Total revenue distribution was $741M
The Southeastern Conference is doing quite well.
SEC Commissioner Greg Sankey announced Thursday that the SEC distributed $741 million to its 14 schools from the 2022-23 fiscal year.
SEC Commissioner Greg Sankey speaks during Day One of 2023 SEC Media Days at Grand Hyatt Nashville on July 17, 2023 in Nashville, Tennessee. (Johnnie Izquierdo/Getty Images)
According to the conference, $718 million came directly from the SEC office, with another $23 million that was retained by schools participating in 2022-23 football bowl games.
NICK SABAN JOINING ESPN AS ANALYST AFTER RETIRING FROM ALABAMA
Each school received an average of $51.3 million.
"SEC member universities are proud to support thousands of student-athletes who participate in broad-based athletics programs across the league," Sankey said. "SEC universities are committed to providing a high-level experience for all of our participants through an impactful and life-changing college experience that includes world-class support in coaching, training, academic counseling, medical care, mental health support, nutrition, life-skills development and post-eligibility healthcare coverage for student-athletes."
The SEC Championship logo painted on the field prior to the SEC Championship game between the Alabama Crimson Tide and the Georgia Bulldogs at Mercedes-Benz Stadium on Dec. 2, 2023 in Atlanta. (Todd Kirkland/Getty Images)
The $718 million in revenue is a $19.2 million increase from the previous year. The majority of the revenue comes from television agreements, postseason bowl games, the College Football Playoff, the SEC Football Championship Game, the SEC Men's Basketball Tournament and NCAA Championships.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM
The conference said the distribution amount did not include $8.1 million of NCAA and SEC grants.
The SEC is preparing to jump to 16 schools beginning in 2024, with the additions of the Texas Longhorns and the Oklahoma Sooners to the conference.
Last week, the SEC and the Big Ten Conference announced the formation of a joint advisory group that will seek to address the "significant challenges facing college athletics and the opportunities for betterment of the student-athlete experience."
General view of the SEC logo on a yard marker as the South Carolina Gamecocks play against the Texas A&M Aggies on Oct. 28, 2023 at Kyle Field in College Station, Texas. (Joe Robbins/Icon Sportswire via Getty Images)
The announcement comes as college athletics is experiencing a major upheaval as name, image and likeness, conference realignment and the transfer portal have taken over.
"The Big Ten and the SEC have substantial investment in the NCAA and there is no question that the voices of our two conferences are integral to governance and other reform efforts," said Big Ten Commissioner Tony Petitti. "We recognize the similarity in our circumstances, as well as the urgency to address the common challenges we face."
Joe Morgan is a Sports Reporter for Fox News.
