The Big 12 Conference announced an agreement between the league, Oklahoma and Texas for the two schools’ move to the SEC. The Sooners and Longhorns will now exit the Big 12 and join the SEC following the 2023-24 academic year — one year earlier than initially planned.

Previously, the two schools were set to join the SEC in 2025.

“As I have consistently stated, the Conference would only agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025,” said Commissioner Brett Yormark in the statement released by the league. “By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning. I appreciate the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this process, and look forward to the bright days ahead for the Big 12 Conference.”

According to the release by the conference, Oklahoma and Texas will pay the league a total of $100 million in “foregone distributable revenues, which OU and UT will be able to partially offset with future revenues.” Prior to Thursday’s announcement, the Big 12 was reportedly expecting a decrease in conference revenue for 2024.

According to Ross Dellenger of Sports Illustrated, that money will be distributed to the Big 12’s eight remaining “legacy” schools, including West Virginia. The four incoming programs — BYU, Cincinnati, UCF, and Houston — will not directly benefit from this announcement, in terms of financial compensation, according to Dellenger’s report.

The Big 12 states that details of this announcement are still being finalized.

Oklahoma and Texas were unanimously invited to join the SEC in July 2021, during a time of major shakeups to the college sports landscape.

As of Thursday, the Big 12 Conference will consist of 12 programs in all major sports following Oklahoma and Texas’ exit to the SEC in the summer of 2024. The conference will operate as a 14-team league during the 2023-24 athletic calendar, including the 2023 college football season.