When USC and UCLA made the decision to move to the Big Ten, it was no secret there would be big money involved.

The schools learned Thursday morning just how big the pot will be when its membership begins in 2024.

The Big Ten announced a seven-year media rights deal with FOX, CBS and NBC that will go into effect in 2023. Terms of the deal were not disclosed in the conference’s release, but multiple outlets reported that the mega-deal is worth $7 billion with gradual increases and the conference’s universities will share more than $1 billion annually.

“The Big Ten Conference media rights agreements are more than just dollars and deals. They are a mechanism to provide stability and maximum exposure for our student-athletes, member institutions and partners during these uncertain times in collegiate athletics,” Big Ten Commissioner Kevin Warren said in a statement. “We are very grateful to our world-class media partners for recognizing the strength of the Big Ten Conference brand and providing the incredible resources we need for our student-athletes to compete at the very highest levels, and to achieve their academic and athletics goals.”

The deal comes a day after the UC Board of Regents said “all options are on the table” in regards to possibly blocking UCLA’s defection from the Pac-12. USC, as a private institution, will not be subject to a similar "will they or won’t they" waiting game when the regents meet again in September.

In addition to the three major networks, games will also air on NBC’s streaming service Peacock, Big Ten Network and FS1.

For football, in particular, the conference announced games will air on FOX at noon, CBS at 3:30 p.m. and NBC in prime time. All times are Eastern Time.

The three networks will split coverage of the Big Ten championship game, with FOX airing the game four times.