Old friend Dennis Dodd of CBSSports.com has the first report of what the new college football playoff will be worth. That’s $500 million for three games, folks.

Dodd reports.

ESPN has offered close to $500 million per year for the college football playoff, CBSSports.com has learned.

While negotiations remain ongoing, multiple sources confirmed the amount offered for a four-team playoff beginning after the 2014 season. Discussions are ongoing about the structure of the playoff.

While the figure is not considered a formal opening bid, it does put a per-year value on a playoff. Using $500 million as a high — sources say the ESPN bid isn’t quite that high — a 12-year deal would be worth between $5 billion and $6 billion through 2026.

If nothing else, we have an indication of the value of a playoff. The commissioners went into their annual BCS meeting in April thinking the valuation was at $350 million per year. After listening to consultants, the value had shot through the roof. Now we have tangible proof of the windfall awaiting college football.