By Keaton Hargett
Alright, folks, gather ‘round because this is a straight-up gut punch in the college football world. As of right now—4:47 PM CDT on Monday, July 21, 2025—the Big 12 has officially shut the door on Memphis’ wild $250 million offer to join the conference. Yeah, you read that right: $250 MILLION, and they still got a big fat “no thanks” from the Big 12 brass. Brett McMurphy dropped the bomb on X just a few hours ago, and the internet’s still reeling. This ain’t just a rejection—it’s a slap in the face to a team that was ready to buy its way into the Power Four. Let’s break it down like I’m ranting over a bad call at the bar.
Memphis came to the table with a deal that screams desperation and ambition. Backed by corporate giants like FedEx, Lowe’s, and AutoZone, the Tigers offered up to $250 million in sponsorships over five years—$2.3 million extra per year for each of the Big 12’s 16 schools, like Oklahoma State, Texas Tech, and Kansas. They were even willing to skip out on Big 12 revenue distributions for five years and pay a $25 million exit fee to ditch the American Conference. Oh, and they threw in a “no-risk” clause: if the Big 12 thinks they’re not adding value by 2030-31, they can boot Memphis out. It’s like walking into a poker game with a suitcase of cash and saying, “Deal me in, or I’ll double down.” Bold as hell.
But the Big 12? They didn’t even blink. McMurphy’s report, citing sources from @On3sports, says the conference is “not interested” despite Memphis trying to buy their way in. This comes hot on the heels of a year-long charm offensive by Memphis president Bill Hardgrave, who’s been schmoozing Big 12 presidents and ADs since mid-2024. The proposal hit its stride in early July, with a finalized pitch circulating among athletic administrators just days ago. Big 12 presidents met today to hash it out, but they need a super-majority—12 of 16 schools—to say yes. Clearly, that vote didn’t happen. Yahoo Sports first broke the news of Memphis’ audacious bid, but the Big 12’s response was a swift kick to the curb.
So, who was supposed to get that money? The $250 million in sponsorships would’ve padded the coffers of all 16 Big 12 schools, boosting their revenue by millions amid the new era of athlete revenue-sharing that kicked off July 1. Memphis was also set to share $20.5 million with its own athletes next year, thanks to a FedEx windfall, showing they’re ready to play ball financially. But the Big 12’s current lineup—already flush with a PayPal sponsorship deal—apparently doesn’t need the cash infusion. Or maybe they’re just too proud to let a Group of Five school buy a seat at the table.
What about timing? Memphis pitched this as an immediate move, hoping to join as early as the 2026-27 season once the exit fee and logistics were squared away. Their new Simmons Bank Liberty Stadium, currently getting a $220 million facelift with upgrades like new turf and fan amenities, was part of the pitch—aiming to be Big 12-ready by 2026 with a 58,000-capacity crowd. They’ve also got FedExForum for basketball, a top-tier venue they share with the NBA’s Grizzlies. But with today’s rejection, that timeline’s up in smoke unless the Big 12 has a sudden change of heart.
Is Memphis Big 12 ready, though? Damn right they are. The football team’s been a juggernaut, going 21-5 over the last two seasons under Ryan Silverfield, including bowl wins over Big 12 foes Iowa State and West Virginia. Their 2024 11-2 record landed them No. 24 in the AP poll. Basketball, with Penny Hardaway at the helm, boasts a national brand and seven straight 20-win seasons. Memphis is a top-50 TV market with 1.35 million people, and their corporate backing is legit. The only hiccups? A recent NCAA probe into basketball academics and Big 12 worries that Memphis might not juice their TV deal enough. Still, turning down a 11-win team with that kind of cash feels like leaving a steak on the grill.
So why the no? The Big 12’s got 16 teams already, and adding a 17th could mess with scheduling and dilute their ESPN/FOX payout. They vetted Memphis back in 2023 when they added Cincinnati, UCF, Houston, and BYU—and passed. They also nixed UConn and Gonzaga recently, so Memphis isn’t the only one getting the cold shoulder. Some ADs might think Memphis’ market isn’t sexy enough compared to, say, a Florida State or Clemson if the ACC ever cracks. But $250 million? That’s a lot of “not interested” to swallow.
What’s next for Memphis? The Pac-12’s been flirting, offering a term sheet last year that Memphis snubbed. They could pivot there for football or explore a Big East basketball move. But the Tigers are laser-focused on a Power Four spot—Big 12 or ACC—and this rejection won’t stop them. They’ve got the stadium, the wins, and the money. The Big 12 might regret this when Memphis lands elsewhere and starts flexing.
This is college sports at its messiest—money talks, but apparently not loud enough today. The Big 12’s playing it safe, but Memphis is a sleeping giant. Mark my words, they’ll be back. This is Keaton Hargett, signing off like I just chugged a Red Bull and yelled “What a waste!” at the TV.