Colorado Passes Vote to Join Big 12 in 2024 Ahead of Deion Sanders' Buffaloes Debut

The Colorado Buffaloes are planning to bounce back from a 1-11 season with a new roster and a new head coach in Deion Sanders.

And in 2024, they'll be rejoining the Big 12.

Colorado helped found the Big 12 in 1994 before play started in 1996. The school is set to receive $42 million as part of its Big 12 revenue share in 2024, per Action Network's Brett McMurphy.

The university's decision leaves the future of the Pac-12 in flux, especially following the departures of USC and UCLA.

A joint statement from chancellor Philip DiStefano and athletic director Rick George said Big 12 membership would "give CU Boulder the stability, resources, and exposure necessary for long-term future success."

Colorado's departure from the Pac-12 is set to coincide with the end of the conference's current media rights deal with ESPN and Fox. It is currently the only Power Five conference without a long-term media deal.

Chancellor Phil DiStefano told the Denver Post's Sean Keeler last week that the school's "goal is to stay within the Pac-12 and have a media deal coming up shortly."

"That's our goal," DiStefano said. "And I believe the presidents and chancellors of the Pac-12 are together on that."

Those comments were made ahead of a July 21 press conference from Pac-12 commissioner George Kliavkoff, which DiStefano said Colorado was "eagerly awaiting." Kliavkoff did not announce a media deal during that presser.

"Getting the right deal has always been more important to our board and the conference has always been more important to our board and to the conference than getting the expeditious one," Kliavkoff said.

In contrast, the Big 12 has locked in a media deal through 2031. The deal is worth $2.28 billion, and members are set to receive $31.7 million annually in media rights revenue.

The Big 12 is now set to have 13 members in 2024 following the departures of Texas and Oklahoma to the SEC and the addition of Colorado. The conference is considering further expansion, including bids for UConn and Gonzaga, CBS Sports' Dennis Dodd reported in June.