Texas AnM, Missouri will pay $12.4 mil to exit Big 12

Missouri and Texas A&M announced on their respective athletic websites that the total cost of leaving the Big 12 will be just under $25 million — or, $12.41 million each. But because of items such as direct payments from the NCAA, bowl payouts, etc., A&M will only end up paying the Big 12 $9.31 million out-of-pocket, according to reports by the San Antonio Express News and Dallas Morning News.

As a reference, SEC schools made just under $20 million in payout from the SEC in 2010-11.

Plus, there’s a provision. A&M “will receive a portion of the benefit received by the Big 12 Conference from the signing of its television contract with Fox Sports, scheduled to commence July 1, 2012.”

Missouri, on the other hand, has waived claim to any of the aforementioned TV benefits. Additionally, the school will pay the Big 12 approximately $500,000 for its share of officiating expenses for 2011-12 athletic year.

Here’s the statement from A&M:

“On behalf of Texas A&M University and Aggies worldwide, I would like to thank the Big 12 and its member institutions for the many memories over the past 16 years. We value our ongoing academic and athletic relationships with Big 12 members, and it is our hope to continue many of our longstanding athletic rivalries in the future. We appreciate the Big 12 working with us on a quick and amicable settlement.”

And from Missouri:

“We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future.”