The University of Memphis just threw everything they had at the Big 12 Conference. We’re talking about a $200 million offer that would make most athletic directors’ heads spin. But sometimes, even the biggest swing doesn’t connect.
Where will Memphis Athletics land after a failed bid to join the Big 12 and move up the hypothetical ladder to a more prestigious conference?
Why Did Memphis’ $200 Million Big 12 Bid Fall Short?
The University of Memphis pulled out all the stops with its recent Big 12 proposal. According to Ross Dellenger of Yahoo Sports, the Tigers offered over $150 million in sponsorship commitments from corporate partners, likely led by Memphis-based shipping giant FedEx. They’d also waive revenue distribution from the Big 12 for at least five years.
In the most lucrative membership proposal in college sports history, Memphis has made a $200 million offer to enter the Big 12, sources tell @YahooSports.
For now, it does not have enough support but potentially sets a standard for all future expansion.https://t.co/MefkD9du7B
— Ross Dellenger (@RossDellenger) July 21, 2025
The numbers alone should have been enough to get everyone’s attention. This was the most lucrative membership proposal to date in NCAA history. Memphis even threw in a safety net for the conference: the school could be expelled after the 2030-31 season if the league decided it wasn’t providing competitive or financial value anymore.
However, the proposal currently lacks the support needed among Big 12 leadership. Conference expansion requires approval from 12 of the 16 league presidents and chancellors, and sources indicate the Tigers’ proposal hasn’t cleared that hurdle.
The magnitude of the offer did force Big 12 presidents to meet on Monday to discuss expanding the conference, but the league remains skeptical.
The tweet from Dellenger highlights that while Memphis’ financial offer far exceeds previous expansion bids from schools like Gonzaga and UConn, concerns remain about long-term value, market size, and competitive relevance, despite Memphis’ willingness to give up millions in revenue and cover a hefty $25 million exit fee.
Memphis also plans to share the full $20.5 million in annual revenue with student-athletes by next year, a unique NIL-forward approach that shows how serious they are about competing at the highest level.
What Are Memphis’s Options After Big 12 Rejection?
With the hopes of Big 12 membership fading, Memphis is already looking at other conferences. The Pac-12 has shown serious interest before and even offered the school a term sheet last year, according to another recent tweet from Dellenger.
Where Memphis goes next remains unclear.
Pac-12 has expressed serious interest & even offered the school a term sheet last year. Memphis officials have, as well, held talks with leaders in the Big East about a potential move of their basketball program.https://t.co/MefkD9e1X9 https://t.co/4XCdCdjvsD
— Ross Dellenger (@RossDellenger) July 21, 2025
The Tigers declined that Pac-12 offer at the time, but with the conference still in flux, it’s unclear whether that opportunity remains available.
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Memphis has also engaged in conversations with the Big East, a non-football conference, potentially positioning its basketball program for a new home if a full athletic department move isn’t possible.
Regardless of where Memphis ends up, their $200 million bid has reset the market for expansion fees and future conference realignment discussions. The Tigers created a bold new model: offering immediate financial value to gain long-term competitive recognition.
While the Big 12 may not accept today, Memphis’s willingness to invest and innovate keeps them in the conversation. Their approach also pressures themselves and other expansion hopefuls to rethink how they present their value to major conferences.
