Report: Colorado leaving Pac-12 to join Big 12

Colorado is leaving the Pac-12 to return to the Big 12, sources told Brett McMurphy of Action Network.

The move is reportedly expected to be announced as early as Thursday when the school has its public board meeting. The Big 12 presidents and chancellors have unanimously voted to accept Colorado as a new member, reports ESPN's Pete Thamel. The Buffaloes are reportedly set to formally apply for membership in the conference Thursday.

There are several reasons behind the Buffaloes' decision to leave the Pac-12. These include the Big 12's stability under commissioner Brett Yormark, a more lucrative financial outlook in the new league, and the Pac-12's uncertain future without USC and UCLA after 2024, according to McMurphy.

Colorado's departure from the Pac-12 is reportedly expected to come after the 2023-24 season, coinciding with the end of the league's current TV deal. That's also the same year Big 12 powerhouses Texas and Oklahoma will join the SEC and the 12-team College Football Playoff kicks off.

Colorado will reportedly receive $31.7 million annually in media rights revenue as part of the Big 12's new deal with ESPN and Fox, which begins in 2025. In 2024, the school will make a full Big 12 revenue share, which is worth approximately $42 million, per McMurphy.

The Big 12 welcomed BYU, Houston, Cincinnati, and UCF this year. Colorado's expected move could reportedly lead to other Pac-12 schools joining the Big 12, including Arizona, Arizona State, and Utah.

Colorado, which has reportedly considered changing conferences for months, was originally a member of the Big 12 in 1996 and departed the league to join the Pac-12 in 2011.