The Big 12, a conference that many believed was on the verge of fading from its status as a major power conference, is closing in on a deal with ESPN and Fox that would pay the conference $200 million per year until 2025, according to a report.

The 13-year, $2.6 billion deal, which was reported to be in the works as early as a couple of months ago, remains minor details away from being completed, according to Dennis Dodd of CBS Sports, "Even though it has been nearly two months since the news of the deal broke, lawyers continue to work on details of the final contract. While there isn't expected to be a hang up, the source added that until the agreements are actually signed the deal is not official."

The new pact would vault the Big 12 into a similar realm as the Big 10, SEC, and Pac-12 as it relates to television deals, and would keep the conference very much entrenched as a power player.