Big pay day coming for Big East 3

During the past several months as the Big East has imploded, three of the schools who have been left behind in the mass exodus have been Connecticut, Cincinnati and South Florida.

But with a Big East  cash fund of close to $100 million available for distribution each of those schools should be collecting a check of between 18 and 25 million once the settlement is reached according to sources familiar with the talks between the Big East and the Catholic 7 schools who are pushing for a withdrawal by July 1.

The $100 million total is a combination of  nearly 70 million dollars the Big East has and will collect in exit fee money from schools that have left or have announced they are leaving and another total of approximately $30 million  which will come to the Big East offices from the NCAA as “unit” shares for conference teams participation in the NCAA men’s basketball tournament.

According to sources, the Big East football faction has presented the Catholic 7 group consisting of St. John’s, DePaul, Providence, Marquette, Seton Hall, Georgetown and Villanova  with a lump sum offer of between 10 and 15 million dollars.

Using the estimate of 15 million, that reduces the total to 85 million dollars.

The new Big  East schools that will be part of the Big East football league next season–SMU, Houston, Memphis, Central Florida and Temple will receive approximately $1 million each, which reduces the total by another $5 million down to 80 million.

New members committed to join the Big East in 2014 such as Tulane and East Carolina and Navy which is scheduled to join in 2015 (in football only) could also receive a payment if they honor their commitment , which should reduce the total to 77 million.

The Big East office will then take an operating cost fee of another $5 million, which will  reduce the total to approximately 72 million, which will then be divided evenly between Cincinnati, UConn and South Florida.

Since no agreement has yet been made or signed, the numbers could bounce either way with accommodations  by both sides.

The Catholic 7 would have received twice the 10 to 15 million amount if they had chosen to wait another year to break out on their own. Reportedly the Catholic 7 are asking the Big East for approximately 35 million in total payouts.

But the Big East felt that the early departure date and acquiring the name “Big East” had a significant price tag.

Negotiations on the total amount of “unit” money  for NCAA appearances the Catholic 7 receive front will continue for the next few days at the Catholic schools argue for a bigger share.

Just how fast that issue is resolved will determine when the final agreement is reached.

But in all of the scenarios, the Big East group of three schools left in the wake of conference reconfiguration will be well compensated.

© Copyright 2013 Mark, All rights Reserved. Written For: A Jersey Guy
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43 comments for “Big pay day coming for Big East 3

  1. John
    March 3, 2013 at 6:40 pm

    So the entrance fees are being waved for the new members? I would assume they wouldn’t give them each a million and then make them give it right back.

  2. joker
    March 3, 2013 at 7:29 pm

    $23.5m for UConn, Cincy and USF in addition to $2m in TV contract money per year, and, also, the BCS football money for next year (about $2m per school), means that these schools will average $9.75m over the next four years.

    For a school like UConn, this isn’t bad, because it also makes $25m in licensing fees per year from selling coaches shows, it’s women’s bball and the like, through IMG, etc.

    I also wonder if the $100m in $ includes the exit fees from Notre Dame, Rutgers, and Louisville. I don’t think it would since ND hasn’t even negotiated such fees, and Rutgers is suing the BE, nor has Louisville negotiated its exit.

    • Chris Columbo
      March 3, 2013 at 9:59 pm

      This is a very good deal for these three if it holds up. They should take it and run. Catholic 7 , are paying 40 million for The Big East name and right to leave early. I am sure Fox is in the background subsidizing this. Explains why c 7 is limiting themselves to 9 teams in the short run.

    • SJGMoney
      March 4, 2013 at 1:41 pm

      @Joker if you think they bring in $25 million throu coaches shows and women’s hoops I have a nice bridge to sell you. The coaches’ show money goes to……the coaches, usually a nice part of their contract. But even if you were correct our figure is off by a factor of 10. Which means your name is very appropriate..

  3. John Bragg
    March 3, 2013 at 7:45 pm

    Would the incoming schools share in the NCAA credits? (right now, they don’t. does that change?)

    Is it $1M and entry fees waived, or just $1M?

  4. Knightbengal
    March 3, 2013 at 8:20 pm

    We are so getting screwed in this deal. Why the heck would we only get 1 mill. We were invited when everyone was still in. We were left holding a 5 mill exit fee and still have to pay the whatever this is called conference 2 mill to play. Not to mention we are considered a core member. We are being screwed so hard Hitt should be fired

  5. Ken
    March 3, 2013 at 10:07 pm

    That’s a bunch of !@%#*$# BS!

    UConn, Cinci and USF should split the exit fees from Pitt, Syracuse and WVU.

    Rutgers, Louisville, ND, and the C7 all left after UCF (and SMU/Houston/Memphis) signed the agreement to join a conference that contained all of those members. The new schools are harmed just as much as the three remaining schools and the exit fees from this group should be split among both the old and the new schools.

    • Joker
      March 4, 2013 at 8:31 am

      UConn has been a member from the beginning. And they put a lot of sweat equity into the conference. The name just left with the C7. UConn is effectively in a new conference. Over the years, it brought a ton of NCAA credits into the conference–as the winningest program not ony in terms of BE championships both regular season and tournament, but also the one that advanced in the NCAA tourney and brought home more tourney credit money than any other team. For a long stretch, the BE was down with UConn the main team doing anything on the national scene. For all this and more, UConn is getting $20 million.

      It defies reason to believe that teams who have never played a BE game deserve a chunk of that.

      • Smiler
        March 4, 2013 at 11:40 am

        Excellent points about UConn building up equity in the Big East brand and suddenly losing it all. It’s tought to measure all the shares, just like It’s A Mad Mad Mad Mad World.

      • Ken
        March 5, 2013 at 1:26 am

        I never suggested the new schools get a share of the tourney credits. Perhaps a remedial course in reading comprehension should be on your future class schedule. But you cannot deny that the new schools signed an agreement to join a conference that contained ND, Louisville, Rutgers, and the C7 and that the new schools are harmed just as much as the old schools by the departure of these members.

        • Joker
          March 5, 2013 at 8:50 am

          I need a remedial course in reading, but you need a remedial course in how not to be butthurt about things which haven’t impacted you at all. No one is stopping you from going back to wherever you were before. If you want to give up $2m a year for $200k, fine, go ahead. No one is stopping you.

  6. Chris Columbo
    March 3, 2013 at 10:27 pm

    Rutgers, Louisville, ND and C7 left because they didn’t want to be part of a conference with the new entrants. The neighborhood became less desirable. New entrants still getting a good deal as TV is still higher than what they were getting plus the basketball conference will be competitive. They should keep a low profile till this is done. C7 is in a rush and paying retail which in effect will keep U Conn, the crown jewel, in place for several years

    • Joker
      March 4, 2013 at 8:32 am

      I don’t buy this at all. These teams went for the money. It doesn’t matter if Pitt, Miami, VT, Cuse and BC were in the league. If the B1G invited Rutgers and the ACC invited Louisville, these teams were definitely going to leave the BE regardless. Especially Rutgers.

      • Chris Columbo
        March 4, 2013 at 12:16 pm

        In effect that was what I was saying. With all the defections the money became a huge issue as the gap widened significantly. The new entrants had no where near the presitge TV clout. It is very expensive to run a big time football program and those dollars are needed. Obviously we all recognize that turning down the 130 million a year contract with ESPN was a terrible decision. There will be another Big Ten Raid of either the Big 12 or ACC and that will free up spots for U Conn and Cincy to fill in.

        • Joker
          March 4, 2013 at 3:55 pm

          But, the teams that left initially left because the money was so much better. That was back when the conference stuck together. Maybe your argument should be that the defections happened because the teams in he B1G and ACC were more appealing than the teams in the BE at the time.

  7. Adam
    March 3, 2013 at 10:44 pm

    Temple was a Big East football member this year and should get a bigger share

    • TU_NY
      March 4, 2013 at 10:08 am

      The way I see it, Temple is entitled to the same share as Cincy, USF and UConn. Owls became full voting members of the Big East as of 7/1/12 according to AD Bill Bradshaw.

  8. Marc
    March 3, 2013 at 11:41 pm

    Chris CoDumbo is clueless. The afformentioned teams left because an opening in a richer conference was presented to them. It had nothing to do with the remaining teams in the Big East.

    • Chris Columbo
      March 4, 2013 at 10:38 am

      Notre Dame wanted to be in a conference with Duke, UVA, BC,NC which are elite schools. They had no interest in being aligned with Memphis, UCF, Houston , etc it wasn’t about money with them.

  9. Pirates
    March 4, 2013 at 7:17 am

    Simple solution: Once the new schools get in the league.. jack up the exit fees to collect any of that money when UC/Uconn try to leave.

    • Joker
      March 4, 2013 at 9:14 am

      This is going to be irrelevant. The new parameters for the conference are being added now before these schools are added. If they want to change the rules, they will go into effect next year. That will be fine, but the key question is whether all the schools will agree to them. If Cincy and UConn depart, will SMU and Houston look at the Mountain West? Remember, only schools such as Tulane and East Carolina might favor huge exit fees.

      Plus, even with big exit fees, schools like UConn are likely to overpay ala West Virginia to depart the conference quickly if an invite ever comes.

  10. TU_NY
    March 4, 2013 at 10:07 am

    Mark, why are you not including Temple as one of the full voting member football schools that will be entitled to the lion’s share of the exit fees? Temple became a full voting member of the Big East as of 7/1/12.

  11. TU_NY
    March 4, 2013 at 10:24 am

    According to this article from the Philly Inquirer, with a quote directly from Temple AD Bill Bradshaw, Temple became a full voting member of the Big East as of 7/1/12:

    http://articles.philly.com/2012-12-13/sports/35776270_1_football-schools-big-east-mike-aresco

    “Temple athletic director Bill Bradshaw said Tuesday that according to the Big East contract, Temple became a full voting member of the league on July 1, 2012.”

    • RudyMass
      March 4, 2013 at 2:04 pm

      Bradshaw has been beaten to a pulp for not having the forseight to see this all unraveling and the “full voting share” you note only is relevant for football issues, not the dissolution of the league. Owls, frankly, are not entitled to a penny more than Tulane.

      • TU_NY
        March 4, 2013 at 3:44 pm

        That makes no sense. How could Temple be a full voting member (which means NOT just football) of the Big East and not be entitled to any of the exit fees? No one has been able to adequately explain this.

        • Joker
          March 4, 2013 at 4:30 pm

          Here it is from Mark’s blog post, see the below dealing with Temple:

          “The second option would be to simply vote to dissolve the league. The Catholic schools have 7 of the 10 votes which is the 2/3 majority they would need to pass such legislation. But a clause in that by-law requires at least two of the dissolving votes to be football school members.”

          See link here:
          http://ajerseyguy.com/?p=4272#more-4272

          Even more:

          http://csnbbs.com/showthread.php?tid=606580&page=2

          1. The Big East CAN be dissolved by the basketball-only members between now and July 1st. Temple does NOT have a vote on this. Why? Because under section 12.01, conference dissolution can be approved by 2/3 of the conference “Directors”, and because “Directors” are defined in section 3.01 as CEOs of conference “Members”, and because under section 14.01(b) Temple is a “Football Affiliate” this year rather than a “Member” (because it only plays football in the conference). Moreover, section 14.01© explicitly states that “The CEO of a Sports Affiliate [e.g. a Football Affiliate] shall not be a Director of the Conference.”

          2. On the other hand, despite having a 2/3 voting majority of “Directors” between now and July 1st, the basketball-only members CANNOT convert the Big East to a non-football conference. That’s because section 3.01 defines any matter relating to participation in football as a “Football Action”, and goes on to say that any vote on a matter constituting a “Football Action” requires majority approval from the Directors of the schools that play football and all other sports within the conference (referred to as the “Division I-A School Directors”). So discontinuing football participation would presumably require a majority vote from among the CEOs of UConn, Cincinnati and USF.

        • Chris Columbo
          March 4, 2013 at 6:07 pm

          They came in as an associate in Football the first year and all sports the second year. Associates can’t vote. Temple had a good thing going with A-10 basketball where they had a high probability of making the tournament each year, plus fan friendly rivalries and a respectable home for football in the MAC where they could take their time and build a program. They left to join what has turned into a dumpster fire in the Big East. when they get their vote in July they may want to seriously consider dissolving taking their share and going back to the previous configuration..

          • Joker
            March 4, 2013 at 7:07 pm

            Why would Temple choose to make less money? That makes no sense.

          • RudyMass
            March 4, 2013 at 7:52 pm

            Dead on analysis in regards to Temple. And, in reply to the question as to why TU should leave “Big East” and walk away from money, it is the smart thing to.do. As a season ticket holder in 2 sports and donor, TU will not see one more penny from me until it rectifies a horrific, shirtsighted. Addazio/Bradshaw-inspired decision.

          • Chris Columbo
            March 4, 2013 at 8:33 pm

            Joker, if Temple led a group to dissolve they would get their share of the pot, which could be about 5 or 6 million. The cost benefit of A/10 versus Big East on a run rate basis would probably be a wash when you figure in all the air travel versus bus especially for the non revenue sports. It would be something to consider. As you can see this whole situation is fraught with complexities. The only clear winners are the new entrants. Nothing really changes for them, as they are basically in the same league, and they do get more money.

          • TU_NY
            March 4, 2013 at 8:50 pm

            Bill Bradshaw, Temple’s AD, was quoted as stating that Temple became a FULL VOTING MEMBER of the Big East as of 7/1/12. That’s the piece that everyone seems to be missing here. Everyone assumes that Temple is not a full voting member yet because they haven’t moved all sports to the Big East yet. However, we have the AD on record saying that, in spite of playing only football this year, Temple officially became a full voting member of the Big East as of 7/1/12. Temple was brought in as a “member” as opposed to our last go in the Big East, where we were never more than a “football affiliate”.

          • TU_NY
            March 4, 2013 at 8:56 pm

            Everything I have read suggests that Temple never had the status of an associate and that we came in to the league as a full voting member beginning on 7/1/12. Again, that’s coming directly from Bill Bradshaw, the Temple AD.

          • Joker
            March 5, 2013 at 8:52 am

            You guys need to step back and stop smoking that pipe. After the money is distributed to UConn, USF and Cincy, the coffers will have $5m in them. So, Temple leads a group to dissolve (for what reason, absolutely nobody knows) in order to split $5m?

            Really?

            Where do you guys get this stuff?

            Right now there are 3 voting full members. The money will be distributed to them. After that, nothing matters. They can vote to dissolve, they can vote to build a rocket ship to the moon. It doesn’t matter.

          • TU_NY
            March 5, 2013 at 9:33 am

            You continue to claim that there are only 3 full voting members, but you bring no evidence to the table that Temple is not a full voting member! On the other hand, we have Temple’s Athletic Director, Bill Bradshaw, quoted as saying that Temple became a full voting member as of 7/1/12. Who are we to believe??

  12. RudyMass
    March 4, 2013 at 9:27 pm

    TU-NY, please re-read the rest of the paragraph you are using as source material. The writer is reporting that Bradshaw believed TU was entering as full voting member, but legalties made that impossible. It is just another example of how Bradshaw never had a handle on this situation. Owls need a new AD.

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