Texas and Oklahoma will depart the Big 12 for the SEC after the 2023-24 academic year, one year earlier than originally planned.
The Big 12 made the announcement Thursday and noted that the schools will owe a combined $100 million in exit fees.
"The Big 12 announces that the Conference has agreed in principle to terms with the University of Oklahoma and The University of Texas at Austin to leave the Conference following the 2023-24 athletic year, one year earlier than originally announced, subject to final approval from the OU and UT governing Boards. Compensation to the Conference for the early withdrawals of the two schools totals $100 million in foregone distributable revenues, which OU and UT will be able to partially offset with future revenues."
Andy Staples of The Athletic clarified what "foregone distributable revenues" means:
Andy Staples @Andy_Staples"Forgone distributable revenues." <br><br>So Oklahoma and Texas aren't writing checks. They're just not getting checks.
ESPN's Pete Thamel reported on Feb. 3 that efforts for Oklahoma and Texas to depart the conference early had stalled due to complex negotiations.
Pete Thamel @PeteThamelTexas and Oklahoma will join the SEC in 2025, as parties couldn't come to terms amid a complex negotiation between two schools (OU/Texas), two networks (ESPN/FOX) and the Big 12.
Events have since changed course, however, and Oklahoma and Texas will be joining the new 16-team SEC in 2024.
Big 12 commissioner Brett Yormark made clear that the conference would act in its best interest in regard to the exits.
"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," Yormark said in part in the Big 12's statement.
Yormark ultimately got it done, per Sports Illustrated's Ross Dellenger, who provided some background:
"Turns out, the parties—specifically networks ESPN and Fox—restarted negotiations soon after the latest hitch and were steered toward a compromise by self-proclaimed dealmaker Brett Yormark, the brash Big 12 commissioner who seven months into his tenure has scored a lucrative victory for his legacy schools."
That agreement has now been reached, paving the way for both conferences to make earlier plans for their futures.
SEC commissioner Greg Sankey released a statement after the Big 12 broke the official news.
Southeastern Conference @SECStatement from <a href="">@SEC</a> Commissioner <a href="">@GregSankey</a> on Oklahoma and Texas membership transition: <a href="">
The Big 12 will reload with BYU, Central Florida, Cincinnati and Houston in 2023. The conference will have 14 teams for 2023-24 before Texas and OU leave.
