The American Athletic Conference will receive $1 billion in its new 12-year media-rights deal with ESPN, according to a report by Sports Business Daily.

The conference will receive about four times what it was making per year in its previous rights agreement with the network. According to the report, the new average per year is set for $83.3 million and will run from the 2020-21 school year through the 2031-32 school year.

The new deal will provide each school with nearly $5 million in additional annual revenue based on an increase of per-school average to $6.94 million.

The AAC is currently in the sixth year of a seven-year, $126-million media rights deal that it agreed to with ESPN when the league was founded ahead of the 2013-14 school year. Its new media rights deal does not go into effect until 2020-21.

The report also states that the schools were not required to sign a grant of rights, which could have restricted each school from jumping to a Power 5 conference.

ESPN will maintain the rights to all of the AAC’s live programming. The only exceptions will be for a small package of basketball games on CBS and some Navy football games on CBS Sports Network.

Football, men's basketball and women's basketball will stay on ESPN, ESPN2 and ESPNU, but the "majority" of basketball games and several football games will go to ESPN+.

An AAC representative declined to comment on the report.