Following two months of conflicting reports surrounding whether the Texas Longhorns and Oklahoma Sooners could negotiate an early departure from the Big 12 for the SEC with the conference and television partners, Big 12 commissioner Brett Yormack and the conference announced an agreement in principle for the two schools to depart the conference following the 2023-24 athletic year, a year earlier than originally planned.
The governing boards of both schools still need to officially approve the move, which includes $100 million in compensation for the conference in revenues foregone by the departures that the schools will offset through future revenues.