The Big Ten’s massive new media rights deals are official.

The conference announced Thursday that it reached distribution agreements with Fox, CBS, NBC and Peacock, NBCUniversal’s streaming service. The agreements will officially begin July 1, 2023 and run through the 2029-30 football season, making it a seven-year deal in all.

The Big Ten called its new deals “the most comprehensive in all of college sports.” And according to multiple media outlets, the new agreements are worth more than $7 billion over that span of seven years. CBS and NBC are each paying around $350 million per year for their Big Ten broadcast packages, per multiple reports.

Notably, Big Ten conference games will no longer air on ESPN for the first time in 40 years after the network pulled out of negotiations last week. ESPN has an exclusive 10-year deal with the SEC that begins in 2024-25.

According to USA Today, the Big Ten distributed $54.3 million to its members during the 2019-20 fiscal year. With the new media deals in place, that figure could double.

Breakdown of new Big Ten media deals

Beginning in the fall of 2024 (the year USC and UCLA officially join the conference), Big Ten football will air on Fox at noon, on CBS at 3:30 p.m. ET and on NBC in the prime-time window.

Fox has the top package of Big Ten games and is the largest stakeholder. The network’s “Big Noon Saturday” has been a big success and will continue. Big Ten Network, which Fox has a majority stake in, and FS1 will also continue to air Big Ten games.

The Athletic is reporting that Fox/FS1 will carry "up to 27 regular season football games" in 2023. Beginning in 2024, that total increases to a maximum of 32 games per year. Additionally, per The Athletic, Big Ten Network will air "up to 41 games in 2023 and a maximum of 50 games per year afterward."

The longtime SEC on CBS game at 3:30 p.m. ET is now headed to the Big Ten, beginning in 2024. CBS’ deal with the SEC expires after the 2023 season. The initial season of CBS’ deal with the Big Ten includes just seven football games. Beginning in 2024, CBS will air up to 15 regular season games per season, including an annual afternoon game on Black Friday. Additionally, CBS games will be streamed on Paramount+.

ESPN is reporting that CBS' payout to the conference in Year 1 is lower since it will also be carrying SEC games that season.

NBC will air 14 to 16 football games per season for what the network is calling “Big Ten Saturday Night.” Each of those games will be “simul-streamed” on Peacock, NBC’s streaming service. Peacock will exclusively air eight regular season Big Ten games.

NBC has been the exclusive broadcaster of Notre Dame home games since 1991. That partnership will continue.

The Big Ten championship game will be spread out across Fox, CBS and NBC over the seven-year duration of the agreements. Fox will air the game in 2023, 2025, 2027 and 2029. CBS will air the title game in 2024 and 2028. NBC gets it in 2026.

What about basketball?

ESPN has been a longtime home for Big Ten basketball, but now that will no longer be the case.

The majority of Big Ten basketball games (men's and women's) will continue to air on Big Ten Network. Games will also continue to air on Fox and FS1 — at least 45 men's games per season, according to multiple reports.

CBS will have an increased basketball presence as it airs both regular season and postseason action. The semifinals and final of the Big Ten men's tournament will continue to air on CBS. The final of the women's tournament will now air on CBS as well.

The biggest change for basketball is the presence of Peacock. According to the Big Ten, Peacock will air as many as 47 regular season men's games (32 conference and 15 non-conference) and 30 regular season women's games (20 conference and 10 non-conference).