The path has officially been cleared for Nebraska to end its relationship with the Big 12 and begin bedding down with the Big Ten in 2011.
According to a statement issued by the school, Nebraska and the conference have reached an agreement on exit penalties the school will incur for their move to the Big Ten.
The settlement states that the Big 12 will withhold $9.255 million from the estimated $19 million in revenues the university would have otherwise received during its last two years in the Big 12. If Nebraska participates in a BcS game, that figure would be reduced by $500,000 to $8.755 million.
It had been reported in the past that Nebraska could face an exit penalty of upwards of $30 million.
The Nebraska Board of Regents still has to give final approval on the settlement, but that would appear to be merely a formality.
“The University of Nebraska believes this is a fair settlement of our disagreement regarding the appropriateness in this instance of imposing any monetary fee on the university for withdrawing from the conference. We continue to value our ongoing relationships with the institutions of the Big 12 and have great respect for their leadership and the leadership of the conference,” said Chancellor Harvey Perlman.
“We feel the long-term benefits of entering into the Big Ten, both academically and athletically, will make this a very good investment,” said Nebraska Athletic Director Tom Osborne.
Big 12 commissioner Dan Beebe, who will conduct a teleconference this evening at 9 ET, said in a statement that “this agreement was accomplished through a collegial, respectful process… that led to a resolution that all parties believe is fair. Beebe went on to wish Nebraska “well in the future.”
This development comes on the heels of a report earlier today that Colorado is likely to make a move for the Pac-10 in 2011 as opposed to 2012 as originally thought. That would leave the Big 12 with 10 members in 2011 and, presumably, beyond.
The Colorado Board of Regents have scheduled a meeting for 7 p.m. ET. Colorado’s future will likely be one of the main focuses of Beebe’s teleconference tonight.