ESPN, College Football Playoff officially announce expansion to 24 teams

ESPN and the College Football Playoff announced on Monday a five-year, $1.7 billion per year deal to expand the event to 24 teams beginning in the upcoming season. The financial terms were expected to be finalized soon after reports indicated the two sides were nearing an agreement last month. The deal, which runs through the 2031-32 season, is on par with initial reports of ESPN paying around $345 million more annually than the previous agreement, which was $1.3 billion.

Despite the increased cost, ESPN is expected to receive rebates of about $140 million per year from various conferences, including the SEC and ACC, due to the elimination of conference championship games. ESPN's existing sublicense deal with TNT Sports, which includes two first-round games, two quarterfinal games, and one semifinal game, will remain intact.

The specific distribution and programming details will be revealed at a later date. ESPN also retains the right to sublicense select games, which could include up to four first-round games and two second-round games. ABC will expand its coverage of the College Football Playoff by broadcasting at least three first-round games and three second-round games annually.

The scheduling of the expanded playoff is still being finalized, with the first round potentially starting the second weekend of December, earlier than the current 12-team format. The second weekend of December has traditionally been the final weekend of the year when the NFL cannot legally broadcast games on Saturday, providing more flexibility for the CFP.

The expanded format is now official, and college football fans will need to adjust to the changes in the sport's landscape.