ESPN announced Tuesday that it has reached a broadcast agreement for the 2011-14 Bowl Championship Series. The network will pay $500 million for the rights to broadcast the games.

The Fiesta, Sugar and Orange Bowls plus the BCS title game are currently broadcast on the Fox network, an arrangement that will continue through the 2010 games. ABC, an ESPN network, will broadcast the Rose Bowl in 2009 and 2010. A separate agreement with the Rose Bowl keeps the game within the ESPN family, though the network has the option to broadcast it on ABC or an ESPN-branded network.

The deal with ESPN will bring in about 50 percent more money than the Fox deal, due largely to the fact that as a cable network, ESPN can charge cable and satellite companies a fee per subscriber. ESPN, which has 98 million subscribers, is not available to about 16 million U.S. homes.

For more information on the agreement, click here.