The Big 12's agreement is worth nearly $100 million over five years and was born in 2024 after PayPal entered into discussions to buy naming rights for the conference, sources told CBS Sports. The Big 12 opted not to pursue selling its naming rights, but this partnership was the result.

PayPal and Venmo recently released statements announcing multi-year deals with two of the biggest conferences in college sports. The two money-sharing platforms have agreed to partner with the Big Ten and Big 12 as a conduit for disbursing revenue-sharing dollars to their student-athletes.

PayPal on Thursday announced a partnership agreement with the Big Ten and Big 12 conferences on Thursday, which will enable payments from universities to student-athletes.