The Big 12 Conference announced settlements with departing schools Missouri and Texas A&M in separate releases on the conference’s website.
Both Missouri and Texas A&M will depart the conference on June 30, 2012 and head to the SEC. The conference will withhold an estimated $12,410,000 from revenue from each of the schools that would normally be due to them.
In addition, Missouri agreed to waive any claim of any benefits received by the Big 12 from its television contract with Fox Sports, which is scheduled to commence July 1, 2012. Texas A&M however, will receive a portion of those benefits.
The Big 12 has previously announced that both Texas Christian and West Virginia will be joining the conference starting in the 2012-2013 academic year.