Big 12 Conference announces agreement for early departure of Texas, Oklahoma
.JPG "Incoming Big 12 Commissioner Brett Yormark speaks during a news conference opening the NCAA college football Big 12 media days in Arlington, Texas, Wednesday, July 13, 2022.")
The Big 12 Conference has “agreed in principle” to terms with Oklahoma and Texas that will allow the schools to leave the league for the SEC following the 2023-24 athletic year, the Big 12 announced Thursday night on its official Website.
Compensation to the Big 12 for the early withdrawals of the two schools will be $100 million “in foregone distributable revenues” according to the Big 12 release. The Big 12 indicated OU and UT will be able to “partially offset” the withdrawal fee “with future revenues” in the SEC.
The Big 12 indicated the early withdrawals of the two schools (one season prior to what has been originally announced) is subject “to final approval from the OU and UT Governing Boards.”
“As I have consistently stated, the Conference would only agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025,” Big 12 commissioner Brett Yormark said.
“By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning. I appreciate the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this process, and look forward to the bright days ahead for the Big 12 Conference.”
On July 1, the Big 12 will welcome new members BYU, Central Florida, Cincinnati, and Houston to the conference — and will compete as a 14-team league for the 2023-24 season.
“Finding a satisfactory resolution to this matter that is fair to all parties, and best positions the Big 12 moving forward has been a top priority,” Texas Tech University President and Big 12 Conference Board of Directors Chairman Lawrence Schovanec said. “This agreement would not have occurred without the collaboration of the presidents and chancellors of all 10 Big 12 universities, and our tremendous partners at ESPN and FOX. I am very grateful for everyone’s efforts to make today’s announcement possible.”
Said UT President Jay Hartzell: “We have always been committed to fulfilling our contractual obligations to the Big 12. The collegiate athletics landscape has continued to evolve rapidly, and working together to accelerate our exit produced benefits for all parties. The Big 12 has been a respected partner for nearly three decades, and we look forward to a final season of spirited competition with our friends and rivals. I appreciate Commissioner Yormark’s and Chairman Schovanec’s thoughtful approach and the collaborative work toward a solution that prioritizes the best interests of all institutions.”
And from the OU side...
“We are grateful to Commissioner Yormark and Chairman Schovanec for their concerted efforts to carve a path forward that allows us all to move ahead with clarity and certainty. With the new era of collegiate athletics fully upon us, an opportunity emerged for all parties involved to explore the value of an early departure. These terms further guarantee the sustainability, stability, competitiveness and excellence of us all,” said OU President Joseph Harroz Jr. “The exciting matchups and passionate rivalries of the past quarter century will always be a celebrated part of our shared history. We look forward to showcasing that intensity this season, next season and beyond.”
According to the Big 12, details will continue to be finalized among all parties.
ESPN.com had this to report on Thursday night:
“Two sources told ESPN that instead of multiple games and pick swaps, which were a big part of the initial negotiations, the agreement came down to cash. A portion of the more than $100 million in exit fees will go to Fox to compensate for the equivalent of seven lost Texas and Oklahoma football games. A key part of the deal to let the two schools out early was a game flip of a nonconference matchup between Michigan and Texas. Texas will now visit Michigan in 2024 in Ann Arbor and Michigan will return the game in Austin in 2027, according to sources. That game had been scheduled to play out the opposite way. The flip was a key driver in Fox agreeing to the deal, per sources.”
This story was originally published February 9, 2023 at 11:49 PM with the headline "Big 12 Conference announces agreement for early departure of Texas, Oklahoma."
