The Big Ten media rights package is complete with the conference releasing a historic announcement Thursday.

The new media deal for the B1G includes multiple media partners and runs through the 2029-30 season. Included in that package, CBS and NBC enter the mix alongside FOX and the Big Ten Network.

According to Michael Smith with Sports Business Journal, the full financial figures for the deal are over $8 billion. That makes the new agreement the most lucrative conference media deal in the history of college athletics.

To put that into perspective, the last media deal signed by the B1G paid out $440 million annually. That means the B1G’s new deal will almost triple what the conference was previously receiving.

While there is no real downside to the financial figures, ESPN’s Adam Rittenberg pointed out the deal does not provide an immediate windfall for B1G schools. The revenue for B1G programs will scale up in Year 2 of the agreement (2024) when USC and UCLA join the conference with another scale going up in Year 3 (2025).