The SEC distributed approximately $596.9 million in total revenue for the 2016-17 fiscal year with an average payout of $40.9 million for each of its 14 member institutions.

That's up slightly from the previous fiscal year (2015-16) when the league handed out $584.2 million and an average school distribution of $40.4 million.

The average payout per school doesn't include revenue from bowl participation.

"This distribution from the SEC is instrumental to our universities' athletics programs ability to provide the highest possible level of support for the thousands of student-athletes who participate annually in nearly two dozen conference sports," SEC commissioner Greg Sankey said in a statement Thursday. "This commitment to excellence encompasses superior support in coaching, equipment, training, academic counseling, medical care and life-skills development for our student-athletes."

According to the league, the SEC distributed $573.8 million from the conference offices as well as $23.1 million retained by institutions that participated in bowl games in order to offset travel and other expenses.

The total amount of revenue distributed comes from a variety of sources including television contracts, bowl games, the College Football Playoff, the SEC Championship, SEC Men's basketball tournament and the NCAA Tournament.

The SEC continues to lead the way among the Power 5 conference when it comes to average distribution among its member schools.

The Big Ten was second last season with an average of $34.8 million per school followed by the Big 12 ($34.5M), Pac-12 ($24.7M) and ACC ($23.8M).