Correction: Colts won’t see Big Ten payday

Eating crow once in a while is good for you. It may not be tasty, but it keeps you humble.

Making mistakes, on the other hand, is never good. Especially in my line of work, when mistakes reach thousands of people.

In my blog post Monday, I wrote that the Indianapolis Colts could make $10 million to $15 million from the Big Ten Football Championship at Lucas Oil Stadium over the next five years.

It’s true that the team does get about half of the stadium’s non-Colts revenue. But what I failed to mention is the Colts’ take is capped at $3.5 million annually. And according to Colts and city officials, the team already receives its maximum share from other non-Colts events. So, in actuality, if the current number of events keeps rolling into the stadium along with the Big Ten Championship, the Colts won’t receive a dime from the Big Ten Football Championships.

The game proceeds, then, will be split between the conference, its teams, and the city, which owns the stadium.

One more thing also needs clearing up. Monday’s post (which has since been removed in light of the error) said the Colts will make no capital outlay to host the game. In actuality, the Colts agreed to pony up $400,000 as part of the bid package to host the game from 2012 to 2015.