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ESPN locks up college football playoff for 12 years

The media giant paid a pretty penny to have exclusive broadcast rights to all six "contract bowls."

Kevork Djansezian

It's ESPN's world; we're all just living in it.

After locking down agreements with the Sugar, Rose and Orange bowls, the media Goliath announced on Wednesday that it would have exclusive multimedia rights to the new college football playoff system for the next 12 years.

How much did it cost? According to a report from the Wall Street Journal, ESPN will be paying out $470 million annually or $5.64 billion(!) for the length of the contract.

The new system, which will begin in 2014, will feature six different bowl games. Three will be "host bowls" -- the national championship game and the two semifinals -- and three will be "contract bowls," with that designation rotating on an annual basis.

Under the new agreement, all six will be televised on one of ESPN's platforms, only further tightening their grip on college football.

So any fans out there tired of Mark May and Lou Holtz (hard to believe, I know) are out of luck.