members after 10 schools departed for other conferences. The financial fallout is dramatic: revenue plummeted from $566.6 million in fiscal 2024 to just $111.5 million in fiscal 2025.
The biggest culprit? Television rights fees collapsed from $381 million to a mere $3 million. In the previous year, the Pac-12 still boasted 12 members and a lucrative TV deal. Now, Oregon State and Washington State games were broadcast on The CW Network and Fox Sports—a far cry from the conference's former media landscape. The depleted revenue stream also left the league with a $21.7 million deficit against $133.2 million in expenses.
"FY25 is the first of two build-up years ahead of the Pac-12's launch as a new conference beginning with the 2026-27 season," the league stated in a news release. That's when Boise State, Colorado State, Fresno State, Gonzaga, San Diego State, Texas State, and Utah State will join, breathing new life into the once-proud conference.
The exodus of 10 schools in 2024 boiled down to two factors: more money and stability. The tax returns illustrate exactly how that played out. Oregon State and Washington State each received $29 million from the league—down significantly from the $46 million they each got in fiscal 2024. Meanwhile, the 10 departing members collected roughly $30 million each in fiscal 2024 as part of a negotiated settlement.
For context, consider the financial landscape of former Pac-12 members who jumped ship. UCLA and USC, now in the Big Ten, each received $76 million and $78 million respectively in their first year with that conference, according to the Big Ten's fiscal 2025 tax return. That's more than double what the remaining Pac-12 schools received, underscoring the high-stakes game of musical chairs that is modern college football realignment.