Days after it was said that a move to the SEC in 2024 was unlikely for Texas and Oklahoma, the two schools agreed to an exit fee. Texas Longhorns defensive end Ovie Oghoufo (18) fights through Oklahoma Sooners tight end Daniel Parker (22) to bring down Oklahoma Sooners wide receiver Jalil Farooq (3) during the Red River Showdown college football game between the University of Oklahoma (OU) and Texas at the Cotton Bowl in Dallas, Saturday, Oct. 8, 2022. Lx16891

Less than a week after reports emerged that Texas and Oklahoma making their long-awaited jump to the SEC in 2024 was “unlikely,” there’s been a reversal. The two universities will be forced to pay an exit fee, but both will be SEC bound in 2024.

Ross Dellenger of Sports Illustrated reported the news.

“The Big 12 and its TV partners have reached an early exit agreement with Texas and Oklahoma, sources tell @SINow,” Dellenger tweeted. “The schools will owe the league a combined $100 million in an exit fee, source says. They will begin play in the SEC in 2024.”

Dellenger added that “The $100M exit fee will be distributed to the eight legacy Big 12 members, offsetting what was supposed to be a $5-8M reduction in distribution in 2024. A big win for Big 12 commissioner Brett Yormark, who aggressively pushed the networks to compromise.”

This has been a long battle with both the schools and conferences, as well as the television networks. In October, it was reported that Fox, which broadcasts Big 12 football, planned on keeping the Longhorns and Sooners in the conference through the 2024-2025 academic school year.

Assuming there are no further holdups, the upcoming college football season will be the last for Texas and Oklahoma in the Big 12. Both universities have called the Big 12 home since its 1996 inception.

UPDATE: Pete Thamel of ESPN adds more insight around a key building block of the deal to let Texas and Oklahoma depart the Big 12 for the SEC in 2024. Fox was able to engineer the Michigan-Texas home and home series switching dates with Texas now planning to visit Ann Arbor in 2024 and the return leg happening in Austin in 2027.

[Ross Dellenger on Twitter]

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