Memphis made a $200 million pitch to join the Big 12 Conference — and the Big 12 rejected the Tigers, several reports said Monday.

The university approached the Big 12 with a so-called “no-risk” proposal for its athletics teams to join the growing conference. Memphis was prepared to give the Big 12 $200 million in sponsorship money — On3 reported the number was closer to $250 million — and would forgo any media rights payments for five years upon entering.

Further, Memphis offered to “subject itself to expulsion after 2030-31 if Big 12 deems it is not adding value.”

“The University of Memphis is aware of the recent conversations regarding our potential inclusion in the Big 12,” the university said in a statement to the Memphis Commercial Appeal. “While those discussions did not ultimately move in our favor, our University and Memphis Athletics are stronger than ever, and we look forward to continuing to strengthen our position nationally.”

Memphis had previously had discussions with the Big 12 as it continues its attempts to leave the newly rebranded American Conference and join a power conference.

The Tigers are not a historically powerful football program, but they have enjoyed a 42-20 overall record and a 4-0 bowl record in five seasons under coach Ryan Silverfield.

The school may be more attractive for its men’s basketball program. According to Yahoo Sports, Memphis officials have had talks with the Big East about joining only in hoops, and the rebuilt Pac-12 remains an option for Memphis as well.