$250 million will buy you quite a bit in this world. But it apparently isn't enough to buy you a seat in the Big 12.
Memphis has reportedly made a lucrative, Godfather-like offer to join the Big 12 of $250 million in sponsorship to the league. The Big 12 is evidently not interested, according to Brett McMurphy:
Big 12 “not interested” in adding Memphis despite school offering $250 million in sponsorship to the league, sources told @On3sports. Memphis was trying to buy way into Big 12. Yahoo 1st reported Memphis trying to get Big 12 invite
— Brett McMurphy (@Brett_McMurphy) July 21, 2025
Yahoo's Ross Dellenger first reported the news of Memphis attempting to buy its way into the Big 12, but noted that the Tigers "lacked support" for now despite the offer causing the league presidents to get together on Monday to discuss it in a meeting.
Along with the $250 million, Memphis proposed not to accept a cent in revenue-sharing for the league for at least its first five years of membership. Dellenger also reports that Memphis' proposal subjected itself to expulsion from the Big 12 after the 2030-31 league year if the Big 12 deemed Memphis was not adding requisite value.
Memphis was one of the programs vetted previously when the Big 12 poached BYU, Cincinnati, Houston, and UCF from the American Athletic Conference, and the Big 12 decided then not to take Memphis, either.
It's a curious decision, given everything Memphis brings to the table aside from the big, fat check. The Tigers have a prominent men's basketball program, a football program that has consistently been one of the better teams in the Group-of-Five, and a robust TV market, which would allow the Big 12 to break into SEC country.
The Big 12 and ACC sit in an awkard position in the Power Four
We still call it a "Power Four," but everyone understands it's a "Power Two." The SEC and Big Ten hold all the cards, and both the ACC and Big 12 continue to weigh options on how to move forward while maintaining their statuses as power conferences.
Both are in a wait-and-see approach as the SEC and Big Ten both weigh the potential for further expansion.
Neither league has the TV deals that the SEC and Big Ten have, and risk falling further behind in the new revenue-sharing era of college football. It's what makes Memphis' offer potentially so enticing. This is unlikely to be the last effort Memphis makes to join a Power Four league. They could approach the ACC next, or potentially up their offer to the Big 12 to try and gain membership.
No team wants to be left out in the cold, particularly as the dividing line between the Power Four and Group of Five continues to grow. Some believe that eventually the leagues will completely split, with the Power Four conference teams creating a new division. If that happens, revenue is sure to change drastically for the non-power conference teams.