Blog Entry

Big East, WVU reach $20M settlement

Posted on: February 9, 2012 10:00 pm
Edited on: February 10, 2012 9:41 am
 

West Virginia and the Big East Conference have reached a verbal agreement that would compensate the Big East $20 million and allow the Mountaineers to join the Big 12 Conference this season, college football industry sources told CBSSports.com.

On Wednesday, CBSSports.com first reported the Big East Conference and West Virginia were nearing a settlement of at least $20 million that would resolve all issues between the two parties. That settlement was reached one day later.

"It probably will be officially done [on Friday]," a source told CBSSports.com.

The Charleston Daily Mail first reported Thursday night that West Virginia and the Big East had reached a $20 million “conditional agreement.” West Virginia must pay the Big East $11 million and the Big 12 Conference would be responsible for the remaining $9 million, the Daily Mail reported. Acting Big 12 commissioner Chuck Neinas said recently the Big 12 would consider assisting the Mountaineers with their exit fees, if they asked.

It’s unknown if the $20 million is in addition to, or includes, the $5 million exit fee that West Virginia initially paid when it announced in October it was withdrawing from the Big East to join the Big 12 in 2012 and would not honor the league’s 27-month notice requirement before leaving.

Besides the $11 million it must pay the Big East, West Virginia also owes Florida State $500,000 after last week canceling a Sept. 8 game in Tallahassee. FSU athletic director Randy Spetman told the Orlando Sentinelhis school might also seek liquidated damages against WVU if a comparable opponent can not be found.

Last week the Big 12 Conference indicated it had provided its television partners with its 2012 football schedule and that West Virginia was on it. The league also is expected to release the schedule to the public on Friday.

CBSSports.com previously reported that West Virginia officials had contacted future Big East members to see if one could join the Big East in 2012, instead of 2013, to lower the amount of financial hardship to the league and also likely reduce the amount of West Virginia’s settlement with the league.

The Daily Mail reported that West Virginia’s $20 million settlement would not increase if the Big East is unable to find a replacement for the Mountaineers this fall.

Boise State is the most likely candidate to join the Big East a year early. Sources told CBSSports.com that Boise State has had discussions with the Western Athletic Conference to determine if its Olympic sports teams could join the WAC in 2012 so the Broncos’ football program could join the Big East this fall.

Boise State would have to pay the Mountain West about $7 million to $9 million to join the Big East in 2012, instead of 2013. Last week, Boise State president Bob Kustra told the Idaho Statesman it was "too late" for the Broncos to join the Big East in 2012. However, sources said they were skeptical of Kustra's comments and believe Boise State will be playing in the Big East this fall.

On Wednesday’s teleconference to announce Memphis as the Big East’s newest member, Big East commissioner John Marinatto would not comment on if the league would have a new team added for 2012 or when he expected the issues between the league and West Virginia to be resolved.

With the legal issues behind them, the Mountaineers officially will join the 10-team Big 12 Conference on July 1 along with TCU. The remaining Big 12 members are: Baylor, Kansas, Kansas State, Iowa State, Oklahoma, Oklahoma State, Texas and Texas Tech.

Comments

Since: Nov 3, 2006
Posted on: February 10, 2012 12:13 pm
 

Big East, WVU reach $20M settlement

Welcome to the big time, Mountaineers.  It is going to be a lot of fun!!!  I do have to point out that going to Stillwater, Austin, and Norman is a bit different than Tampa, East Hartford, and New Brunswick.


Thanks TB and believe me WVU and it's fans are ready for this move and excited to be into the Big 12!  



Since: Jan 19, 2010
Posted on: February 10, 2012 12:12 pm
 

Big East, WVU reach $20M settlement

I disagree.  WVU to the Big 12 vs Pitt and Syracuse to the......ACC LOL
I do agree that Pitt, SU and the ACC don't have to, nor need to fork over that much cash. I do believe they have the BE over a barrell now, as the BE backed of there word and stance that they were holding all schools too the 27 month period. Should SU and Pitt now sue the BE for breach of contract, that they were abiding by, they would have a solid case to leave. If Pitt and SU left, that would leave a pittiful 5 teams in the BE for next year and cause a huge problem for a multitude of other affected conferences. SU and Pitt should leverage this by saying we'll stay for 2012/13, and then we are out, no additional pay off, end of story, or we walk with WV and we'll see you in court. Come on, SU has to play Rutgers twice next year, instead of WV? What a joke. Who is Pitt supposed to play? There are only 7 teams in the BE, who is the odd man out in playing each other twice?



Since: Jan 9, 2008
Posted on: February 10, 2012 12:08 pm
 

Big East, WVU reach $20M settlement

WV/BigEast can thank a&m and Missouri for the 9M, it will come from their Big12 exit fees.



Since: Nov 3, 2006
Posted on: February 10, 2012 12:08 pm
 

Big East, WVU reach $20M settlement

ANY MONIES used like this in College Sports in the STATE OF VIRGINIA has to come from PRIVATE DONORS, nothing comes from the STATE coffers for things like this.  Also, any Stadium Constuction has to come from private DONORS.  THIS is VIRGINIA STATE LAW;e to protect ALL of the PEOPLES MONEY being paid in taxes to the State.

What does Virginia State law have to do with West Virginia Buford?  Do you work for ESPN?  



Since: Nov 3, 2006
Posted on: February 10, 2012 12:06 pm
 

Big East, WVU reach $20M settlement

LeDouche, no public funds are being used, it's revenue brought in to the Athletic Department or donors, plus the Big 12 is kicking money in to help.  Stop whining.  If you think staying in the Big Least was a viable option you're pretty lacking about what that would've meant for WVU.



Since: Jan 26, 2012
Posted on: February 10, 2012 11:59 am
 

Big East, WVU reach $20M settlement

So the 48th poorest state in the country is paying $11 mil just to switch football conferences ? Good to see where the priorities are. I am a WVU alumni living in CT and I say this sucks for fans. I had multiple opprtunites to see either football or basketball games. Now I have to go to Oklahoma, Texas, or Kansas to see a game? These are much better places than New Jersey, but still its a haul.



Since: Sep 22, 2011
Posted on: February 10, 2012 11:57 am
 

Big East, WVU reach $20M settlement

Whoops, should read ACC not SEC.



Since: Sep 22, 2011
Posted on: February 10, 2012 11:56 am
 

Big East, WVU reach $20M settlement

I disagree.  WVU to the Big 12 vs Pitt and Syracuse to the SEC are apples and oranges.  The ACC doesn't need to do anything to continue to make good money whereas the Big 12 desperately needed 10 teams so as not to screw up their current deal.  The point is that I don't see the ACC subsidizing the early move because there is no real pressing need for them and I don't think that Syracuse and Pitt want to fork over the extra cash just to leave a little early. 



Since: Oct 30, 2007
Posted on: February 10, 2012 11:55 am
 

Big East, WVU reach $20M settlement

Anyway, with all the oil, gas, and coal in the state, I do believe you are mistaken, there are probably far more millionaires per capita in West Virginia than most states.  Go figure!  Maybe you stereotype everything you do?


Owned by corporations outside of WV. They only go there to harvest. They don't live there. Steroetyping is fun.



Since: Apr 11, 2007
Posted on: February 10, 2012 11:54 am
 

Big East, WVU reach $20M settlement

WVU fans, don't be surprised that the Big XII takes that $9 million out of your TV money for the next few years.
Actually, they don't need to. The conference is receiving more than double that amount due to the departures of Texas A&M and Missouri. They are pretty financially comfy right now. They lost two teams, gained two teams, and turned a net profit, even with the Big East payout. All without messing up their fat TV contract. They are in the position of a baseball team that trades two long-time players for a couple of prospects and cash. The conference is on a good roll. Six months ago the were on life support. Today, they are in every respect in a better position than they were last spring.
I agree that they don't need to, but they will.  Remember who runs that conference, and it isn't the friendly folks in Kansas. 


The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com