Texas and Oklahoma will leave the Big 12 after this season and join the SEC a year early in 2024 after an agreement was reached between the schools, the Big 12 and their media partners, ESPN and FOX.
Instead of Texas and OU paying an exit fee – which was expected to be about $50 million each – the Big 12 allowed OU and Texas to leave early by forgoing $100 million of revenue distribution. FOX will receive $20 million of that revenue distribution to offset not getting any future Texas or Oklahoma games after 2023, sources told Action Network.
The remaining $80 million of the revenue distribution will be divided by the eight remaining Big 12 schools ($10 million each).
This allows the Big 12's remaining members to be “made whole,” despite the early exit by the Sooners and Longhorns, sources said.