The Big 12 announced it has reached agreement with the University of Colorado regarding its withdrawal from the Conference effective June 30, 2011, subject to final approval from the other 10 school's governing boards.
CU's Board of Regents unanimously approved the agreement in a special session in Denver Tuesday afternoon. Nebraska also reached an agreement with the Big 12 that was announced earlier in the day.
The Conference will withhold $6,863,000 from the revenues otherwise distributable to the University. Colorado will withdraw from the conference at the end of the current academic year.
Big 12 Conference Commissioner Dan Beebe stated, "This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Colorado that led to a resolution that all parties believe is fair. I appreciate the cooperation of Chancellor Phil DiStefano and others at Colorado. The Big 12 has enjoyed its relationship with CU and wishes it well in the future."
"The University of Colorado at Boulder was a founding member of the Big 12 and a proud participant in it for 15 years," said DiStefano. "Even as we leave for an exciting future in the Pac-10 Conference, we value the great friendships and memorable rivalries we have been a part of, and we appreciate the good faith Commissioner Dan Beebe has shown in working with us on our exit from the conference."
"We are very excited that Colorado will be joining the Conference in 2011," Pac-10 Commissioner Larry Scott said. "Our plans all along were for them to join the Conference in 2012 so this puts the Pac-12 ahead of schedule, which is great news. With Colorado and Utah coming on board next year we are tremendously excited about the future of the Conference."
Nebraska's arrangement called for $9.255 million to be withheld from its 2010-11 distribution payment. Back in June, the Huskers gave notice of their intent to leave the Big 12 in one year; the previous day, CU had announced it would leave in two years, thus the difference in numbers per league bylaws as all parties decided it would be best for Colorado to leave a year earlier so all could move on.
"We are pleased that, with this issue behind us, the Big 12 is poised to begin the transition to its exciting future as a 10-member Conference beginning in July," Beebe added.
-- The settlement arranged with the Big 12 Conference calls for a reduction of $6,863,000 in revenue to the University of Colorado for fiscal year 2010-11.
-- This is substantially lower than some of the numbers that had previously been speculated in several news reports, which had been as high as $15-20 million.
-- For fiscal year 2010-11, athletics had budgeted $9,135,000 in conference distribution (television income, postseason income from bowl games and the NCAA basketball tournaments, and the Big 12 championship game in football).
-- To fund the $6.863 million settlement, the university expects future conference distribution from Pac-10 to be greater than existing distribution revenue.
-- As far as fiscal 2011-12 is concerned, CU officials can now begin detailed discussions with the Pac-10 Conference to identify revenue opportunities.
-- This move will be funded through Pacific-10 Conference distribution, increased ticket revenue associated with Pac-10 home schedules: and through other intercollegiate athletic department operating efficiencies and revenues.
-- No tuition, taxpayer dollars, general fund or state support dollars will be used to reduce the balance.
-- Within the next month, much more will be known about CU's future in the Pac-10, as two sets of meetings (Oct. 6-7, Oct. 21) should determine how the conference will go about creating divisions and in what sports, how many conference games or matches will be played annually in all sports, and among other issues, revenue distribution.