The College Football Playoff (CFP) and ESPN announced a $7.8 billion deal giving the network exclusive rights to the expanded postseason through the 2031 season.

The new six-year agreement reportedly will pay the CFP and participating conferences $1.3 billion annually.

An agreement in principle between the CFP and ESPN was reached weeks ago, but first, the college conferences that participate in the playoffs had to sign a deal to continue their partnership for another six years. That agreement and a new revenue-sharing plan were finalized last week.

ESPN has been the home of the CFP’s primary broadcast for the championship game through the first 10 years of the playoff and will remain so for the final two years of the original 12-year deal.