PayPal on Thursday announced a partnership agreement with the Big Ten and Big 12 conferences on Thursday, which will enable payments from universities to student-athletes.

A new partnership between the Big Ten and Big 12 conferences and PayPal will allow student-athletes to receive their compensation via the fintech company.

The Big 12's agreement is worth nearly $100 million over five years and was born in 2024 after PayPal entered into discussions to buy naming rights for the conference, sources told CBS Sports. The Big 12 opted not to pursue selling its naming rights, but this partnership was the result.