Texas' record-breaking 15-year, $250 million apparel deal with Nike was approved by a unanimous vote by the University of Texas System Board of Regents on Friday.

Nike's $250 million contract with Texas is the new apparel standard in collegiate sports. The contract smashes the previous high in college athletics, a 11-year, $169 million deal Michigan inked with Nike earlier this year.

The fact that Texas is now the collegiate standard for athletic apparel contracts shouldn't come as a huge surprise. Texas' athletic department is the richest in college sports and the Longhorns have been the No. 1 seller of T-shirts, hats and other merchandise for nine straight years, according to Collegiate Licensing Company rankings.

Nike, who's been partnered with Texas since 2000 when the Longhorns made the switch from Reebok, had exclusive early negotiating rights with Texas for the apparel contract. The deal did not get completed in the initial September window, but eventually the Longhorns decided to resign with Nike despite a strong push from other suitors, including Under Armour.