Title: ESPN Secures $7.8 Billion Extension to Become Home of College Football Playoff Through 2031-32 Season

In an exciting development for college football fans, ESPN has reached an agreement with the College Football Playoff (CFP) for a six-year, $7.8 billion extension, according to sources briefed on the deal. This contract will make ESPN the official network of the 12-team tournament until the 2031-32 season.

While the full contract still awaits finalization pending the resolution of certain details relating to the expanded format, the ESPN deal represents a significant step towards solidifying the future of the CFP. The management committee and board of managers of the CFP are expected to address these outstanding issues at meetings scheduled for next week.

Under the current agreement, ESPN's coverage includes the CFP semifinals, championship game, and the four remaining New Year's Six bowl games. The network's existing contract, with two years remaining and an average payment of $608 million per year, will now be extended at a cost of $1.3 billion per year.

One notable aspect of the new deal is that ESPN will have the rights to sublicense games to another network or digital platform, though final decisions on this matter will ultimately rest with the ESPN's discretion as a Disney-owned network.

Additionally, ESPN's coverage will now encompass the first-round games held at on-campus sites, along with the quarterfinals, semifinals, and championship games. However, the fees for the first-round games in the next two seasons have yet to be determined.

This extension with ESPN would give the network control over the majority of Division I college sports championships, except for the men's basketball tournament, which is televised by CBS, TNT, and affiliated networks through 2032. ESPN already secured the rights to 40 championships, including the women's basketball tournament, in a separate agreement with the NCAA earlier this year.

The current CFP contract with ESPN is set to run through the 2025-26 season, and any significant changes to its terms require unanimous support from the board of managers. The proposed expansion to a 12-team format took considerable time and negotiations to gain approval.

Originally, the board approved a model consisting of the six highest-ranked conference champions and six highest-ranked at-large teams. However, the impending departure of 10 teams from the Pac-12 has led to discussions about altering the model to include five conference champions and seven at-large teams.

The CFP management committee, comprising all 10 FBS commissioners and Notre Dame's athletic director, has recommended the revised 5+7 model. However, the board of managers has yet to give its official approval.

Looking ahead, there are still key issues to be resolved for the new six-year CFP contract. These include discussions on future governance, revenue distribution, and access. The commissioners plan to address these matters during an upcoming meeting in Dallas.

With the exciting prospect of a 12-team playoff format and a lucrative extension with ESPN, college football enthusiasts can look forward to an enhanced and thrilling postseason experience in the years to come.