Nike will not come to terms with the University of Texas on a new multi-year contract before its exclusive 30-day negotiating window closes on Wednesday, according to Bloomberg.
The report, based on sources familiar with the talks, said the UT contract will now be up for grabs. However, Nike has the ability to match any offer, according to the terms of its current contract with the Longhorns.
School officials can now court other bidders, including Under Armour, according to two UT sources. Whether Texas would indeed switch to Under Armour and leave Nike is unknown.
Early in negotiations, Nike officials wanted to sign a 20-year contract, one UT source familiar with the talks said. But former athletic director Steve Patterson balked and pushed for a 10-year deal worth somewhere between $10-$12 million annually.
It’s unclear what interim AD Mike Perrin has in mind for the shoe and apparel contract.
Michigan signed a new deal with Nike last summer worth $169 million over 15 years. It was hailed as the largest apparel deal in college sports. Texas, which sells more merchandise than any anyone else, should command a larger package.
The contract is below, or to see a full version click here.