On Tuesday, the Big 12 announced, via their official website, that the conference and Texas A&M have reached an agreement on terms for the school's withdrawal from the conference. Texas A&M will be heading to the SEC on June 30, but before they do, they'll have to pay a penalty to the Big 12.
According to Big12Sports.com, the conference will withhold an estimated $12,410,000 from the school's projected distribution for the 2012 fiscal year. Texas A&M will receive a portion of the money received by the conference from the signing of a TV contract with FOX Sports, which is scheduled to begin on July 1.
Texas A&M President R. Bowen Loftin issued the following statement upon completion of the agreement.
"On behalf of Texas A&M University and Aggies worldwide, I would like to thank the Big 12 and its member institutions for the many memories over the past 16 years. We value our ongoing academic and athletic relationships with Big 12 members, and it is our hope to continue many of our longstanding athletic rivalries in the future. We appreciate the Big 12 working with us on a quick and amicable settlement."
For more on the Aggies, head to I Am The 12th Man.