Of the $20 million that the West Virginia Mountaineers have been required to pay the Big East in order to leave the conference in 2012, the Big 12 is kicking in half via a $10M loan, according to Austin American-Statesman sports columnist Kirk Bohls.
West Virginia will reportedly repay $5M annually in $1M payments over the next five years while the other $5M will be forgiven.
Earlier, CBSSports.com's Brett McMurphy reported that the initial report of a $11M/$9M split between the school and the conference was untrue and this seems to back that.
However they worked it out, it's money well spent for the Big 12. They can now go about their business, issue a schedule with the Mountaineers on it and move forward with their new partner.
Meanwhile, the Big East is now scrambling to fill the spot left vacant by West Virginia before Syracuse and Pitt get itchy.
For more on the Mountaineers fight to leave the Big East, visit The Smoking Musket. For updates on Big East football, basketball and expansion, visit Big East Coast Bias, and stay tuned to our college conference realignment section.