Texas, Oklahoma reach deal to leave Big 12 for SEC in 2024, one year early

After months of complicated negotiations mixed with several speed bumps, Texas and Oklahoma finally have an early arrival date in the SEC for 2024.

The Big 12 announced an agreement in principle Thursday on the blockbuster move of the Longhorns and Sooners. It still must be approved by the boards of Texas and Oklahoma. The two schools will owe the Big 12 a combined $100 million in early exit fees, according to the Big 12. The exit fee is expected to be distributed to the current eight Big 12 members.

Texas and Oklahoma had confirmed their exit from their longtime home in July 2021, but the move to SEC was on hold until July 1, 2025, because of the grant of rights agreement between the two schools and the Big 12.

“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 Thursday 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.”

Related:Big 12 football schedule 2023: Winners, losers and what to expect

While rumors had circulated for more than a year about an early departure for Texas and OU, the speculation was tempered because of all the moving parts – a couple of blueblood football schools, two power conferences and two sports media powerhouses, ESPN and Fox, with conflicting agendas.

A key aspect was making Fox, a co-holder of Big 12 rights, financially whole for the loss of two ratings magnets a year early. The concessions that were made to Fox in terms of future game inventory were not immediately known.

The different sides had been negotiating seriously since October. It quickly accelerated with Big 12 athletic directors briefed on a possible move during a December meeting in Las Vegas.

Texas and Oklahoma had even discussed a possible joint announcement for early last week, only to have an agreement come apart with ensuing pessimistic media reports.

It turned out that the sides just needed a short break in the negotiations, not dead, not close to it.

Oklahoma and Texas will experience a financial windfall in the SEC. The conference announced Thursday that revenue distribution will be $49.9 million per team for the 2021-22 academic year, about $7.3 million more than the Big 12. The SEC’s revenue is expected to skyrocket with a new TV deal with ESPN starting in 2024.

“We have always been committed to fulfilling our contractual obligations to the Big 12,” Texas President Jay Hartzell said. “The collegiate athletics landscape has continued to evolve rapidly, and working together to accelerate our exit produced benefits for all parties. The Big 12 has been a respected partner for nearly three decades, and we look forward to a final season of spirited competition with our friends and rivals.”

Added Oklahoma President Joe Harroz: “These terms further guarantee the sustainability, stability, competitiveness and excellence of us all.”

So ready or not, Texas and Oklahoma are headed to the brave new world of the SEC. The focus, as always, will be on football.

Related:A way-too-early look at the Big 12 in 2023: Who could be next year’s TCU?

Texas, which went 8-5 in 2022, may be the Big 12 favorite in coach Steve Sarkisian’s third season. The Longhorns have struggled to return to the truly elite level since a national championship game loss to Alabama after the 2009 season.

Oklahoma has done much better, with four College Football Playoff appearances. But the Sooners struggled last season, going 6-7 after the departure of coach Lincoln Riley to USC and the hiring of Brent Venables.

Still, both schools will face an adjustment in the SEC.

Never mind the hype or the arrogance. The SEC is indeed different and, yes, better. Teams from the It Just Means More Conference have won six of the last College Football Playoff titles, including the last four.

Unless you have a generational quarterback – such as Texas A&M with Johnny Manziel in its SEC debut – it’s hard to have immediate success in the conference.

While Texas and Oklahoma have the Nos. 3 and 4 recruiting classes this year as ranked by the 247Sports composite, history shows it takes years of stockpiling talent. The SEC holds four of the top nine schools in the recruiting rankings, with Alabama and Georgia 1-2.

With the timetable set for the departure of Texas and Oklahoma – and what promises to be an interesting farewell tour for the 2023-24 season – the Big 12 is free to move to a new and different era. For better or worse, Texas and Oklahoma have defined the Big 12 nationally.

The eight remaining Big 12 schools will be adding newcomers BYU, Central Florida, Cincinnati and Houston for the 2023-24 season. It also opens up the conference to pursue expansion options, including Pac-12 possibilities (Arizona, Arizona State, Colorado and Utah) as well as a basketball-only move (Gonzaga).

Related:Big 12 expansion plans up in the air without Kevin Warren’s Pac-12 poaching

Twitter: @ChuckCarltonDMN

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