© Ray Carlin-USA TODAY Sports
Oklahoma and Texas have reached an agreement with the Big 12 to allow them to leave the conference early and join the SEC following the 2023-24 athletic year. Per ESPN:

Oklahoma and Texas have agreed in principle to pay the Big 12 conference a total of $100 million to join the SEC in 2024, a year earlier than they had originally intended, the Big 12 conference announced on Thursday evening.

The agreement is subject to the final approval from the Oklahoma and Texas governing boards. While the price tag, a fee that the league is describing as foregone distributable revenues, seems like a hefty amount to pay for the early exit, both schools are expected to be able to partially offset the cost with future revenues.

"As I have consistently stated, the conference would only agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025," Big 12 commissioner Brett Yormark said in a prepared statement. "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. I appreciate the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this process, and look forward to the bright days ahead for the Big 12 Conference."
SEC Commissioner Greg Sankey released the following statement regarding the move:

Filed Under: LSU Sports
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EulerRules15 months
$100M will make most things "amicable" to me.
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HeadSlash15 months
SEC diluting their brand
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cajunmud15 months
I hope fans get to vote on our permanent opponents.
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jafari rastaman15 months
Hell, put Texas, Texas atm, and Oklahoma in our pod and we will dominate the bottom feeders.
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FlyinTiger9315 months
Bring it on, bottom feeders. OU is DOA, and Texas is the new aTm.
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Cwils222215 months
Western Division: A&M and Texas

East: Everybody else.

Watch the A&M fans cry.
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TKLSUMD15 months
Money talks.
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HubbaBubba15 months
Okay, SEC. Tell us about the upcoming conference alignment.
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RockChalkTiger15 months
East: AL, Aub, FL, GA, KY, SC, TN, Vandy
West: AR, LSU, MS, MSU, MO, OU, TX, TA&M
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cajunmud15 months
RCT...that makes too much sense.
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rob6215 months
They wanted to escape that tough Big12 competition.
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jTy15 months
Just in time for the expanded playoff.
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