Louisville reaches agreement on AAC exit

The final bow has been tied on Louisville's exit from the American Athletic Conference to the ACC for the 2014 season.

The school and league said in a joint announcement that an agreement has been reached for the Cardinals to join the ACC starting July 1, 2014. But there is quite a back story to this exit. ESPN.com's Brett McMurphy reports that Louisville athletic director Tom Jurich took a huge gamble back in 2011, when he informed then-commissioner John Marinatto his school planned to depart -- despite not having a new conference home at that time.

It wasn't until 2012 that Louisville was invited to join the ACC. That gamble ended up saving Louisville $4 million in exit fees.

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