The long-awaited early exit agreement came to fruition on Thursday afternoon. The Big 12, Oklahoma, Texas, and their broadcast partners were able to reach an agreement to let the Red River Rivals depart for the SEC in time for the 2024 season.
The agreement, which will pay the Big 12 a $100 million exit fee was reached after months of negotiations that began to heat up in recent weeks. Now Oklahoma and Texas can begin preparations in earnest for the SEC after their final year in the Big 12 this fall.
The Sooners and Longhorns will become the 15th and 16th members of the expanding SEC in the same year that the College Football Playoff will expand to 12 teams. All that awaits is a format for the 16-team league, which appears to favor a nine-game non-divisional schedule.
The Big 12 released the following statements from the powers that be in reaction to the agreement.