The Big East has dropped its lawsuit against TCU and will receive the $5 million it was seeking from the school after it bailed out on a commitment to join the conference.
The Big East filed the suit last month in Washington, claiming TCU failed to pay the league the $5 million it agreed to when the school reneged on an agreement to become a member and joined the Big 12 instead.
Bloomberg News first reported the lawsuit had been dropped. The Big East confirmed it in a statement to the AP on Wednesday night.
"TCU has fully discharged its obligations to the Big East and the lawsuit is amicably settled without admission of liability of any party," said a statement from the Big East.
Conditions of the settlement were not released, but a person familiar with it told the Associated Press the Big East will receive $5 million from TCU. The person spoke on condition of anonymity because no announcement was to be made on the agreement.
TCU accepted an invite in November 2010 to join the Big East this year. The Big East contended TCU agreed to pay $5 million if it didn't. TCU accepted an invite to the Big 12 in October and will start playing in the conference this year.