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.
“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,” said Commissioner Brett Yormark.