A person familiar with the contract said it was worth about $80 million per year. The person spoke on condition of anonymity because terms of the agreement were not being made public and details were still pending.
The Big 12 and SEC recently picked the Sugar Bowl as the site of it new marquee game, starting in the 2014 season.
The champions of each conference will play in the game, unless those teams are selected for the four-team playoff that also starts that season.
The Sugar Bowl will be one of six sites in the playoff rotation.