Which brings us back to the art of negotiating and risk recognition.
Waiting creates a void, a standing invitation for the unknown to alter the trajectory of the negotiations and the future of the conference.
Perhaps the marketplace will shift in favor of higher valuations — after all, the Pac-12 is the only Power Five conference with inventory available. (Everyone else is locked up until the 2030s.) Perhaps new suitors will enter the fray.
Or, maybe, the economy will deteriorate. Maybe current bidders will grow weary of the Pac-12’s stance and either reduce their offers substantially or walk away altogether.
Had ESPN, Amazon, Fox, Apple, CBS — or a combination therein — made a killer offer, the Pac-12 board would have authorized Kliavkoff to accept.
The Pac-12 could keep pushing, it could keep attempting to draft off the Big Ten’s deal, but the Big 12’s valuation is the reality.
The market is set.
Any maneuverability is on the margins.
We expect the process to conclude by the middle of March. If that window comes and goes with no deal imminent, our outlook will take a turn for the worse.