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The Big Ten and Big 12 have teamed up with PayPal as their official platform to distribute money to athletes, the conferences announced Thursday.
Starting July 1, when the revenue-sharing era kicks off following the massive House v. NCAA settlement, schools in both conferences will use PayPal to pay their players. It’s the first partnership of its kind as college sports enters this new financial landscape.
Both conferences are cashing in big time on these deals.
The Big 12’s agreement is worth nearly $100 million over five years. Sources told CBS Sports that the deal emerged after PayPal initially explored buying naming rights for the conference in 2024. While the Big 12 didn’t sell its name, this partnership was the result of those talks.
“You’re changing behavior in the whole ecosystem right now,” explained Big 12 commissioner Brett Yormark. “You’re no longer working with vendors, but you really want partners in this new age of collegiate athletics.”
Yormark added that there was some education needed at the school level. “We had to educate our schools a little bit on what a partnership with PayPal and Venmo would look like. But they all got on board. They understand that dispersing money needs to be done with a partner that can deliver security and reliability, and there’s no one better in the industry.”
This might just be the beginning.
PayPal CEO Alex Chriss revealed to CBS Sports that the company is already talking with other conferences about similar arrangements. The financial tech giant is clearly positioning itself as the go-to payment solution in college athletics’ new era.
Beyond just handling payments to athletes, Venmo (owned by PayPal) will become the presenting partner of the Big Ten Rivalry Series and an official partner for Big 12 championship events starting this season.
“We’re proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to get paid,” Chriss said in a press release. “The new revenue sharing model is a long overdue shift that gives student-athletes the opportunity to benefit from the incredible value they create on behalf of the universities they play for and represent.”
Chriss emphasized the company’s broader campus vision: “From payments to tuition to everyday purchases, we’re helping athletes, families, and schools engage in new ways that are modern, secure, and built for the future.”
