In a huge turn of events, the Big 12 has come to an agreement with the Texas Longhorns and Oklahoma Sooners football programs to leave the conference early for the SEC in 2024, sources told Ross Dellenger of Sports Illustrated.
Both the Texas and Oklahoma football programs are now leaving the Big 12 one year earlier than originally planned. Per the agreement, the Longhorns and the Sooners will owe the conference $100 million, which is expected to be distributed among the eight legacy universities.
It's not yet clear what kind of an agreement is in place with the television networks. Fox, who reportedly would have needed to be “made financially whole” to make up for the loss of Texas and Oklahoma football, is expected to receive “additional compensation.”
One key component of the Big 12's agreement with the two schools involved Texas football's non-conference matchup against the Michigan Wolverines.
The Longhorns, who were scheduled to host Michigan in 2024 and visit the Wolverines in 2027, have now seen the contest flipped, meaning there will be a Texas-Michigan contest in Ann Arbor in 2024.
Thamel reports that this game flip was a key reason why Fox agreed to the deal to let Texas and Oklahoma football leave the Big 12 early.
The agreement comes just a week after it was reported that the talks between the two schools and the conference had stalled.
But the Big 12, as an official described to Dellenger, has wanted the two schools to go to the SEC.
Now, Texas and Oklahoma will benefit from playing in perhaps the most successful conference in the sport, the SEC. The two schools are expected to receive a share of the conference's ESPN deal.
Now, the Big 12 will have to find a way to rebound after losing two of its most important members.
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