This is an interesting SI article on a lot of this
“Fox is the one who could potentially be harmed,” Thompson says. “Fox is going to want its pound of flesh. That can be accomplished in two ways: one, ESPN and Fox work out a trade of some sort; two, the conference, through the penalty fees from OU and Texas, compensate Fox.”
That is the real sticking point, those with direct knowledge of the negotiations say.
Various different SEC and Big 12 administrators describe Fox in an assortment of ways. The network is “the hurdle,” says one. It is the “missing piece,” says another.
“Everybody, conceptually, is pretty close to a deal,” says one Big 12 source. “The hangup is Fox wants some inventory. If they get that figured out, they’re on the one-yard line.”
The first solution that Thompson mentioned—a trade—has been discussed, those with knowledge of the negotiations say. That discussion centered around Texas’ future non-conference games against Michigan and Ohio State. The Longhorns are scheduled to host Michigan in 2024, play at Ohio State in 2025, host Ohio State in 2026 and play at Michigan in 2027.
An inventory trade of some sort—Fox gets a game that ESPN would own—was an option. That trade was denied.
That said, one source claims negotiations “are not dead” and that there still exists a window. “Generally speaking, everybody wants it to happen,” the person said.
The two networks have been at odds for years, each maneuvering behind the scenes to amass the most lucrative college football inventory and talent. The latest blow came at ESPN’s expense, when the network was cut out of the Big Ten’s new television package. Fox not only owns the biggest piece of that package but the network’s executives were integral in a process that saw its most significant rival eliminated.
Neither network wants to appear that it has taken a loss in this arrangement.
“There is history there,” says one official.
Another solution that has been discussed: Texas and Oklahoma playing road games at legacy Big 12 programs that, in theory, Fox would broadcast. Would that solve the inventory issue?
“I could see that happening and I could see Fox agreeing with that,” says Thompson.
But it’s not so easy. Big 12 schools, as well as Texas and Oklahoma, would have to rearrange schedules. The Sooners and Longhorns might want that agreement to be a home-and-home as well. Will their conference mates agree to such? It’s unclear.