Term sheet signed by Boise State outlines Pac-12 agreement and rules. Here’s what we know

The term sheet between the Pac-12 Conference and four Mountain West schools that agreed earlier this month to join Oregon State and Washington State in a revived league was released Thursday night.

The four Mountain West members named in the document, dated Sept. 11, are Boise State, Fresno State, Colorado State and San Diego State.

Utah State, which announced its decision to be part of the Pac-12 on Sept. 24, is not included in this agreement. The conference still must add at least one more school to meet the eight-school minimum required by the NCAA for an FBS conference.

The document outlines the terms the six schools agreed to for the reborn Pac-12, which lost 10 of 12 members to vast conference realignment. The terms include the list of sports that member schools will be required to compete in, the distribution of money and costs, and penalties for attempting to leave the conference.

The six schools that signed the document did so knowing that it would supersede any previous discussions, negotiations or agreements regarding moving to the Pac-12. It’s also understood that the term sheet is a placeholder, the document lays out, and that a formal long-form agreement will be prepared and executed within a month of signing the term sheet — meaning by Oct. 11.

The term sheet provided to the media contains numerous redactions of information, including two whole “categories” under the terms and conditions section, as well as several bullet points under revenue sharing and the Pac-12 Enterprises network.

Here’s what we know about the deal and how it affects Boise State.

Membership terms and withdrawal fees

Every school that signed the document agreed to a membership start date of July 1, 2026, and a Grant of Rights through June 30, 2031. The Grant of Rights gives the Pac-12 Conference the exclusive media rights to broadcast athletic events and games for member schools.

It also relates to penalty fees for schools that wish to leave the conference, and those are substantial.

The term sheet states that a member school can leave before the GOR expires if it receives an “A4” conference invitation. A4 conference refers to the Big 12, ACC, SEC or Big Ten, the conferences that have automatic berths to the College Football Playoffs. The same rules apply if the invitation is for football only.

If a school receives an invitation to an A4 conference, it must provide at least one year’s notice and must pay the more significant amount of two options: damages equal to the school’s Pac-12 distribution costs for the preceding year, or two contract years’ worth of the aggregate amount the media rights fees would be reduced as a result of that school’s departure.

If a school attempts to leave for a non-A4 conference or to become independent, it will be required to pay three times the school’s Pac-12 member distribution for the preceding year. That total doubles if less than a year’s notice is given.

The six schools involved may withdraw from the Pac-12 before July 1, 2026, if they receive a membership offer from an A4 conference. However, that still would result in a $30 million penalty to be paid to the Pac-12.

If a school doesn’t join the Pac-12 for any reason unrelated to an A4 conference, it is required to pay a $40 million penalty.

Revenue sharing

Member schools will keep half of their earnings if they qualify for the College Football Playoffs or the NCAA Tournament in men’s or women’s basketball.

The term sheet outlines that the other 50% is to be shared among the other conference members. Any expenses incurred from participation in postseason events are expected to be shared equally across conference members.

Four bullet points from the revenue sharing section were redacted from the media, so not much else is known.

A little extra power for the leftover two

Washington State and Oregon State were the schools left behind when the Pac-12 imploded last year — four universities left for the Big Ten, four for the Big 12 and two for the ACC.

The Pac-12 owned the Pac-12 Network, which shut down in June, but a much smaller broadcast studio called Pac-12 Enterprises has continued to operate and could make a comeback once the league gets going.

The six schools in the agreement will negotiate by Oct. 11 how the ownership, structure and control of Pac-12 Enterprises will look. The term sheet notes that the new-look Pac-12 Enterprises will “recognize the significant investment OSU and WSU have made in Pac-12 Enterprises.”

All decisions involving Pac-12 Enterprises will require Oregon State and Washington State approval. Those schools also will hold approval power over decisions pertaining to future media deals and invitations to potential conference members.

Which sports will be in the new Pac-12?

All Pac-12 member schools must maintain football, men’s and women’s basketball, and volleyball programs. Otherwise, a school is required to participate in Pac-12 play for any sport sponsored by the Pac-12 in which the school has a varsity program.

Boise State has 18 varsity-level programs, including tennis, golf, track and field, women’s soccer and softball. The Pac-12 has sponsored numerous sports in the past in which Boise State does not have a team, such as baseball and men’s soccer.