Colorado has decided to return to the Big 12 at the start of the 2024-25 athletic season. The University of Colorado Board of Regents on Thursday unanimously adopted a resolution to move the Buffaloes out the Pac-12 and back to the conference they helped found in 1996. This after Big 12 university presidents Wednesday night voted unanimously to approve membership for Colorado should it formally apply, sources told CBS Sports' Dennis Dodd.
The next step in the process is for CU to submit a pair of official letters, one to the Pac-12 noting their withdrawal from the league on July 1, 2024, and another to the Big 12 requesting admission to the conference on the same date.
"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," said Colorado chancellor Philip DiStefano and athletic director Rick George in a joint 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."
"They're back," said Big 12 commissioner Brett Yormark, alluding to the two-word statement made by Michael Jordan upon returning to the Chicago Bulls in 1995.
The Buffaloes had long been considered a priority expansion target for the Big 12, which held "substantive" talks with 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. The Buffaloes are the only addition the Big 12 is making to its league at this time, sources tell CBS Sports, though that could change as conference realignment continues to shake out.
George refuted the idea of moving to the Big 12 both in May and again in July. Just last week at the 2023 Pac-12 Media Day, league commissioner George Kliavkoff was firm in stating that the league would remain together.
"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."
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 13 in 2024 once UT and OU exit and CU enters.
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. 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. Whether that interest remains or can be rekindled remains to be seen.
The Big 12 sees the addition of Colorado as separate move from any additional expansion, which would potentially come at a later date, sources tell Dodd.
The move needed to be handled delicately. Because of legal liability, the Big 12 could not be seen as initiating interest with Colorado. Protocol dictates that CU must first apply for membership to join the Big 12 before it can be formally welcomed into the league.
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 enters 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 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.
Pac-12 presidents and CEOs are meeting Thursday to discuss next steps as the conference readies for Colorado's departure, according to multiple reports.
