Colorado returning to Big 12? League presidents approve membership as Buffaloes consider leaving Pac-12

By Dean Straka 

(CBSSports) -  Colorado is in the midst of a potential return to the Big 12. On the heels of reports Wednesday afternoon that CU was engaged in what may be final talks setting the stage for the Buffaloes to leave the Pac-12, the Big 12's university presidents Wednesday night voted unanimously to approve membership for Colorado should it formally apply, sources close to the process tell to CBS Sports' Dennis Dodd.

A second Colorado Board of Regents meeting is scheduled for Thursday at 5 p.m. ET, and it's possible that CU submits an official application to join the Big 12 following that meeting should the regents vote to depart the Pac-12.

The Buffaloes have long been considered a priority expansion target for the Big 12, which held "substantive" talks Colorado earlier this offseason, multiple sources told Dodd in May. This despite CU publicly saying it desired to remain in the Pac-12 and would not make any decisions until a Pac-12 media rights deal could be reviewed by conference members.

CBS Sports learned Wednesday that interest between the parties increased in recent days. Should the Buffaloes rejoin the Big 12, they would be the only addition to the conference at the present time, sources tell CBS Sports.

"I have no comment other than what I said last week," Colorado athletic director Rick George told Dodd in late May about the school's potential interest in the Big 12. "We are proud members of the Pac-12. In a perfect world, we'd love to be in the Pac-12, but we also have to do what is right for Colorado at the end of the day."

Joining the Big Six conference in 1947 and remaining with the expanded league for a span of 63 years, CU was a founding member of the Big 12 in 1996 and remained in the conference until it departed for the Pac-12 ahead of the 2011 season. At the time, many were surprised Colorado left for the Pac-12 at all given its history affiliated with the Big 12.

Will the Big 12 expand further?

The Big 12 officially added four new members -- BYU, Cincinnati, Houston and UCF -- on July 1 as a means of rebuilding its conference following the scheduled departures of Texas and Oklahoma to the SEC on July 1, 2024. The league will consist of 14 teams for the 2023 season before dropping to 12 in 2024 once UT and OU exit.

It is believed the Big 12 has been considering further expansion, not only making overtures to other Pac-12 programs but also basketball powerhouses like UConn and Gonzaga, Dodd reported in June. League commissioner Brett Yormark confirmed at Big 12 Media Days earlier this month that he would prefer to remain at 14 teams, which would require the addition of two schools after the Longhorns and Sooners depart -- the Buffaloes and another program.

Yormark also said he admired the branding efforts at Colorado. The Buffs football program made headlines this offseason by hiring former NFL star Deion Sanders as the team's coach.

Previously, it was believed the Big 12 was interested in not only Colorado but the other so-called "Four Corners" schools from the Pac-12: Arizona, Arizona State and Utah. However, that interest appears to have subsided.

The Big 12 sees an addition of Colorado to be a separate move from any additional expansion, which would potentially come at a later date, sources tell Dodd.

Any such move must be handled delicately. Because of legal liability, the Big 12 cannot be seen as initiating interest with Colorado. Protocol dictates that CU would first have to apply for membership to join the Big 12 once the current Pac-12 media rights expires July 1, 2024.

Multiple sources tell CBS Sports that Sanders supports a move to the Big 12 because the fertile recruiting grounds of Florida and Texas -- both in the Big 12 footprint -- would open even further for the Buffs.

What will happen to the Pac-12?

The Pac-12 is undoubtedly at a crossroads. It is about to enter its final season with USC and UCLA before the flagship California schools exit for the Big Ten on July 1, 2024. As such, it has faced difficulties signing a new media rights deal. The Big 12 is partially responsible for the Pac-12's struggles as it opened its contract with Fox and ESPN -- both presently Pac-12 partners as well -- to jump ahead of the Pac-12 in the rights negotiation process.

The Big 12 secured a $2.3 billion media rights deal with Fox and ESPN through the 2030-31 athletic season. Conference teams will earn an average of $31.7 million annually from the networks as part of the deal, and Colorado is expected to receive a full share upon its arrival should it finalize its return to the league.

The Pac-12, meanwhile, has been unable to secure its own deal for the better part of a year. Despite reassurances from league commissioner George Kliavkoff that the Pac-12 will sign a deal that equals or exceeds the annual value of the Big 12's deal, the constant delays without either an agreement or named rights partners has some member universities feeling uneasy.

Still, most have expressed their commitment to the Pac-12 -- at least until they are presented with the media rights package Kliavkoff secures for the league.

Kliavkoff met with school officials Wednesday to provide an update on those negotiations, according to Yahoo Sports. Just one week ago, Kliavkoff stood firm behind the conference's membership at Pac-12 Media Day, a message he has preached since last July. He reiterated that a new media rights deal for the Pac-12 was on the way despite negotiations continuing a year after they were authorized by the conference. 

"Our schools are committed to each other and to the Pac-12," Kliavkoff said. "We'll get our media rights deal done, we'll announce the deal. I think the realignment that's going on in college athletics will come to an end for this cycle. The truth is we've got bigger fish to fry. 

"There are incredible opportunities and also challenges in front of college athletics, and I need to be able to work with all of my colleagues in Division I and particularly in the A5, and we'll do that. We'll move past all the bitter squabbling of the last year, and we'll work together to make college athletics better."