The Pac-12 released its latest 990s on Friday -- the Friday of a holiday weekend, no less. There was no reason to bury the news. Quite the opposite, in fact.

The Hotline obtained a copy of the 990s, and here's a look:

  • The conference reported $334 million in revenue for the 2012-13 fiscal year (the first under the new ESPN/FOX mega-media rights deal).

    The total isn't merely a record for the Pac-12; it's a record for any college conference -- approximately $15 million more than the Big Ten and $20 million more than the SEC (per conference revenue data reported by USA Today).

  • The Pac-12½²s jump to the top of the heap is partly a function of timing, specifically the start of its new TV deal relative to current deals for the SEC and B1G.

    At some point in the next few years, the SEC will undoubtedly reclaim the top spot thanks to the launch of its TV network (with ESPN).

  • But the more important takeaway from the 990s is this:

    The Pac-12's FY13 revenue (334M) nearly doubled its revenue from FY12 (175M) and tripled its revenue from FY11 (111M).

    THAT'S why Larry Scott gets the big bucks.

    (More on those big bucks in a minute.)

    TOTAL REVENUES

    Here's a breakdown for FY13:

    Television and media rights: $252.7 million

    Bowl games: $41.6 million

    NCAA championships (i.e., March Madness): $26.3 million

    Advertising: $9 million

    Total: $329.8 million


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    Grand total (including investments): $333,992,599

    Please note:

    Scott is on record saying the Networks made a slight profit in 2012-13, but we don't know the details.

    The Pac12Nets reported $81 million in income for FY13, per the schedule R portion of the 990s, but the expenses -- not only annual operating but start-up costs -- are not available.

    And we don't know how much of the $81M came in the form of up-front payouts from the partners (Comcast, TWC, etc.) and how much represents expected ongoing revenue.

    Nor do we know specifics of sub fees, sub revenue, ad revenue, etc.

    What we do know ... or presume to know, based on previous reporting ... is that the ESPN/FOX portion is approximately $185,000,000.

    (The $3 billion deal averages $250 million per year, but there's an escalator clause: The payouts are substantially less in Year 1 than Year 12.)

    The CEOs, and Scott by extension, keep costs private, which is a debatable approach given how many taxpayer dollars are funneled to the schools in total.

    SCOTT'S COMPENSATION

    Scott received $3.3 million for the 2012 calendar year (individual compensation is reported for calendar years, not fiscal years).

    That includes a $2.2 million base and $900,000 in bonuses.

    It's approximately 10 percent more than the Big Ten's Jim Delany and dwarfs the pay of the SEC's Mike Slive (again: per USA Today data on compensation).

    Scott's compensation is based on what the league's CEOs considers to be his dual roles: Commissioner of the conference and chief executive of Pac-12 Enterprises, which oversees the TV network.

    In other words, Scott was compensated for the revenue generated by the deals with Comcast, Time Warner, DISH, etc.

    SCHOOL PAYOUTS

    Here are the distributions for each school (Utah doesn't receive a full share until FY15):

    Stanford $19,887,061

    Colorado $19,875,261

    Cal $19,838,937

    UCLA $19,838,644

    USC $19,833,558

    Arizona St. $19,829,045

    Arizona $19,826,564

    Washington $19,817,015

    Oregon St. $19,795,550

    Wash. St. $19,772,595

    Oregon $19,766,485

    Utah $10,161,634

    Total distributions: $228,242,350

    Notes:

  • In some cases, the numbers look exponentially better than they are.

    The distributions for Stanford and Oregon, for instance, are only a few million more than the previous year.

    For others, like Oregon State, the figure represents a $9 million increase.

    And for every school except USC, the FY13 distributions are more than double what they were receiving five years ago. (The Trojans were flush with TV cash.)

  • Don't assume every athletic department has the entire net increase to spend at its discretion: Each school has a different financial model, and in some cases, a portion of the windfall is redirected back to the central campus.

    And let's be honest: Most of the money for FY13 was long ago committed to salaries or facility improvements.

  • Yes, the Pac-12 decided to share TV revenue equally when it expanded and split into divisions. But the conference distributions are unequal because of 1) differing bowl payouts and NCAA tournament shares and 2) varying amounts withheld by the conference due to Tier 3 buybacks.

    (When the league pooled all its media rights before sitting down to negotiate with ESPN and FOX, it was forced to buy back media rights that had been sold off to local sponsors and broadcast outlets.)

    ON THE EXPENSE SIDE ...

    Examining the 990s, I couldn't help but note the difference between income and distributions.

    The conference reported $334M in total revenue, and it distributed $228M to the schools.

    And what of the remaining $106M?

    That chunk, which is nearly equal to the league's total revenue in FY11, was used for what we'll call conference expenses.

    The long list includes the cost of running the Networks, office space (in San Francisco and Walnut Creek), standard conference operations, and salaries.

    (In addition to Scott, at least 10 "key employees" earned more than $350,000 in 2012, including bonuses. It could be more: The league only listed 10.

    (I don't have at-the-ready comps for the SEC and B1G, but that seems like a fairly big number.)

    Scott runs the conference like a corporation -- like a professional sports league -- which means he brings in the cash and he spends it, too.

    The rate of expenditure is worth noting as part of our ongoing efforts to paint the league's full financial picture ... 10 of the 12 are public institutions, after all ... and I'm sure the spending doesn't sit well on the 12 campuses.

    But the presidents and chancellors gave Scott the keys to the kingdom in five years ago and told him to run the show however he saw fit -- provided he brought in the cash.

    That, he has done.

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