Texas, Oklahoma to leave Big 12 early, join SEC in 2024

The Sooners and Longhorns are joining the SEC early after all.

Oklahoma and Texas have agreed to terms with the Big 12 to leave the conference and move to the SEC following the 2023-24 season, one year earlier than originally expected, the conference announced Thursday.

The change is subject to final approval from the governing boards of both schools. The Big 12 will receive $100 million in exit fees as a result of the move.

It's been rumored that Oklahoma and Texas could exit the Big 12 early since they agreed to join the SEC in a stunning move in July 2021.

The two programs also had to amend their TV deals with Fox and ESPN. Fox is expected to receive additional inventory or compensation for the loss of the two schools, according to Ross Dellenger of Sports Illustrated.

"Details will continue to be finalized among all parties," the Big 12 announced in a statement.

With the loss of the two powerhouses, the Big 12 is welcoming four new schools this year: BYU, Central Florida, Cincinnati, and Houston.

The SEC announced Thursday that each of its member schools received an average of $49.9 million after the conference divided the $721.8 million of total revenue among its 14 universities for the fiscal year that ended last August.

Oklahoma and Texas joining the SEC a year earlier than expected will reshape college sports, but it won't be the only major move taking place in 2024: