The Big Ten is closing in on voting on a private capital agreement that will infuse league schools with more than $2 billion, industry sources told ESPN.

There’s been momentum within recent days for the deal to push forward, and the structure of the complicated agreement is coming together. A vote is expected in the near future, per sources.

The framework calls for the formation of a new entity, Big Ten Enterprises, which would hold all leaguewide media rights and sponsorship contracts.

Shares of ownership in Big Ten Enterprises would fall to the league’s 18 schools, the conference office and the capital group — an investment fund that’s tied to the University of California pension system. Yahoo Sports first reported the involvement of the UC investment fund.

The pension fund is not a private equity firm, and the UC fund valuation proved to be higher than other competing bids. This has been attractive to the Big Ten and its schools, according to sources.

A source familiar with the deal said there’s been momentum in recent days, but the league is still working with leadership to make a final decision.

The exact equity amounts per school in Big Ten Enterprises is still being negotiated. There is expected to be a small gap in equity percentage between the biggest brands and others, however it is likely to be less than a percentage point.

ESPN reported last week that a tiered structure is expected in the initial allocation of the $2 billion-plus in capital, with larger brands receiving more money. Each school, however, would receive a payout in at least the nine-figure range, sources said.

The deal would call for an extension of the league’s Grant of Rights through 2046, providing long-term stability and making further expansion and any chance league schools leave for the formation of a so-called “Super League” unlikely.

Traditional conference functions are expected to remain with the conference. Any decision-making within Big Ten Enterprises would be controlled by the conference. The UC pension fund would receive a 10% stake in Big Ten Enterprises and hold typical minority investor rights but no direct control.

The money infusion is acutely needed at a number of Big Ten schools that are struggling with debt service on new construction, rising operational expenses and providing additional scholarships and direct revenue ($20.5 million this year and expected to rise annually) to athletes.

The Big Ten has argued that the deal would alleviate financial strain and help middle- and lower-tier Big Ten schools compete in football against the SEC.

ESPN first reported last week that the league was in detailed conversations about the deal.

Big Ten Enterprises would be tasked with not just handling the league’s valuable media rights (the current seven-year, $7 billion package runs through 2030) but trying to maximize sponsorship and advertising deals leaguewide such as jersey patches or on-field logos.

“Think of it this way — the conference is not selling a piece of the conference,” a league source told ESPN last week. “Traditional conference functions would remain 100 percent with the conference office — scheduling, officiating and championships. The new entity being created would focus on business development, and it would include an outside investor with a small financial stake.”

The deal has not been without detractors, with both Michigan and Ohio State — the league’s two wealthiest athletic programs — expressing skepticism initially, per sources. Each school has been hit with significant lobbying not just from the league office but also other conference members to come to an agreement.

Politicians in a number of states have also voiced opposition, including United States Senator Maria Cantwell (D-WA) who stated Thursday, “You’re going to let someone take and monetize what is really a public resource? …That’s a real problem.”

Cantwell followed up Friday by sending a letter to each Big Ten president warning that any deal involving private equity could invite review, including impacting the schools’ tax-exempt status.

The only signs of LeBron James inside the locker room an hour before the Los Angeles Lakers‘ preseason opener tipped off in Palm Desert, California, last week were his gold No. 23 uniform hanging in his cubby and a triangular foam cushion placed on the seat beneath it.

The jersey would not be needed on this night. The cushion would.

Of the 42 players listed on the Lakers’ and Phoenix Suns’ training camp rosters, 22 were born in the 2000s and 19 were born in the 1990s.

And one, James, was born in 1984 — five months before Suns head coach Jordan Ott.

The 40-year-old James didn’t play in the exhibition game after being limited to light shooting through the first three days of training camp because of nerve irritation in his glute, according to Lakers coach JJ Redick. The cushion, though, worked a full night, as his seat in the locker room and during the game at the end of the bench.

When James eventually emerged in the locker room, wearing a T-shirt with the “Forever King” tagline from his latest Nike ad campaign printed on the front, he was asked by a reporter if he was ready to begin an unprecedented 23rd season.

Before James could answer, Lakers guard Austin Reaves chimed in.

“You got another five seasons in you,” he said.

James’ eyes widened, a smile spreading across his face.

“Why not six or seven, get to 30?” the reporter continued.

“Yeah, set a record!” Reaves added.

James turned toward Reaves and smirked: “I already set a record.”

Indeed, there have been approximately 5,000 players to suit up in the NBA, and James is the only one to stick around for 23 seasons.

He has also scored more regular-season points than anyone else in league history (42,184), scored more postseason points (8,289), made more All-Star games (21) and was a part of the first active father-son duo to share the court as players together when he and Bronny James checked in against the Minnesota Timberwolves on opening night last fall.

The accomplishments — including the four MVPs, four championships and four Finals MVPs — are well-documented. But if L.A. represents the fourth quarter of James’ career after the first three were spent in Cleveland, Miami and Cleveland once more, the question now is whether the clock is truly running out — or if he will push this thing to overtime.

As James embarks on his eighth season with the Lakers — the longest consecutive stint he’s had with any of the franchises he’s played for — he is playing on an expiring contract for the first time after he exercised his $52.6 million option for the 2025-26 season in June without negotiating for an extension.

During the Lakers’ annual media day last week, the first question James fielded was about retirement.

“I don’t know,” said James, who earned second-team All-NBA honors in his 22nd season. “I’m excited about the opportunity to play the game that I love for another season. And however the journey lays out this year, I’m just super invested. Because, like you said, I don’t know when the end is, but I know it’s a lot sooner than later.”

The Lakers, who will be without James for the next three to four weeks as he deals with sciatica in his right side, are coming off a season in which they traded for 26-year-old superstar Luka Doncic and secured the No. 3 seed in the hyper-competitive Western Conference. But they fell to the No. 6-seeded Minnesota Timberwolves in five games.

After James opted into his contract to stay in L.A., his agent, Klutch Sports CEO Rich Paul, issued a statement to ESPN’s Shams Charania that many interpreted as an indication that James could finish his career somewhere else.

“LeBron wants to compete for a championship,” Paul told ESPN. “He knows the Lakers are building for the future. He understands that, but he values a realistic chance of winning it all. … We understand the difficulty in winning now while preparing for the future. We do want to evaluate what’s best for LeBron at this stage in his life and career.”

And after having full control over his career for his first 22 years, what’s best and what’s realistic could prove to be at odds.

Here are the four possible ways this unprecedented season could go for James and the Lakers.

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LeBron not sweating contract, excited for season

LeBron James is excited about his Lakers squad this season and isn’t sweating being in a contract year.

Play out the 2025-26 season and retire as a Laker afterward

James’ time with the Lakers has seen him battle a rash of injuries that caused him to miss 124 games in seven seasons after he had missed only 71 in his first 15 years in the league. The Lakers’ brass has cycled through four head coaches and the front office has had a mixed record on its trades and signings. Still, there has been plenty of success.

The Lakers won a championship in 2020, with James becoming the first player in history to take home Finals MVP for three different teams. The franchise celebrated James in grand fashion when he passed Kareem Abdul-Jabbar to become the NBA’s all-time leading scorer in 2023. And in 2024, the Lakers used the No. 55 pick to draft Bronny, allowing James to achieve what he had stated as his last remaining priority when he told ESPN, “I need to be on the floor with my boy.”

A few months before the 2024 draft, the Golden State Warriors inquired about trading for James. The Lakers, through Paul, told Golden State they were not interested. After the trade talks had passed, James expressed his commitment to the franchise. “I am a Laker, and I’m happy and [have] been very happy being a Laker the last six years and hopefully it stays that way,” James said.

Lakers president of basketball operations and general manager Rob Pelinka, speaking at his annual season-opening news conference a few days before media day, made it clear where the franchise stands.

“We would love if LeBron’s story would be, he retired a Laker,” Pelinka said. “That would be a positive story.”

While several sources close to James have told ESPN that it is unknown how the end of his career will play out, it could help James’ desire to play on the best Lakers’ team possible this season if it appears he has more basketball in him.

The Lakers can trade either their 2031 or 2032 first-round pick this season and have the right to swap firsts in five seasons in any deals they pursue this season, but they could be reticent to use those assets to invest in a team built for Doncic and James, if James is on the way out.

For those looking for clues, there are a few out there.

The Nike “Forever King” ad features a narrator speaking about James’ career in the past tense — “They called him the Chosen One … We were all witnesses.”

The Cleveland Cavaliers’ “Classic Edition” uniform for this season is the same style James wore when he came into the league as a rookie with the Cavs in 2003-04.

The NBA schedule makers had L.A.’s first home game of the season and last road game of the season both be against Stephen Curry and the Warriors, a fitting way for the two most important players of their era to have a proper send-off, if James is indeed on his last lap.

And after media day, on his Instagram account, James posted a compilation of moments from the day with Lenny Kravitz’s “It Ain’t Over ‘Til It’s Over” playing underneath, possibly hinting at the end.

Play out the 2025-26 season and re-up with the Lakers on a new deal

Pelinka’s answer at the news conference about James retiring with the Lakers was telling because he answered a different question than he was asked. He was asked if the Lakers would be interested in re-signing James in the summer of 2026.

L.A. is projected to have approximately $50 million in cap space, which would all be swallowed up by James if he was to seek a new max contract. James will be eligible to sign up to a three-year deal for $188 million, with a starting salary of $58.1 million for 2026-27, according to ESPN NBA front office insider Bobby Marks.

As great as James has been, extending his prime well beyond any reasonable actuarial table, there is a natural question as to how his timeline syncs up with the team’s two other best players, both of whom are in their mid 20s. Doncic and Reaves, for their part, love playing with James and want the partnership to continue, sources told ESPN.

Both players have not inquired with James about when he plans to retire, sources said, wanting to show respect for James’ process.

Doncic, who idolized James growing up, has enjoyed their partnership and believes James is vital to L.A.’s ability to win now, sources said. He is also undaunted by any spectacle or circus that could come with pairing up with James as he closes out his career because Doncic already experienced an aging legend on his farewell tour when Dirk Nowitzki’s last season with the Dallas Mavericks coincided with Doncic’s rookie year. Doncic found the time with Nowitzki to be invaluable, sources said.

Plus, if the Lakers happen to win the championship this season — bringing James’ career total to five — would he see that as a perfect ending, or would he want to come back to try to defend it and tie Michael Jordan with six?

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Why LeBron’s future with Lakers is difficult to decipher

Tim Bontemps remains unsure on whether LeBron James will continue to play for the Lakers beyond next season.

Start the 2025-26 season with the Lakers and request a trade or buyout in January or February

Paul’s statement to ESPN in June established James’ final priority as the curtain falls on his career: to win.

That means, if L.A. is struggling — whether because of injuries, poor roster fits, or simply because the team isn’t good enough to thrive in the crowded West — James could opt to leave.

Since James holds a no-trade clause in his contract, any deal would need a greenlight from James to be executed.

The problem is, there are not many viable destinations for him.

Cleveland, which would represent a second and perhaps final homecoming, would need to send out nearly $90 million in salaries to make a trade work, according to Marks, and the deal would have to involve multiple teams because the Cavs are not allowed to be over the second apron in a James trade.

Because of their apron limitations, the Cavs would also be prevented from signing James off the waiver wire if he reached a buyout with L.A. The Warriors and New York Knicks would also be ineligible to sign James in that scenario.

Then there’s the Mavericks. James has won titles with both Anthony Davis and Kyrie Irving, and has close relationships with coach Jason Kidd and several members of Kidd’s staff. But the Mavs, too, would need to send out an exorbitant amount of money to make a deal work, according to Marks.

Dallas is also currently a second-apron team, and would need to trade $12 million in salary without taking any back in order to become a buyout destination for James.

Play out the 2025-26 season with the Lakers and sign elsewhere as a free agent

There are 10 teams projected to have significant cap space in the summer of 2026, including the Brooklyn Nets, LA Clippers and Chicago Bulls, and there could be options for James that are currently unforeseen.

However, it would be a major life change to leave Southern California when Savannah (his wife) and Zhuri (his daughter) live there, Bronny is under contract with the Lakers, and Bryce (his son) is a short flight away at the University of Arizona.

And James will be in a free agent pool that potentially includes other stars such as Kevin Durant, Trae Young and James Harden — plus impact players such as Reaves, Draymond Green, Bradley Beal, Norman Powell and Coby White — so it’s not a given he would receive endless interest around the league.

And so James’ situation remains undecided, and it’s yet to be determined whether his 23rd season will be a countdown toward the end of his career or merely the bridge to a 24th, or beyond. Or whether his body will make the decision for him.

“Everyone is trying to dictate when he’s done and the reality is nobody actually knows,” a source close to James told ESPN.

James, for his part, says he isn’t concerned with the future for now. “Not worried about yesterday and not trying to focus on what the future holds,” he told ESPN. “It’s about staying present. … Because like I said, I don’t know when the end is, but I know it is not as long [away as] ‘The Godfather 2.’ So I know I got to stay present.”

Sen. Maria Cantwell, D-Wash., sent a letter to Big Ten presidents Friday, warning that a move into private equity could have negative consequences, including impacting the schools’ tax-exempt status.

“The primary goal of these companies is to make money for the firm, which is unlikely to align with the academic goals of your university or its obligations as a not-for-profit organization,” Cantwell said.

The Big Ten has been exploring a partnership with private equity firms, with reports saying it could be looking at a $2 billion investment that would involve placing the sale of its media rights and other assets under a new entity partially owned by the equity investors.

Big Ten commissioner Tony Petitti was short on specifics at the conference’s basketball media days this week.

“Whether or not we need strategic investment to help us, we’ll determine,” he said. “It will be done by all 18 leaders. I think it’s no different than looking at the other buckets that we have to maximize resources. Just one other avenue that may or may not be available to us.”

Cantwell, the ranking member of the Senate Commerce Committee whose state has a Big Ten school, said in her letter she had been told that not all regents and trustees in the conference had been fully briefed on the deal.

“It is unclear from my conversations with these regents and trustees whether the athletic-focused Conference has fully considered the potential impact of the deal on your university and its overall educational mission,” she wrote.

Her letter comes a day after the senator spoke at a Knight Commission seminar that looked into the changes occurring in college sports, which settled a long-running lawsuit that now allows schools to pay players for their name, image and likeness.

Cantwell spoke in favor of her recently introduced SAFE Act, which proposes rewriting a 1961 law that would make it legal for conferences to pool their TV rights. She was followed at the event by Texas Tech regent chair Cody Campbell, who is a proponent of changes to the law and who blasted the Big Ten idea of looking into private equity.

“The fact that we’re bringing private equity into something that is, in my view, owned by the American public in college sports, is outlandish,” Campbell said.

Campbell estimates pooling of TV rights could bring an additional $7 billion to schools — a figure he did not back with any data and that conference commissioners disagree with.

“I have never stated — publicly or privately — that pooling media rights would increase revenue, nor do I believe that it would,” the Southeastern Conference’s Greg Sankey said.

Among the issues involved in pooling TV rights is that each conference has an assortment of deals with different expiration dates, which would make it hard to sync the deals and bring them under one umbrella.

Petitti acknowledged a private equity move for the Big Ten could create the same challenges.

“If we’re going to do something different, we’re going to respect everything we’ve set up in our current deals,” Petitti said. “There’s nothing being contemplated that would change anything in our current media relationships.”

One Michigan regent, Jordan Acker, recently posted on social media that “selling off Michigan’s precious public university assets would betray our responsibility to students and taxpayers.”

In her letter, Cantwell was blunt in outlining the stakes a private equity investment could have.

“Your university’s media revenues currently are not taxed because they are considered ‘substantially related to’ your tax-exempt purpose,” she wrote. “However, when a private, for-profit investor holds a stake in those revenues it raises questions whether the revenue loses its connection to your institution’s educational purpose.”