The Big 12 Conference is in advanced talks for a roughly $500 million financing arrangement with Collegiate Athletic Solutions, a vehicle backed by RedBird Capital and Weatherford Capital, people familiar with the negotiations say. The structure would provide member schools with roughly $30 million each in lines of credit and is designed as a conference-wide capital infusion rather than a sale of equity. Commissioner Brett Yormark confirmed negotiations while schools weigh ways to close a financial gap with richer conferences. The deal would be repaid over time and typically would use future media-rights revenue as collateral — a move that could reframe how conferences finance athlete pay and coaching salaries and accelerate nontraditional revenue arrangements.