Texas, Oklahoma presidents release statements on early departure from Big 12

Thursday night, the Big 12 announced it came to an agreement to allow Texas and Oklahoma to leave the league early to join the SEC. In the announcement, both university presidents released statements about the decision.

News broke last week that talks had stalled between the Big 12 and its television partners, but things heated back up this week and the deal came together Thursday. As a result of the agreement, the two teams will owe a combined $100 million to the Big 12, and much of that figure will go to the eight legacy universities to help account for an expected decrease in revenue 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. I appreciate Commissioner Yormark’s and Chairman Schovanec’s thoughtful approach and the collaborative work toward a solution that prioritizes the best interests of all institutions.”

Texas and Oklahoma were previously expected to leave the league in 2025 as the prepare to head to the SEC. Instead, they’re heading out a year early now that the conference sorted everything out with the TV networks.

“We are grateful to Commissioner Yormark and Chairman Schovanec for their concerted efforts to carve a path forward that allows us all to move ahead with clarity and certainty,” Oklahoma president Joseph Harroz Jr. said in a statement. “With the new era of collegiate athletics fully upon us, an opportunity emerged for all parties involved to explore the value of an early departure. These terms further guarantee the sustainability, stability, competitiveness and excellence of us all.

“The exciting matchups and passionate rivalries of the past quarter century will always be a celebrated part of our shared history. We look forward to showcasing that intensity this season, next season and beyond.”