The Big 12 board of directors announced Monday schools will equally share all conference-related revenue, including money generated from Tier I and II broadcast rights for football and men's basketball and the NCAA men's basketball tournament.
Once a school grants its rights, the conference holds them for that term even if the school leaves for another conference.
The agreement could been help keep Missouri in the fold. The school has not committed to the league amid speculation that it is looking at the SEC. It is scheduled to have a board of curators meeting Tuesday.
"This should be a positive sign for Missouri," Big 12 interim commissioner Chuck Neinas said Monday.
Not covered by the agreement would be the money generated by institutional networks called Tier III rights.
This includes the Longhorn Network established by Texas that has caused friction among other league members because of the possibility of influencing the selection games televised by partners ESPN and Fox in addition to the potential airing of high school games and highlights.
"It is recognized by the Board that each member is directed by institutional policy relative to pursuing its grant of rights and that process will commence expeditiously at the institutional level," a statement by the Big 12 said.
"The Board is encouraged by the number of institutions indicating interest in the Big 12, which reflects positively on the standing of the Conference within intercollegiate athletics. The Board also looks forward to considering the recommendation of the expansion committee regarding future membership options."
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