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Texas and Oklahoma agreed to a $100 million fee to exit the Big 12 Conference a year earlier than their contractual obligation, meaning they will join the Southeastern Conference for the 2024-25 school year.

The Big 12 announced Thursday that the schools and the reached an agreement in principle regarding the exit fee.

“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 statement. “By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning.

“I appreciate the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this process, and look forward to the bright days ahead for the Big 12 Conference.”

Hartzell said in a statement, in part, “We have always been committed to fulfilling our contractual obligations to the Big 12. The collegiate athletics landscape has continued to evolve rapidly, and working together to accelerate our exit produced benefits for all parties. The Big 12 has been a respected partner for nearly three decades, and we look forward to a final season of spirited competition with our friends and rivals.”

“The exciting matchups and passionate rivalries of the past quarter century will always be a celebrated part of our shared history,” Harroz added in a statement, in part. “We look forward to showcasing that intensity this season, next season and beyond.”

SEC commissioner Greg Sankey wrote in a statement that the conference will “proceed with facilitating the transition of Oklahoma and Texas to become full members of the Southeastern Conference on July 1, 2024.”

He added, “We look forward to welcoming the conference’s new members and moving into the future as a 16-team league.”

BYU, UCF, Cincinnati and Houston are set to join the Big 12 for the 2023-24 school year, giving the conference 14 teams for one season before the Longhorns and Sooners exit.

–Field Level Media