It's been a whirlwind day for Texas fans. This morning the Horns were headed to the Pac10, but by late this afternoon, UT declined an offer to join the Pac10 and will instead stay in the Big12.
According to The Dallas Morning News, Pac-10 Commissioner Larry Scott confirmed that the University of Texas has declined an invitation to join the conference.
In a brief phone conversation, Scott said: "We've been informed by University of Texas president Bill Powers that Texas will stay with the Big 12. We have not received definitive details about this decision."
While a few details still need to be worked out, Big 12 commissioner Dan Beebe has a deal in place to keep the 10 remaining teams in the conference.
Under the new structure, the ten teams will play in a round-robin format, ensuring that each team plays one another in the regular season. The annual championship game that was a hallmark of the founding of the Big 12 will not be played under the new structure.
To boost revenues, the Big 12 will sign a new television agreement (rumored to be with Fox Sports) in 2011 estimated to be worth $14-$17 million per year to most conference teams; however, the conference will continue to split revenues based on appearances, making the deal worth as much as $20 million per year for teams like Texas, Oklahoma and Texas A&M who's games are broadcast more often.
Schools will also have the discretion to launch their own television networks, an arrangement which could be worth an addition $3-$5 million per year to Texas.
The new league agreement will also include a very, very substantial penalty for any school that splits from the conference.
Texas A&M and Oklahoma have confirmed that they will stay in the Big 12.
The Pac10 has also released an official statement:
“University of Texas President Bill Powers has informed us that the 10 remaining schools in the Big 12 Conference intend to stay together. We are excited about the future of the Pac-10 Conference and we will continue to evaluate future expansion opportunities under the guidelines previously set forth by our Presidents and Chancellors.”
Details on this breaking story will be updated as more information becomes available.
Posted by Kevin Donahue
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