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I remember at the beginning of the formation of the Big 12, they bought the rights to Big 14 and Big 16 as well. There was a quote to the effect of "We're thinking big for the future".
I am not versed in copyright and trademark laws, so I don't know if you have to renew that, or if its yours until you sell it, or how it works, but I do know they claimed to have bought the rights to both those brands at the inception of the Big 12.
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You'll see it's all a show, keep 'em laughing as you go, just remember, the last laugh is on you, and always look on the bright side of life!
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