Big East football teams sell name rights to Catholic 7 for $100 million

The Big East football schools will split nearly $100 million to allow the Catholic 7 to start their own basketball conference next season and allow them to use the Big East moniker.

An anonymous source told the Associated Press about the deal but it will not be finalized by probably end of the week.

The splitting of revenue will not be equal amongst the schools left. Cincinnati, Connecticut and South Florida could be left with $25 million each because they are fully-vested in the revenue sharing of the formerly titled Big East, the New York Daily News is reporting.

The conference consisting of St. John’s, Georgetown, Seton Hall, Villanova, Marquette, DePaul and Providence will be known as the Big East starting next year and will likely add more schools in the future. According to ESPN, Xavier and Butler will be joining and Creighton could bring the conference total to 10 by THE 2013-2014 season.

Memphis, Central Florida, SMU and Houston will join Cincinnati, Connecticut, South Florida and Temple as football members of their conference in 2013. In 2014, East Carolina and Tulane will become members and Navy will be apart of the group in 2015.