Report: Texas likely headed to richest apparel contract -- but not with Nike?

The richest college athletic program in the country is likely headed toward the richest apparel deal in the country. But it might no longer be with Nike.

According to Bloomberg Business, sources say Nike Inc. won’t renew its apparel contract with the University of Texas before the company’s exclusive negotiating window expires on Oct. 1. That opens the bidding to rivals such as Adidas, which has made Texas A&M it's marquee college football program, and Under Armor, which has a lucrative deal with PGA star and former Longhorn golfer Jordan Speith.

Nike's current relationship with Texas dates back to 2000 when the company ousted Reebok.

According to Bloomberg Business, Nike still has the contractual right to match any offer Texas receives.

Nike recently agreed to pay Michigan $169 million over 11 years, the richest college apparel deal to date. Under Armor reportedly struck a deal with Notre Dame for $90 million. In May, Chip Brown of Horns Digest reported that Under Armor could be prepared to offer Texas a $150 million deal over 10 years. Dennis Dodd of CBS Sports has called Under Armor a "major player" to become Texas' next official apparel provider.

(h/t SB Nation)