Also, Capital One is close to finalizing an agreement with ESPN to sponsor the Orange Bowl in place of Discover.
ESPN is looking to fill the sponsorship of the Fiesta Bowl left by Tostitos.
Tostitos sponsored the Fiesta Bowl for 18 years while Discover associated itself with the Orange Bowl for the last four seasons. The Frito-Lay brand had one of the longest-running title sponsorships in college football.
It is not clear why Tostitos is opting out, but title sponsorship deals are getting more and more expensive. The former BCS bowls ran in the $15 million to $20 million range. However, college football playoff bowls are reportedly closer to $25 million per year. Also, ESPN wants six-year commitments.
ESPN would not comment.
The Orange and Fiesta bowls are part of the new six-bowl playoff system that includes a four-team playoff format resulting in a national champion. The semifinals will rotate among the six bowl games.