The Big Ten is fast approaching decision day, when the 18 university presidents must approve or reject a groundbreaking financial arrangement with an outside investor that would provide financial stability and long-term security.

In exchange, the conference would relinquish a piece of its soul. Err, sorry — its soul would remain intact (in theory), but the Big Ten would relinquish an ownership stake in a newly created for-profit entity.

For those unfamiliar, there are four primary elements, per published reports.

— An infusion of $2.4 billion from the investment arm of the University of California system, which would receive a 10 percent ownership stake in the Big Ten’s revenue-generation arm. Each school would have immediate access to more than $100 million, which could be used to cove

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