AUSTIN (KXAN)– The 2023-2024 school year will be the final one in the Big 12 for the University of Texas. The Big 12 announced on Thursday the Conference has agreed in principle for both Texas and Oklahoma to leave the conference following the 2023-2024 athletic year, one year earlier than originally announced, subject to approval from the UT and OU governing Boards.
The schools will owe a total of $100 million in revenue which will be partially offset 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,” said Commissioner Brett Yormark in the conference release. “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.”
“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,” said Jay Hartzell, UT President. “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. I appreciate Commissioner Yormark’s and Chairman Schovanec’s thoughtful approach and the collaborative work toward a solution that prioritizes the best interests of all institutions.”
“Finding a satisfactory resolution to this matter that is fair to all parties, and best positions the Big 12 moving forward has been a top priority,” commented Texas Tech University President and Big 12 Conference Board of Directors Chairman Lawrence Schovanec. “This agreement would not have occurred without the collaboration of the presidents and chancellors of all 10 Big 12 universities, and our tremendous partners at ESPN and FOX. I am very grateful for everyone’s efforts to make today’s announcement possible.”
With the addition of Houston, BYU, Cincinnati, and Central Florida, the conference will compete with 14 schools in 2023-2024.