The Atlantic Coast Conference announced Wednesday plans to reward its member schools for athletic accomplishments. Beginning in the 2024-25 academic year, “success incentives” will be in place according to the “performance of teams in revenue generating postseason competition.” Other sorts of generated revenue will remain shared as currently in place.
The Board of Directors developed the decision at the ACC spring meetings and will announce more information in the coming months with many plans still in the works.
“The ACC Board of Directors continues to be committed to exploring all potential opportunities that will result in additional revenues and resources for the conference,” ACC Board of Directors Chair and Duke University President Vincent E. Price said. “Today’s decision provides a path to reward athletic success while also distributing additional revenue to the full membership.”
Brands being able to profit off their image and success comes days after the “Magnificent 7” emerged. Clemson, Miami, North Carolina, NC State, Florida State, Virginia and Virginia Tech teamed up to explore options to potentially leave the ACC. The seven believe they are the most valuable of the member institutions and continue to look for ways to increase their profits further.
A significant obstacle in their plan was the ACC’s Grant of Rights deal, in effect through 2036. Football revenue is split 14 ways from the ACC TV deal, and an all-in contract with ESPN further extends the difficulty of a conference shakeup.
ACC Commissioner Jim Phillips has taken major strides to keep the conference together and prevent further complications.
“Today’s endorsement follows significant and meaningful conversations by the ACC Board of Directors,” Phillips said Wednesday. “To be certain, I applaud their thoughtfulness and continues commitment o working collectively. As we’ve communicated consistently, we remain dedicated to exploring all options to enhance support for our member institutions and their student-athletes.”
Pitt left the Big East to join the ACC on September 18, 2011. The conference was founded on May 8, 1953, and holds its headquarters in Greensboro, North Carolina, the site of the 2023 ACC Tournament and the Panthers’ first and second-round NCAA Tournament games. Led by Kenny Pickett, Pitt football won the 2021 ACC title and secured a spot in the Peach Bowl. Pitt volleyball, men’s and women’s soccer, and wrestling have also experienced supreme NCAA Tournament success.
