The SEC will distribute $741 million to its 14 member universities, about $51.3 million per school, from the 2022-23 fiscal year, commissioner Greg Sankey announced Thursday.

The league said the total included $718 million distributed directly from the SEC office and another $23 million that was retained by members for football bowl game expenses.

It's a $19.2 million increase from the total that was distributed by the SEC in 2021-22.

"SEC member universities are proud to support thousands of student-athletes who participate in broad-based athletics programs across the league," Sankey said in a statement. "SEC universities are committed to providing a high-level experience for all of our participants through an impactful and life-changing college experience that includes world-class support in coaching, training, academic counseling, medical care, mental health support, nutrition, life-skills development and post-eligibility healthcare coverage for student-athletes."

Last year, the SEC distributed about $49.9 million per school, which ranked behind only the Big Ten. Eleven of the 14 Big Ten schools received $58.8 million each; Maryland, Nebraska and Rutgers are receiving smaller shares in their first six years in the league.

The SEC's revenue is expected to grow significantly over the next couple of years, once its new TV package with ESPN begins and a 12-team playoff brings additional revenue. The league is also adding new members Oklahoma and Texas this year. The SEC still figures to lag behind the Big Ten, which signed a reported $1.1 billion TV rights package and added Oregon, UCLA, USC and Washington as new members.

Most of the SEC's revenue is generated by television agreements, postseason bowl games, the College Football Playoff, SEC football championship game, the SEC men's basketball tournament and various NCAA championships.

The league said the 2022-23 distribution amount did not include an additional $8.1 million of NCAA and SEC grants divided among the 14 member schools.