Big 12 reaches $2.6 billion TV deal

Without being specific, Bowlsby said there are provisions in the new deal and an ongoing dialogue for "active issues, changing circumstances" and potential changes should there ever be league expansion and changes such as the re-establishment of a Big 12 conference championship game in football if more teams are added.

Bowlsby said the schools unanimously adopted the "grant of rights" and were also unanimous in its approval of the television contract in an early-morning conference call Friday.

"We are fully aligned group of member institutions and we expect that our futures will go together in lock-step in the years ahead," Bowlsby said.

Texas Tech has to take agreements to its board of regents for final approval, but that is considered a formality.

"This is an exciting day for the Big 12 Conference. Our future has never been better," Texas Tech athletic director Kirby Hocutt said in a statement.