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Financial terms were not disclosed. Sports Business Journal has reported that the contract, which starts with the 2012 football season, will pay the conference $90 million a year.

The Big 12 also has a deal with ABC-ESPN running through 2015-16 that would raise the conference's total TV rights revenue to a reported $130 million annually.

Commissioner Dan Beebe said the Fox contract positions the 10-team league favorably with other major conferences.

The 12-team SEC generated $205 million from TV rights last year and the 12-team Big Ten $220 million. The Pac-10, which becomes the Pac-12 this year, made only $60 million on TV rights but is working on a new television package that would include its own network.

So $17M per SEC team, $18.3M per Big10 team and $13M per Big12 team...if they did even revenue splitting.

Good news for those who actually like watching games:

The 40 Big 12 regular-season games that will be carried by Fox nearly doubles the number under the current agreement. Many telecasts will be distributed on FSN, which reaches more than 85 million homes. Several other games will also be scheduled on FX, which is in 99 million households, the network said.

Every Big 12 home football game will be broadcast on ABC, a Fox network or by institutional platforms such as Texas' new Longhorn Network. Big 12 schools will have the option to retain rights to one home football game per season for distribution on their own networks.