PayPal to disperse revenue-sharing payments to athletes in Big Ten, Big 12; will not acquire naming rights

The Big Ten and Big 12 have partnered with PayPal to become their official platform for distributing revenue-sharing payments to athletes, it was announced Thursday.

The first-of-its-kind partnership in the new revenue-sharing era will allow Big Ten and Big 12 schools to pay players via PayPal starting July 1, when revenue sharing begins as a result of the landmark, multi-billion-dollar House v. NCAA settlement.

The Big Ten and Big 12 figure to benefit substantially financially as a result of the deals.

The Big 12's agreement is worth nearly $100 million over five years and was born in 2024 after PayPal entered into discussions to buy naming rights for the conference, sources told CBS Sports. The Big 12 opted not to pursue selling its naming rights, but this partnership was the result.

"You're changing behavior in the whole ecosystem right now," Big 12 commissioner Brett Yormark said. "You're no longer working with vendors, but you really want partners in this new age of collegiate athletics. So we had to educate [our schools] a little bit on what a partnership with PayPal and Venmo would look like. But they all got on board. They understand that dispersing money needs to be done with a partner that can deliver security and reliability, and there's no one better in the industry."

PayPal CEO Alex Chriss told CBS Sports the company is in discussions with other conferences about similar partnerships.

Additionally, Venmo will serve as the presenting partner of the Big Ten Rivalry Series and will be an official partner for the Big 12's championship events starting this season.

"We're proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to get paid and continue to bring trusted and innovative commerce solutions to the heart of campus life," Chriss said in a press release. "The new revenue sharing model is a long overdue shift that gives student-athletes the opportunity to benefit from the incredible value they create on behalf of the universities they play for and represent. From payments to tuition to everyday purchases, we're helping athletes, families, and schools engage in new ways that are modern, secure, and built for the future."