The Pac-12 Conference loses $5 million per every game canceled due to COVID-19, Sportico reported Thursday.

Five Pac-12 games have been canceled so far since the conference started playing games earlier this month. Arizona State-Colorado scheduled for this weekend was the latest casualty, nixed due to an outbreak within the Sun Devils program.

The financial hit stems from the loss of TV revenue from the Pac-12's TV partners, ESPN and Fox Sports. The Pac-12 was set to be paid around $300 million in 2020-21 for the rights to broadcast top conference games in football and basketball, per the report. ESPN and Fox split 44 football games per year.

The schools share the revenue generated by the conference, which was $33 million per school in 2018-19, Sportico reported. That share is expected to decline this year.

--Field Level Media

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