Oregon State AD Bob De Carolis spoke with reporters Wednesday afternoon in a conference call from Phoenix to give an update from the OSU prospective about the projected annual $21 million expected to receive each year.
Here are the bullet points. A full report is here in the GT on Thursday. De Carolis has full comment and explanation.
- There will be deductions each year, so OSU will not get a full $21 million.
- The Beavers must buy out of its Learfield Communications media contract to do what the Pac-12 wants them to do as a conference. That brings the first year down to $16 million.
- Schools are paying up front Phase II of the contract, which is the conference network, up front. That brings it down to $14.5 million.
- After that there’s $4 million deficit the OSU athletic department runs. That would bring it down to $10 million or so.
- The Beavers then must address the $6-7 million bill for the first phase of Reser Stadium rebuilding. That could be done in one lump sum or over time.
- After that De Carolis wants to sustain the programs he has, and help them be competitive. The operating budgets for any of them teams have not increased in five years.
- De Carolis plans figure out the best way to distribute the money over the years.
- None of the schools will see any of the big money for two years. The 2011-12 season is under the old contract, and then money is paid out in a lump sum at the end of the year.
“It’s a great day to be Beaver,” De Carolis said. “It’s an even better day to be part of Pac-12 Conference going forward. It’s a landmark deal with our partners. We are very excited about the opportunities. And from the commissioner (Larry Scott) we are not done.”