Around this time, a deal was struck between RCA and Elvis through the Colonel to allow the record label to purchase all rights to Elvis' back catalogue. RCA already owned the master recordings but this deal would give them complete control.  Parker sold the deal to Elvis as 'new money' for no effort, especially with a divorce settlement around the corner. The Colonel ensured that he would still get future payment on artwork and packaging all all new releases. This new deal eradicated the old 25% commission terms and the 50-50 side deals that the Colonel and Elvis originally agreed upon.

Under the new terms, a new seven year contract that guaranteed $500,000 against royalty earnings, Elvis had to reach the quota of two new albums and four singles annually. Elvis and the Colonel would also each receive a $100,000 bonus. With 'extra merchandising and promotional deals' this buyout guaranteed the Colonel $1.75 million on top of his $2.6 million share in the buyout itself. Elvis received $4.5 million to sell his priceless back catalogue and the Colonel received roughly $6 million. None of this deal from his client's point of view had any long term planning, but was made to make fast money now.