Click here for the press release from the ACC.
Details after the break..
To put that ACC contract in perspective, when it went to 12 schools in '05, it got $37M total per year. Now: $17M per school, per year.
Pretty much, that means MD gets $17 million per year from the new deal, awesome. The previous deal inked two years ago was for $13M a year, so this is a net $4M a year increase. In 2010, the last income sheets available for MD, the "intercollegiate athletics" portion of the income sheet had a net income of ($800,000.00), roughly. So, I'd venture a guess we're in for a significant increase in profit you could say.
What does this mean for Maryland? Well, Kevin Anderson probably just crapped his pants in excitement first off. This is significant in terms of helping the money woes of the department. Will this save the sports that were cut? I'm not so sure, as it was Yows complete mismanagement of football and basketball money to begin with that got us in this situation. She constantly took money from them and put it towards non-revenues to keep them afloat.
I can think of some very logical things to do with the money though. Namely, paying off Tyser Towers comes to mind. Getting rid of that debt from the books will go a long way to making the athletic department money situation better. That would mean all money from that point on in suite sales is pure profit. I'm sure many will call for REs head much faster now that we conceivably have the money to do it, but I still think he has 3 years to do something before that happens. I'm not sure they go for any capital improvement projects though, at least at first. I can see an upgrade in soccer facilities in the near future, but I think they'll wait for some stability in the numbers first.
Edit: Updated numbers, wasn't as good as expected. Some shoddy reporting at first on the new deal. People ommitted the deal 2 years ago and compared to the previous. My fault. -DJ