Texas, Oklahoma reportedly could leave Big 12 early

Texas and Oklahoma were expected to remain in the Big 12 through the 2024 season but apparently, something has changed.

During the Big 12 meetings in Las Vegas last week, the long-standing narrative that OU and Texas wouldn’t leave early got busted. Now, it seems, both programs intend to make their exit following the 2023 season.

“They’re definitely engaged on it and moving towards something where they will leave after next season,” a Big 12 school official told The Athletic's Stewart Mandel, Max Olson and Andy Staples.

“It’s likely they are leaving early,” an anonymous source also said.

With the apparent change of plans, the 2023 football schedule release has been delayed. However, one Big 12 official told The Athletic that a resolution is expected in a matter of weeks, not months. They also believe that an early divorce will benefit all parties involved.

But that comes with its own set of complications. Because of the Big 12’s bylaws, both Texas and Oklahoma would have to forfeit their final two years of conference revenue distributions. That could total as much as $90 million per school. As a result, negotiations for a potentially reduced buyout are reportedly ongoing.

Texas and Oklahoma have until Dec. 31 to provide the required 18-month notice of departure if they wish to join the SEC by July 1, 2024.