Oregon State, Washington State make it financially official with departing Pac-12 counterparts

The Pac-12 figuratively died the day USC and UCLA decided to become part of the Big Ten. From there, it was only a matter of time before the oldest conference in college sports collapsed.

Oregon and Washington followed their southern California friends to the land of opportunity and facing a dying conference, every other school not named Oregon State and Washington State found a new home. Arizona, Arizona State, Colorado and Utah found refuge in what is shaping up to be a stacked Big 12 and Cal and Stanford awkwardly joined the ACC.

The Pac-12 is really the Pac-2 now with OSU and WSU holding on for dear life, but even as the two schools search for a future that could somehow include the potential revival of "The Conference of Champions", they have officially finalized their "goodbye" with their departing counterparts.

Per ESPN, the settlement over financial distributions leaving the Pac-12 has been finalized. To make up for the fact that they are leaving, each of the schools that have left will have $5M withheld during the 2024 fiscal year.

Other details of the deal include a $1.5M "supplemental contribution" from each departing school to help OSU and WSU transition and, of course, none of the schools that are leaving will be entitled to any revenue generated by the Pac-12 after this year.

This isn't a television sitcom. There won't be any residuals or reruns.

"We are pleased to finalize an agreement with OSU and WSU that provides support for all our student-athletes while ensuring an equal distribution of the vast majority of funds earned by all 12 schools during the 2023-24 academic year," the 10 departing schools said in a statement, per ESPN. "Under this agreement, our schools will have the right to vote on matters that affect all 12 schools this year, while OSU and WSU will have control over future Conference revenue and decisions."

This settlement was agreed to in principle last year.