The Big 12 has announced that Oklahoma and Texas will pay a total of $100 million to join the SEC in 2024, one year earlier than originally planned. The agreement is pending approval from the Oklahoma and Texas governing boards, and the fee is being described as “foregone distributable revenues.” While the cost may seem steep, both schools are expected to offset the expense with future revenues.
The Southeastern Conference (SEC) has released its financial distribution report for the fiscal year ending August 2021. According to the report, the conference distributed an average of $49.9 million to each of its 14 member schools, with a total distribution of $721.8 million. This is a decrease from the previous fiscal year, where the SEC distributed $764.4 million of total revenue, or about $54.6 million per school.