Texas And Oklahoma Surrender $100 Million To Join SEC In 2024

Texas and Oklahoma are coming to the Southeastern Conference a year early.

The Big 12 announced Thursday that the Conference has agreed in principle to terms with both schools to leave the Conference following the 2023-24 athletic year, one year earlier than originally announced, subject to final approval from the Oklahoma and Texas governing Boards. The schools must compensate the Big 12 with $100 million for “early withdrawals,” which they “will be able to partially offset with future revenues.”

The original date for the schools to join the conference was July 1, 2025.

In football, Texas and Oklahoma have combined for 11 national titles and 17 Big 12 crowns, and both rank in the top seven for appearances in the AP Top 25 poll.

The shift reunites Texas and Texas A&M in the same league after they haven’t played since Texas A&M left the Big 12 for the SEC in 2012.

“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 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.”

The SEC issued its own statement which reads, in part: “We are continuing our preparation for this membership transition, and we look forward to welcoming the conference’s new members and moving into our future as a 16-team league.”

On July 1, 2023, the Big 12 will add new members BYU, Central Florida, Cincinnati, and Houston, and will compete as a 14-team league for the upcoming 2023-24 season.