Big 12 members agree to cede exit money to Texas, Oklahoma, A&M

Big 12 members left out by the potential expansion of the Pac-10 Conference agreed to allow their portion of Nebraska and Colorado's exit fees to go to Texas, Oklahoma and Texas A&M, Big 12 Commissioner Dan Beebe said this morning.

Nebraska and Colorado are required to forfeit 80 percent of league revenue for the next two years for leaving the conference. Each school received more than $9.7 million from the league in 2009, according to tax statements. That amounts to about $30 million in distribution for the 10 remaining schools.

Iowa State, Kansas, Kansas State, Missouri and Baylor were not considered as possible Pac-10 additions. Beebe said on Monday the schools would give up Nebraska and Colorado's exit fees as an act of goodwill should Texas, Oklahoma and Texas A&M stay in the Big 12. That would amount to around $15 million.

"Those five institutions were looking at possibly difficult future even if they repopulated the Big 12 in terms of their future media value and looking at probably significantly less revenue possibilities," Beebe said in a teleconference with reporters. "They looked at life at media evaluations we had going forward and those didn't look very good without Texas, Texas A&M and Oklahoma. It's no surprise that those three institutions were pursued by multiple conferences frankly. So those five institutions, in their judgment, decided as they looked at the future media value, they wanted to ensure those institutions stayed with them and were willing if necessary ... use some of the distribution they might get particularly from departing members make sure that Texas A&M, Oklahoma and Texas were induced to stay with them to stay in the conference."

"The five among themselves committed and wanted to make sure that that was conveyed to Texas, Oklahoma and Texas A&M in regard to their consideration if they go somewhere else."