The implosion of the Pac-12 was the conference’s own fault. There were many reasons for this collapse. It was preventable, but no one was willing to stand up and do the right things. One of the right things was to give USC an uneven (extra) revenue share, given that the Trojans have long been the bellcow football program in the conference. The conference refused to do that, however. It paid a price, as USA TODAY Sports reports upon gathering a recent Pac-12 tax return:
“Ten teams left the Pac-12 in 2024 for two big reasons: more money and stability. This and other tax returns show how that played out. Oregon State and Washington State each received $29 million from the league, down from the $46 million each received in fiscal 2024. The other 10 Pac-12 members received about $30 million in fiscal year 2024 as part of a negotiated settlement.
“By comparison, former Pac-12 members UCLA and USC received $76 million and $78 million from the Big Ten in their first year as members of the Big Ten Conference, according to the Big Ten’s tax return for fiscal 2025. Former Pac-12 members Oregon and Washington received $47 million and $48 million – which are only partial shares as new members of the Big Ten. Both eventually will earn full shares as part of their agreements to join that league.”
The math could not be any clearer. Conference members lost more than $15 million while USC’s revenue soared in the Big Ten. Imagine if the Pac-12 had given USC an expanded distribution. The conference could have kept USC and UCLA in the fold, and its members would not have suffered a huge cut in revenue. This tax return shows, very clearly, how badly the Pac-12 miscalculated by playing hardball with USC instead of accommodating the Trojans.
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This article originally appeared on Trojans Wire: Pac-12 tax return shows why conference should have respected USC more
Reporting by Matt Zemek, Trojans Wire / Trojans Wire
USA TODAY Network via Reuters Connect
