It’s been over 24 hours since Pac-12 presidents, chancellors, and athletic directors held a closed-door meeting reportedly including details on a proposed media rights deal with Apple — with no further details forthcoming.

Financial terms are unclear, as the value of the deal could evidently fluctuate based on new subscribers to the Apple TV+ service. Is this deal enticing enough to keep the existing conference members together?

USC, UCLA, and Colorado are leaving the Pac-12 next summer, and Arizona and Arizona State could be fielding a proposal to join the Big 12 at this very moment. An Arizona board of regents meeting on Tuesday offered no public details before going into a special executive session.

Best-Case Scenario?

While a streaming-heavy deal could limit the Pac-12’s broadcast reach, it may have been the conference’s best option all along, according to veteran sports business consultant Jim Williams. 

Extending with current partners ESPN and Fox or seeking out NBC or CBS could leave the Pac-12 “outshined” by those networks’ other partners like the SEC or Big Ten, Williams told Front Office Sports. “Why are you clinging to linear when linear’s not helping?”

For Apple, a Pac-12 deal would be another “proof of concept,” per Williams, as the tech giant continues to build out a sports portfolio that includes global MLS rights and Friday night MLB games. 

“You can’t look at Apple like a traditional television network,” Williams said, alluding to most broadcasters’ goal of filling air time with the most valuable content they can. “They don’t think that way.”

Josh Harris’ ownership of the Washington Commanders has just begun, but a deal for a new venue at the site of RFK Stadium, the team’s former home, already feels like a sure thing.

D.C. politicians want to build there, as do federal lawmakers. Harris lauds the team’s original atmosphere at RFK Stadium, and team officials have repeatedly branded the site the Commanders’ “spiritual home.”

Not so fast, says Maryland Gov. Wes Moore.

At a town hall on Tuesday, Moore predicted that the Commanders will stay in Landover and said he will look to complete a stadium deal with Harris involving public money.

“I believe this stadium should be in Prince George’s County. I believe it will be in Prince George’s County,” Moore said. “I know we’re excited to support the endeavor to make that happen.”

Though the Commanders’ headquarters are in Ashburn, Virgina, the team has played its home games at Landover’s FedEx Field since leaving RFK Stadium after the 1996 season.

During the ugly ownership tenure of Dan Snyder, the Commanders unsuccessfully sought to play D.C., Virginia, and Maryland leaders against each other in search of the best stadium deal.

With the team’s ownership change, the dynamic has flipped, and the surging inbound interest from the public sector now resembles the Chicago Bears’ growing stadium options. Virginia Gov. Glenn Youngkin attended a Commanders practice last week and similarly touted plans to mount a stadium bid.

Prior to the completion of Harris’ purchase, an internal document sent to prospective minority partners projected that Virginia would deliver the best stadium financing package.

As other sports properties such as the Pac-12 Conference struggle to complete media rights deals in a fracturing market, WWE sees itself in a strong position, with a fresh batch of financial results to prove it.

On Tuesday, the company reported record quarterly revenue of $410.3 million, up by 25% year-over-year, and $87.3 million in operating income, a boost of 26%.

The banner results stemmed from continued strength across WWE’s business, including 26% and 19% audience growth for respective weekly flagship programs SmackDown and Raw, double-digit percentage viewership boosts for premium live events such as WrestleMania and Night of Champions, and a new arena gross record for its recent Money In The Bank event in London.

Those results boost WWE as it looks to complete a new set of rights deals for SmackDown and Raw. Current pacts with USA Network and Fox expire next year, and exclusive negotiating periods with those networks recently ended.

“We’re there [in the market] in full force with a robust product that seems to have quite high ratings and relevancy at the moment,” said WWE CEO Nick Khan. “The OTT buyers seem quite interested in not only Raw, not only SmackDown, but NXT, as do the more traditional buyers. We think it’s a very strong landscape for products that register.”

Khan also touted WWE’s previously announced merger with Endeavor-owned UFC to create a new public company, TKO Group Holdings, with completion targeted for later this year.

“We remain excited about the combination of these highly complementary businesses and rolling out the global live sports and entertainment pure-play,” he said.

McMahon Subpoena

WWE also disclosed that federal law enforcement agents served executive chairman Vince McMahon with a grand jury subpoena last month related to prior misconduct by McMahon, and executed a search warrant.

No charges have been brought in the investigation, and Khan declined to comment.