Pac-12 schools have reportedly reached an agreement on the language of their Grant of Rights, which will include equal sharing of media revenue, per The Athletic's Stewart Mandel.

The agreement, which also includes performance-based College Football Playoff distribution, will not be signed until the conference's media rights deal is finalized.

According to Sports Illustrated's Ross Dellenger, Pac-12 schools had "verbally" agreed to a Grant of Rights with a merit-based revenue sharing model "for weeks now."

Columnist John Canzano explained that the Grant of Rights "includes what sponsorships are Pac-12 centralized vs. left for individual campuses to sell, what sets of rights the conference can sell, and how the revenue will be split among the 10 member schools."