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 clarified that the two schools will have to pay the conference a total of "$100 million in foregone distributable revenues":
"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.