The Big 12 could have a new media rights deal in place with ESPN and Fox within a matter of weeks, sources tell CBS Sports.

The league has been aggressively pursuing a new deal ahead of the conference's formal negotiating window in 2024. The Big 12's current contract with ESPN and Fox expires after the 2024-25 academic year.

While a new deal this far ahead of the expiration of the current contract is not assured, it could position the Big 12 ahead of the Pac-12 in terms of securing more lucrative broadcast windows. The Pac-12 is currently on the open market for a new contract as its current deal expires in 2024.

Big 12 commissioner Brett Yormark told CBS Sports on Wednesday, if a new deal isn't finalized in the near term, "there is the option to wait 16 months [for the formal negotiating window to begin]."

Yormark expects per-school media rights revenue to increase from its current deal despite the losses of Texas and Oklahoma to the SEC beginning in 2025.

With those two giants, Big 12 schools are currently receiving $43 million annually for their media rights, a figure that includes revenue from the NCAA Tournament and bowl games. Former commissioner Bob Bowlsby testified to the Texas legislature — shortly after the loss of Texas and Oklahoma — that the value of the conference would decrease by 50% without those programs.

Asked how a new media rights figure could surpass $43 million per program, Yormark told CBS Sports, "I'm a good salesman." He stressed the value of live sports — the unknown of who is going to win — which has long been the attraction of TV rights.

"There is nothing more valuable than live sports right now. Generally speaking, there is a huge appetite for what we sell. That in itself gets us to a higher place," Yormark said.