Texas A&M Nearing Financial Settlement With Big 12, According To Report

Texas A&M University will hold a conference call Monday to "to negotiate and execute a settlement agreement with the Big 12 Conference and its members," according to the Dallas Morning News.

Both the Aggies and Missouri must "settle up" with the Big 12 before officially joining the Southeastern Conference this summer. A&M President R. Bowen Loftin will negotiate the exit of the Aggies. The Morning News reports that exit could come at a substantial price:

Under the Big 12's bylaws, A&M could be liable for 90 percent of its conference revenue for the last two seasons, estimated at about $28 million. Baylor president Ken Starr, Kansas chancellor Bernadette Gray-Little and Kansas State president Kirk Schultz make up the three-person Big 12 negotiating committee.

Loftin has cited the exit fees paid by Nebraska and Colorado when they exited the league in 2011 as precedent for a significantly reduced amount.

A&M is scheduled to officially become a member of the Southeastern Conference on July 1. Missouri has yet to reach an agreement to exit the Big 12.

For more on Texas A&M, visit I Am The 12th Man. For the latest news and updates from college football, go to SB Nation's college football page.

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