Pac-12 schools have reportedly reached an agreement on the language of their Grant of Rights, which will include equal sharing of media revenue, per The Athletic's Stewart Mandel.

The agreement, which also includes performance-based College Football Playoff distribution, will not be signed until the conference's media rights deal is finalized.

According to Sports Illustrated's Ross Dellenger, Pac-12 schools had "verbally" agreed to a Grant of Rights with a merit-based revenue sharing model "for weeks now."

Columnist John Canzano explained that the Grant of Rights "includes what sponsorships are Pac-12 centralized vs. left for individual campuses to sell, what sets of rights the conference can sell, and how the revenue will be split among the 10 member schools."

The reported agreement comes with the Pac-12 in a state of upheaval. Colorado has been rumored to be leaving the conference to return to the Big 12 for quite some time. Arizona is also believed to be in consideration for a move to the Big 12.

The Pac-12 is already set to lose a pair of top programs, as USC and UCLA will officially join the Big Ten in 2024. All of these recent developments have hindered the Pac-12 from moving forward in securing a new media rights deal.

A year ago, Pac-12 commissioner George Kliavkoff criticized the Big 12 for trying to poach schools during an already tough time, saying that he had to "defend against grenades that have been lobbed from every corner of the Big 12 trying to destabilize our remaining conference."

For now, the Pac-12 remains the only Power Five conference without a long-term media contract in place.