Colorado Buffaloes, Big 12 Make Big Student-Athlete Compensation Move With PayPal

"We are thrilled to enter into this landmark partnership with PayPal and Venmo," Big 12 commissioner Brett Yormark said in a press release. "As we embark on a new era of college athletics, aligning with a global leader like PayPal will unlock a wealth of opportunities for the Big 12. This partnership will also empower our student-athletes to receive payments through a secure, trusted platform they already know and use."

Colorado officially rejoined the Big 12 last summer following a 13-year run in the Pac-12. Fellow former Pac-12 schools Arizona, Arizona State and Utah also followed the Buffs to the Big 12, which now features 16 universities.

In a letter to Buff Nation, Colorado athletic director Rick George said the school plans on using the entire $20.5 million cap to pay student-athletes. Pay will be distributed in proportion to the revenue each sport generates.

"For the first time ever, we will be able to share our revenue with student-athletes for their name, image and likeness rights to a cap of $20.5 million," George said. "In the next month, we'll also be announcing some exciting new opportunities for student-athletes' NIL engagement. This will be an incredible opportunity for businesses to work directly with student-athletes to enhance their brand."

PayPal, led by president and CEO Alex Chriss, will play a key role in ensuring student-athletes are paid in a timely and secure manner.

"We're proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to receive funds and continue to bring trusted and innovative commerce solutions to the heart of campus life," Chriss said in a press release. "From receiving institutional payments to making everyday purchases, we're helping student-athletes, families, and schools engage in new ways that are modern, secure, and built for the future."

In other financial news, Colorado announced a new partnership with BOK Financial on Wednesday, opening up another valuable revenue stream. BOK Financial was named the "Official Banking Partner of the Buffs" and has secured naming rights to Folsom Field's Byron White Stadium Club.