Dan Wetzel is a senior writer focused on investigative reporting, news analysis and feature storytelling.
Oct 1, 2025, 04:46 PM ET
The Big Ten is in discussions about a private capital deal that would infuse at least $2 billion into the league and its schools, sources told ESPN on Wednesday.
The discussions include a 10-year extension of the league’s grant of rights until 2046, sources told ESPN, which would ensure long-term stability in the Big Ten.
According to sources, the private capital deal and grant of rights extension have been discussed for months and presented in multiple forms. A deal and the grant of rights extension would also be a distinct blow to the outside entities attempting to form super leagues around college sports.
While there is support from nearly the entire league, according to sources, a few of the league’s biggest brands — including Ohio State and Michigan — are still in discussions with the league. The aim is to have unanimous support before a vote, sources told ESPN.
A decision on the private capital deal is expected in the upcoming weeks from the schools in the Big Ten, sources said, and nothing is considered imminent or certain. There are three different private capital entities being considered by the Big Ten, sources told ESPN, and the league has not taken a vote on any plan.
Like most businesses, athletic departments can always use more money to cover ever-increasing costs. The need is particularly acute now for schools with middle and lower revenues within the league after the NCAA’s recent settlement of legal cases that has led to direct revenue sharing with athletes.
The setup being discussed, sources said, is that this will essentially be the formation of a new commercial entity within the Big Ten that would house all revenue generation such as media rights, sponsorships and league revenue streams.
The working title for the new entity is Big Ten Enterprises, sources told ESPN.
The private capital company would get money back through the new entity through annual distribution in proportion to its financial stake. The Big Ten will essentially have 20 equity shares, comprising the 18 schools, the league and this investor.
Sources told ESPN that this setup eliminates the need to give an outside investor a specific portion of control over decisions or board seats, something that college presidents have generally been uncomfortable with.
“Think of it this way — the conference is not selling a piece of the conference,” a league source told ESPN. “Traditional conference functions would remain 100 percent with the conference office — scheduling, officiating and championships. The new entity being created would focus on business development, and it would include an outside investor with a small financial stake.”
One of the philosophies behind the proposed move, which is being shepherded by Big Ten commissioner Tony Petitti, is that the league believes its ability to generate revenue holistically has been underserved, and it would be sharing a small percentage of greater profits with the outside investor.
It also helps the league potentially better scale and leverage its 18 members.
Another source familiar with the Big Ten’s discussions summed it up this way: “We’re underselling the strength of what we do the way we are structured. This is a way to organize ourselves better.”
As a micro example of that, Nebraska athletic director Troy Dannen was quoted in an Associated Press article last week on the looming discussion of teams wearing corporate logos on their jersey: “If you jump in now, and I’m going to get a little bit [of money] because of the jersey patches. I would really like to see if there’s an opportunity for our conference to put all those jersey patch rights together and, all of a sudden, they’re worth a whole lot more to the institutions when 18 are playing instead of just one.”
The potentially groundbreaking plan, which has been presented across the 18-member conference over the past few months, calls for immediate cash payments to each school, the amount based on a formula that factors in numerous variables including current budgets.
The amount of those payments is still being discussed, but the basic format, sources told ESPN, is believed to be tiered. All schools in the league are expected to receive at least a nine-figure amount up front.
The final financial details are still being discussed as universities with bigger brands are expected to receive more money.
“Our membership has clearly expressed the need to modernize the operations and structure of our conference to ensure that the Big Ten remains best positioned to offer the highest level of athletic and academic excellence in a rapidly evolving landscape,” a Big Ten spokesperson told ESPN in a statement when asked about the private capital.
“Over a year ago, we initiated a comprehensive evaluation of our practices to identify partnerships that could secure the financial stability of our member institutions and allow us to not only protect, but expand, opportunities for our student-athletes. This is an ongoing process, and we remain committed to finding a path that strengthens the conference for the future.”
Backed by a raucous crowd of 40,895 at Wrigley Field, Chicago used its stellar defense to advance in the postseason for the first time since 2017. Michael Busch hit a solo homer, and Jameson Taillon pitched four shutout innings before manager Craig Counsell used five relievers to close it out.
“This group’s battle-tested,” Cubs shortstop Dansby Swanson said. “This group can grind it out. This group never backs down from and shies away from anything. This is such an amazing thing to be a part of.”
Next up for Chicago is a matchup with the NL Central champion Brewers in a compelling division series, beginning with Game 1 on Saturday in Milwaukee.
Counsell managed the Brewers for nine years before he was hired by the Cubs in November 2023, and he has been lustily booed in Milwaukee ever since he departed.
“It’s going to be a great atmosphere,” Counsell said. “It’s Cubs-Brewers. That’s going to be as good as it gets. It’s always a great atmosphere when the two teams play each other.”
It was another painful ending for San Diego after it made the postseason for the fourth time in six years but fell short of a pennant again. The Padres forced a decisive Game 3 with a 3-0 victory on Wednesday, but their biggest stars flopped in the series finale.
“There’s a lot of hurt guys in that clubhouse, but we left it all out on the field, and there’s no regrets on anybody’s part,” manager Mike Shildt said. “Just disappointed.”
Tatis went 0-for-4 with three strikeouts, including a fly ball to right that stranded runners on second and third in the fifth. Machado, who hit a two-run homer in Game 2, bounced to shortstop Swanson for the final out of the eighth, leaving a runner at third.
“It’s not fun at all. We definitely missed an opportunity,” Tatis said.
Darvish also struggled against his former team. The Japanese right-hander was pulled after the first four Cubs batters reached in the second inning, capped by the first of Crow-Armstrong’s three hits.
Jeremiah Estrada came in and issued a bases-loaded walk to Swanson, handing the Cubs a 2-0 lead. Estrada limited the damage by striking out Matt Shaw before Busch bounced into an inning-ending double play.
Taillon allowed two hits and struck out four. Caleb Thielbar got two outs before Daniel Palencia wiggled out of a fifth-inning jam while earning his second win of the series. Drew Pomeranz managed the seventh before Keller worked the eighth.
The Cubs supported their bullpen with another solid day in the field. Swanson made a slick play on Luis Arraez‘s leadoff grounder in the sixth, and then turned an inning-ending double play following a walk to Machado.
Crow-Armstrong, who went 0-for-6 with five strikeouts in the first two games, robbed Machado of a hit with a sliding catch in center in the first.
“It’s just the next step for us,” Busch said. “You set out a goal before each and every year to do stuff like this, and you celebrate it, and it’s been fun to celebrate and continue to celebrate it tonight, but there’s a lot of work ahead.”
NEW YORK — Rookie right-hander Cam Schlittler struck out 12 in eight dominant innings and the New York Yankees beat the Boston Red Sox4-0 on Thursday night to win their AL Wild Card Series in a deciding third game.
Taking his place in Yankees-Red Sox rivalry lore, the 24-year-old Schlittler overpowered Boston with 100 mph heat in his 15th major league start and pitched New York into a best-of-five division series against American League East champion Toronto beginning Saturday.
“A star is born tonight. He’s a special kid, man,” Yankees manager Aaron Boone said. “He is not afraid. He expects this.”
Amed Rosario and Anthony Volpe each had an RBI single in a four-run fourth as New York became the first team to lose the opener of a best-of-three wild-card series and come back to advance since Major League Baseball expanded the first round in 2022.
“It felt like the most pressure-packed game I’ve ever experienced — World Series, clinching games, whatever,” Boone said.
Schlittler, who debuted in the majors July 9, grew up a Red Sox fan in Walpole, Massachusetts — but has said several times he wanted to play for the Yankees. He had faced Boston only once before, as a freshman at Northeastern in a 2020 spring training exhibition.
Ex-Yankees great Andy Pettitte gave Schlittler one piece of advice Wednesday: Get a good night’s sleep.
“I woke up and I was locked in, so I knew exactly what I needed to do to go out there, especially against my hometown team,” Schlittler said.
He outpitched Connelly Early, a 23-year-old left-hander who debuted Sept. 9 and became Boston’s youngest postseason starting pitcher since 21-year-old Babe Ruth in 1916.
Schlittler struck out two more than any other Yankees pitcher had in his postseason debut, allowing just five singles and walking none. He threw 11 pitches 100 mph or faster — including six in the first inning, one more than all Yankees pitchers had combined for previously since pitch tracking started in 2008.
Schlittler threw 75 of 107 pitches for strikes, starting 22 of 29 batters with strikes and topping out at 100.8 mph. David Bednar worked around a leadoff walk in the ninth as the Red Sox failed to advance a runner past second base.
Bucky Dent threw out the ceremonial first pitch on the 47th anniversary of his go-ahead, three-run homer for New York at Fenway Park in an AL East tiebreaker game, and the Yankees went on to vanquish their longtime rivals the way they often used to.
New York, which arrived packed for a late-night flight to Toronto, won its second straight after losing eight of nine postseason meetings with Boston dating to 2004 and edged ahead 14-13 in postseason games between the teams. The Red Sox cost themselves in the fourth with a defense that committed a big league-high 116 errors during the regular season.
New York’s rally began when Cody Bellinger hit a soft fly into the triangle between center fielder Ceddanne Rafaela, right fielder Wilyer Abreu and second baseman Romy González. The ball fell just in front of Rafaela, 234 feet from home plate, as Bellinger hustled into second with a double.
Giancarlo Stanton walked on a full count and with one out Rosario grounded a single into left, just past diving shortstop Trevor Story, to drive in Bellinger with the first run.
Jazz Chisholm Jr.’s single loaded the bases, and Volpe hit a grounder just past González, who had been shifted toward second, and into right for an RBI single and a 2-0 lead.
After a catcher’s interference call on Omar Narváez was overturned on a video review, Austin Wells hit a potential double-play grounder that first baseman Nathaniel Lowe tried to backhand on an in-between hop. The ball glanced off his glove and into shallow right field as two runs scored.
“We didn’t play defense,” Boston manager Alex Cora said. “They didn’t hit the ball hard, but they found holes and it happened fast.”
Yankees third baseman Ryan McMahon made the defensive play of the game when he caught Jarren Duran‘s eighth-inning foul pop and somersaulted into Boston’s dugout, then emerged smiling and apparently unhurt.
Count Xander Bogaerts among those looking forward to Major League Baseball’s new challenge system for balls and strikes next season.
The San Diego Padres shortstop just wishes it were in place a little earlier.
Bogaerts struck out looking on a pitch that appeared out of the strike zone during the ninth inning of the team’s 3-1 loss to the Cubs in Game 3 of the National League Wild Card Series on Thursday in Chicago.
The call came at a critical time.
The Cubs carried a 3-0 lead into the ninth inning, but Jackson Merrill led off with a home run off Brad Keller to cut San Diego’s deficit to 3-1 and bring Bogaerts to the plate. On a 3-2 count, Keller’s 97 mph fastball appeared to miss the zone low, causing Bogaerts to crouch down in disbelief at the call and Padres manager Mike Shildt to race out of the dugout.
Keller then hit Ryan O’Hearn and Bryce Johnson with pitches. Had Bogaerts walked, the Padres could have had the bases loaded with no outs. Instead, Andrew Kittredge came on with two runners on and one out and retired the next two batters, allowing the Cubs to advance to play the Milwaukee Brewers in the next round.
Bogaerts didn’t mince words after the game when asked about the apparent missed call by plate umpire D.J. Reyburn.
“Talk about it now: What do you want me to do?” Bogaerts said, according to The San Diego Union-Tribune. “It’s a ball. Messed up the whole game, you know? I mean, can’t go back in time, and talking about it now won’t change anything. So it was bad, and thank God for ABS next year because this is terrible.”
The automated ball-strike system will be implemented in the majors next season after years of testing in the minors as well as during spring training and at this year’s All-Star Game. The MLB competition committee voted last month to give teams two challenges per game using ABS if they believe a call by the plate umpire is wrong.
Thursday’s ending soured a 90-win season for San Diego, which made the playoffs for the fourth time in six seasons. It has not made it past the NL Championship Series during this recent run.
“We had a lot of fun,” Bogaerts said. “We competed with each other. We had guys that got injuries, a lot of guys stepped up. We traded for some really great people at the deadline. … It was fun until today.”