Texas has agreed to an apparel deal with Nike that will reportedly pay the school nearly $200 million over 15 years. Tim Heitman USA TODAY Sports

The lucrative shoe and apparel deal Texas and Nike agreed to this week will reportedly pay the university nearly $200 million over the 15-year term.

The deal is the richest in college athletics, surpassing last summer's deal Nike agreed to with Michigan worth $169 million over 15 years.

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Nike's relationship with Texas dates back to the original deal in 2000. Briefly it appeared as though Texas officials wanted to test the waters and allow companies such as Under Armor and Adidas to make bids. A meeting with Under Armor was cancelled in early October, signaling a deal with Nike, which held a contractual right to match any offer, would get done.

(h/t Dallas Morning News)

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