The Pac-12 is not quite halfway through its 12-year, $3 billion contract with ESPN and Fox.

But that money, in a sense, has already been spent. It has been spent on brick-and-mortar items like, well, brick and mortar.

An analysis of Pac-12 financial projections indicates the schools owe more than $100 million in debt service in fiscal year 2017 alone.

The vast majority of debt is funding massive infrastructure projects – stadiums and arenas, offices and training centers – designed to keep Pac-12 football and basketball teams competitive with those in peer conferences.

“A lot of it is unnecessary in an engineering sense,’’ said Dan Rascher, a sports economist at USF. “The schools have facilities.”

In many cases, the sprouting of facility projects can be directly linked to the windfall from the lucrative Tier 1 television contract signed in the spring of 2011.

The Hotline’s analysis of debt service for FY17 unfolded over several weeks and is part of an ongoing assessment of the financial health of Pac-12 athletic departments.

The combined total is $106.5 million, with four schools on the hook for more than $10 million (list below).

But that whopping amount only covers 10 athletic departments.

The Hotline requested line-item revenue and expense projections for the conference’s public schools (USC and Stanford aren’t subject to public records requests.)

Nine of the 10 public schools complied, with Arizona State the lone holdout. By policy, the Sun Devils don’t have rev/ex projections available, according to a school spokesperson.

But an informed guess is possible: ASU spent $4.2 million on debt service in FY16, according to the university’s filing to the NCAA. That figure was used as the FY17 estimate below.

The NCAA has strict reporting rules for financial data once the fiscal year closes. But calculations for projections vary, with each athletic department using its own methodology.

Most don’t distinguish between general the debt service load and the amount owed for capital expenditures. But based on the line-item expense reports and discussions with officials at every school, it’s clear that nearly every dime of the $106.5 million owed in FY17 is supporting facility upgrades.

Another variable: Intent.

Cal was ordered to renovate Memorial Stadium, which sits on the Hayward Fault and was deemed a safety risk by the UC Regents.

Other capital projects, including Cal’s high-performance training center, were designed to keep pace in the so-called arms race.

Perhaps surprisingly, Oregon, not Cal, has the largest debt service load.

The Ducks owe a tick over $19 million for Knight Arena projects ($16.1 million) and Autzen Stadium expansion ($2.9 million).

It’s also important to note that the nature of the bonded debt varies (based on each school’s internal lending program), as does the percentage of principal owed.

For instance, Cal’s debt service payment for the Memorial Stadium renovation and Simpson High-Performance Training Center (approximately $18 million) is interest-only. The principal doesn’t kick in until the 2030s.

At the same time, Washington’s payment for the Husky Stadium renovation in FY17 is approximately $16 million, but 30 percent is principal.

Here are the projected debt service payments for FY17 (provided by the schools, with the exception of ASU):

Oregon: $19.1 million

Cal: $18.7 million

Washington: $16.2 million

Colorado: $14.8 million

Washington State: $9.2 million

Oregon State: $8.7 million

Arizona: $8 million

Utah: $4.6 million

Arizona State: $4.2 million

UCLA: $3 million

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