Oklahoma, Texas Bailed Out Of Up To $60M In Extra Big 12 Exit Fees As ESPN Helps Soften The Blow

Texas and Oklahoma are bolting the Big 12 early, leaving after the end of this season to join the SEC for 2024.

And while they’re facing a massive exit fee to leave, it could have been significantly worse.

When the initial announcement was made that the two schools were leaving in 2025, it appeared they’d be responsible for forfeiting $160 million in Big 12 television revenue. But when reports broke that they were leaving in 2024 instead, the cost was announced as $100 million combined. Still extremely high, but far below the $160 million initial estimate.

So what happened?

Apparently the Big 12’s bylaws weren’t nearly as enforceable as initially expected. And as a result, the conference decided to come to an arrangement with the two schools, taking significantly less to avoid tying up the money in endless lawsuits.

And even better for the two schools, while they’re not eligible to receive money from the SEC’s revenue sharing arrangement for 2024-2025, ESPN is helping to soften the blow.

According to USA Today, both will receive “transition” payments, paid out by ESPN itself.

“After Texas and Oklahoma made the decision to change conferences, those schools, along with the Big 12 and SEC, chose to accelerate the process and transition a year earlier," an ESPN statement said. "At that time, the media partners were brought in to reach a resolution that would satisfy all parties for the 2024-25 season.”

Big 12 Conference Still Paying Texas And Oklahoma

Not only is the Big 12 taking a reduced amount from the departing schools, they’re paying them a full share of revenue for the 2023-2024 year too.

Must be nice!

Both are contributing to the expansion fund, a pool of money that went to schools like Colorado to entice them to jump ship from the Pac-12.

And on top of the Big 12 benefits, ESPN’s helping make up for lost revenue sharing from the early SEC entry.

Turns out, media partners have a vested interest in starting the Longhorns and Sooners new SEC rivalries early.