The Pac-10 Conference has agreed to a 12-year, $2.7 billion media rights deal with ESPN and Fox, according to John Ourand and Michael Smith of the Sports Business Journal.

ESPN and Fox will split coverage of the Pac 10′s basketball tournament and new football championship game. Fox will carry regular season college football games on FSN and FX. FSN will also carry regular season college basketball games.

As of July 1, the conference becomes the Pac-12 when Colorado and Utah officially join.

The deal, which averages out to more than $225 million per year, is expected to be formally announced Wednesday.

Developing …