IRVING, Texas (AP) — Texas A&M and Missouri have agreed to pay $12.4 million each to leave the Big 12 and join the Southeastern Conference in July.
Big 12 Interim Commissioner Chuck Neinas said Tuesday in a statement that the agreements were reached "though a collegial, respectful process among the Conference, its institutions," and the departing schools.
Texas A&M will receive unspecified benefits from the Big 12's new television contract with Fox Sports and "certain other concessions."
"We appreciate the Big 12 working with us on a quick and amicable settlement," said Texas A&M President R. Bowen Loftin, who indicated that the bottom-line financial impact of the withdrawal settlement for the university will be $9.31 million.
Missouri waived any claims to revenue from the TV deal, which takes effect in July, and agreed to pay the Big 12 another $500,000 to cover officiating expenses for 2011-12.
"We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future," University of Missouri Chancellor Brady Deaton said.
The Big 12 is adding TCU and West Virginia next season to replace Texas A&M and Missouri. The Mountaineers and the Big East settled competing lawsuits earlier this month, with the Big East receiving $20 million from the school and the Big 12 for West Virginia to join next football season.
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