The Colorado Buffaloes will depart the Pac-12 Conference and rejoin the Big 12 Conference in 2024, it was announced on Thursday.
“After careful thought and consideration, it was determined that a switch in conference would give CU Boulder the stability, resources, and exposure necessary for long-term future success in a college athletics environment that is constantly evolving,” Chancellor Philip DiStefano and Athletic Director Rick George said in a statement. “The Big 12’s national reach across three time zones as well as our shared creative vision for the future we feel makes it an excellent fit for CU Boulder, our students, faculty, and alumni.
“These decisions are never easy and we’ve valued our 12 years as proud members of the Pac-12 Conference. We look forward to achieving new goals while embarking on this exciting next era as members of the Big 12 Conference.”
Colorado was a member of the Big 12 Conference from 1996 through the 2010 season before they left for the Pac-12 in 2011.
“I want to thank the Pac 12 Conference for the home it has provided to CU athletics for more than a decade,” University of Colorado President Todd Saliman said. “We look forward to maintaining the many partnerships developed with our Pac 12 colleagues. The landscape of collegiate sports is ever-evolving, and the University of Colorado Boulder has determined the Big 12 is the best future fit for our athletic teams.
“The move is good for our student-athletes and the university. It will help advance our commitment to supporting CU student-athletes in their academic and athletic pursuits in future years. I look forward to a great season ahead for all our teams.”
News of Colorado rejoining the Big 12 Conference was first reported by Brett McMurphy of Action Network on Wednesday. According to the report, Colorado is returning to the Big 12 due to “…the Big 12’s stability under commissioner Brett Yormark; a more lucrative financial outlook in the Big 12; the uncertainty of the Pac-12’s future without USC and UCLA; and the inability of Pac-12 commissioner George Kliavkoff to secure a new Grant of Rights deal in the past 12 months.”
Colorado will stand to improve its financial position with the move back to the Big 12, per the report:
In the Big 12, Colorado will receive $31.7 million annually in media rights revenue (not including other league revenue from College Football Playoff, etc.) once the Big 12’s new six-year, $2.3 billion Grant of Rights deal with ESPN and FOX begins in 2025, sources said. That’s the same amount each Big 12 member will receive.
In 2024, Colorado also will receive a full Big 12 revenue share, including media rights and other league revenue, estimated to be about $42 million, a source said.
Big 12 Commissioner Brett Yormark released a short, simple statement following Colorado’s reacceptance into the league.
“They’re back,” Yormark said.
The 2023 season will be the last for Colorado in the Pac-12 and it will also be the first under the leadership of head coach Deion Sanders, aka Coach Prime.