Missouri and Texas A&M's price tag for leaving the Big 12 will be $12.41 million, the conference announced on Tuesday.
In the fall of 2010, both schools announced they would be leaving the Big 12 on July 1, 2012. Big 12 bylaws state that universities that provide less than 12 months notice are subject to having 90 percent of their conference revenue withheld. That total was estimated at nearly $30 million for each school, but lawyers for both sides settled on $12.41 million.
The Big 12's new television contract with Fox Sports will activate on July 1, 2012, and Missouri agreed to waive all benefits from the conference's new deal, according to the release. Texas A&M, however, will receive a portion of the benefits from the contract.
Missouri agreed to pay the Big 12 Conference approximately $500,000 for its share of the actual cost of officiating expenses for 2011-12 athletic year as it has done in previous years.
"This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Missouri that led to a resolution that all parties believe is fair," Big 12 commissioner Chuck Neinas said in the release.
"We appreciate the Big 12 working with us on a quick and amicable settlement," said Texas A&M President R. Bowen Loftin, who indicated that the bottom-line financial impact of the withdrawal settlement will be $9.31 million.