Pac-12's new tax return shows devasting fallout from conference realignment

The Pac-12 Conference has filed its first federal tax return as a two-member league – a document that shows just how badly it was decimated by college football realignment in 2024 after the departure of 10 schools to other conferences . The numbers in it are jarring but also a reminder that this is a league that is building back up soon with seven incoming full members in 2026 . The tax return was obtained from the league by USA TODAY Sports for fiscal year 2025, which runs from July 2024 through June 2025, a year in which Oregon State and Washington State were the Pac-12’s only members.

Here is what it shows: Pac-12 revenue dropped dramatically as expected Revenue collapsed from $566. 6 million in fiscal 2024 to $111. 5 million in fiscal 2025.

This is primarily because there was a drastic reduction in television companies wanting to pay for their games. The league’s television rights fees went down to $3 million from $381 million in the previous fiscal year, when the Pac-12 still had 12 members. Oregon State and Washington State football games in 2024 were televised by The CW Network and Fox Sports .

The depleted revenue stream also led to a deficit of $21. 7 million after $133. 2 million in expenses.