What was reportedly dead a week ago has now been risen from the dead Lazarus-style as OU and Texas’ potential departure from the Big 12 in 2024 — seemingly improbable a week ago — is now imminent. The Big 12 announced Thursday night that it has agreed to allow Texas and OU to leave the league following the 2023-24 athletic year, paving the way for the upcoming football season to be their last in the league.
The agreement comes at a steep price for the outgoing Big 12 schools with the agreement coming with the stipulation that OU and Texas must pay early withdrawal fees that total $100 million in “foregone distributable revenues.