The Big 12 announced Tuesday that it will withhold $12.41 million in revenue from both the Texas A&M Aggies and Missouri Tigers as part of settlements negotiated between both schools for leaving the conference to join the SEC.
Because of various financial items such as direct payments from the NCAA and bowl payouts, A&M will only end up paying the Big 12 $9.31 million, according to reports to the San Antonio Express News.
Big 12 interim commissioner Chuck Neinas was quoted in a statement released by the conference:
"This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and [Texas A&M University/the University of Missouri] that led to a resolution that all parties believe is fair."
Texas A&M will receive an unspecified amount of money related to the Big 12's new contract with Fox and "certain other concessions," per the release. Missouri, on the other hand, had to waive all claims to benefits from the Fox deal and won't get those "certain other concessions." In addition, MU will pay its share of 2011-12 athletic year officiating costs, something it has done in the past at a price of around $500,000.