ACC, Florida State, Clemson reach revenue distribution settlement

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The ACC Board of Directors agreed Tuesday to a new revenue distribution model and a significantly reduced exit fee for any member wanting to leave the conference before 2036, putting an end to ongoing litigation between the league, Florida State and Clemson.

ACC commissioner Jim Phillips thanked all parties for their "patience and dedication" in getting a deal done.

"Today's resolution begins the next chapter of this storied league and further solidifies the ACC as a premier conference," Phillips said in a statement. "As we look ahead to our collective long-term future, I want to express my deepest appreciation to the ACC Board of Directors for its ongoing leadership,…