University of Oregon reaches tentative $88M deal with Nike

The university's board of trustees will consider approving the 11-year deal next week

Oregon's Dillon Brooks' Nike shoes are seen against Southern California during the second half of an NCAA college basketball game, Saturday, March 5, 2016, in Los Angeles. Oregon won 76-66. (AP Photo/Danny Moloshok)

EUGENE, Ore. (AP) — The University of Oregon says it has reached a tentative agreement with Nike that increases sponsorship to $88 million in cash and gear for the university.

The Register-Guard reports the university’s board of trustees will consider approving the 11-year deal next week. The university released only the agreement description on Thursday and not the full draft contract.

The university would receive $2 million annually from Nike until 2023 under the deal, and then the amount would increase to $2.5 million each year until 2028.

The school would also get $5 million in apparel each year. The gear would gradually increase to $6 million in 2022.

Under the current deal with Nike, the university is receiving a base cash payment of $600,000 and $2.4 million in products this school year.