The Big 12 announced on Thursday that it has reached an agreement with SEC-bound University of Texas and the University of Oklahoma, allowing them to depart a year earlier from the conference they've held membership with since 1996.
UT and OU were previously slated to leave on June 30, 2025, but the deal allows them to exit after the upcoming 2023-2024 athletic year in July 2024.
The video above is from a 2021 report that details the UT/OU departures.
The move is subject to final approval of the school's governing boards, and compensation to Big 12 would total $100 million in foregone distributable revenues, like TV rights money, between the universities.
"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," Big 12 Commissioner Brett Yormark said.
The conference added that details continue to be finalized between it and the two schools.
The collegiate sports league will operate with 14 schools this coming fall after the debuts of the University of Houston, Central Florida, Cincinnati, and Brigham Young University.
The Houston Cougars already announced they will face Big 12 conference-mate Texas in football on Oct. 21, marking the first time in 21 years the schools faced off and the first time in 28 years as teams in the same conference. The new development limits UT and UH matchups in the Big 12 to just one season.
Houston does not have Oklahoma on its 2023 football schedule.
SEE MORE: UH Big 12 schedule 2023: Houston Cougars host national championship runners-up TCU, Texas Longhorns
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