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The Big 12 and Nebraska managed to settle their dispute in private--the best option for both parties--but they've reached a settlement that finalizes Nebraska's exit from the league. The Big 12 and the university announced Tuesday a settlement in which the conference will withhold $9.255 million from the estimated $19 million in revenues that would have been distributed to Nebraska the last two years the Cornhuskers are in the Big 12.
Nebraska becomes an official member of the Big Ten on July 1, 2011.
...A clause was included that decreases Nebraska's withholding to $8.755 million if the Cornhuskers qualify for a BCS bowl game, which would in turn mean more total revenue for the Big 12.
It's obviously a good thing to have Nebraska's exit behind us, but now, the focus becomes on finalizing both the date and terms of Colorado's exit to the Pac-10. Nebraska becomes an official member of the Big Ten on July 1, 2011.
...A clause was included that decreases Nebraska's withholding to $8.755 million if the Cornhuskers qualify for a BCS bowl game, which would in turn mean more total revenue for the Big 12.
A report surfaced early Tuesday that Colorado had moved its exit date back to 2011.
That's after initially announcing their intentions to leave in 2012, then moving the date up to 2011 once Nebraska announced its move to the Big Ten, and back to 2012 again in August.
Now, Nebraska seems ready to move on. And the $500K carrot hanging in front of the Huskers' collective face that hinges on a BCS bowl appearance has made an already intense final season of the current Big 12 even more intense.
Big 12 commissioner Dan Beebe will speak to the media at 9 p.m. ET tonight via teleconference, so look for more on both schools' circumstances late this evening.
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