So they had more income than any other league. However, not all of their income was distributed to their schools. They had to pay out the operating costs associated with their network.

That's why they only distribute 60-70% of their income. They have to pay money to produce content for the network.

BTW, in 2014 they had $425 million in income! With only 12 schools! That was a record amount for any conference EVER.

However, that's a bit misleading because they had to spend $125 million to produce over 800 games for their network.

Here's an article explaining all of that:
http://blogs.mercurynews.com/collegesports/2015/06/01/pac-12-conference-revenue-comparisons-with-the-sec-big-12-and-big-ten-projections-only/


Anyhow, the Pac12 Network is making them quite a bit of money. It's earning them close to $2 million per school. They had expected $5 million per school. I do feel they have options moving forward though that will deem it a tremendous success. They are going to produce far less games, which will save them collectively tens of millions of dollars. They COULD get better distribution, which they've already made progress on. They're now on DirectTV and others. And if things get too bad, they could always sell off half and assure tremendous distribution. Either way, they are in good shape with their network.