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The NCAA and ESPN have reached a new eight-year media rights deal worth more than $115 million annually, as the value of sports media rights reaches new heights.

The new agreement carries an annual value of roughly three times the current 14-year deal, which pays about $40 million annually.

An NCAA spokesperson confirmed an additional 25%, or $28.75 million annually, will help with production and marketing costs.

“ESPN and the NCAA have enjoyed a strong and collaborative relationship for more than four decades, and we are thrilled that it will continue as part of this new, long-term agreement,” said ESPN Chairman Jimmy Pitaro.

The new deal is effective Sept. 1 and runs through 2032. It will include the rights to 40 NCAA championships — 21 women’s and 19 men’s events — as well as exclusive championship coverage of all rounds for women’s basketball, women’s volleyball, women’s gymnastics, softball, baseball and FCS football. It also provides international rights to the 40 championships and the Division I men’s basketball championship.