Oklahoma and Texas have agreed in principle to pay the Big 12 conference a total of $100 million to join the SEC in 2024, a year earlier than they had originally intended, the Big 12 conference announced on Thursday evening.
The agreement is subject to the final approval from the Oklahoma and Texas governing boards. While the price tag, a fee that the league is describing as foregone distributable revenues, seems like a hefty amount to pay for the early exit, both schools are expected to be able to partially offset the cost 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," Big 12 commissioner Brett Yormark said in a prepared statement.