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: Jan 19, 2010
Posted on: February 10, 2012 11:45 am
 

Big East, WVU reach $20M settlement

Once the announcement is official by the Big East and WV, I would be shocked if SU and Pitt don't do something and leverage their position and eventual move to the ACC.

If I were them, and being they have to play Rutgers twice next season......I would want out too. Offer to stay for football only next year and leave, or just go the way of WV. As I understand it, both Pitt and SU will not get a dime of that money from WV and being that thier compensation is so much better at the ACC, they should have the BEast over a barrell for negotiating their exit.



Since: Oct 1, 2007
Posted on: February 10, 2012 11:41 am
 

Big East, WVU reach $20M settlement

Buford, you do know that West Virginia and Virginia are two different states, don't you?



Since: Jan 19, 2008
Posted on: February 10, 2012 11:38 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.





Since: Jul 9, 2010
Posted on: February 10, 2012 11:35 am
 

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.



Since: Oct 1, 2007
Posted on: February 10, 2012 11:28 am
 

Big East, WVU reach $20M settlement

homeland,  the majority of academic scholarships for WVU come from the state in an effort to get people of West Virginia staying in West Virginia.  The money that WVU is losing in the payout would have most likely gone to construction of a new building. 



Since: May 27, 2011
Posted on: February 10, 2012 11:23 am
 

Big East, WVU reach $20M settlement

How many academic scholarships for deserving  West Virginia youth would $11 million fund? Would an influx of bright WVU grads into the West Virginia economy make sense?



Since: Jul 9, 2010
Posted on: February 10, 2012 11:19 am
 

Big East, WVU reach $20M settlement

In a recent CBS Sports article John Swofford, the ACC Commissioner, stated the Conference is ready for PITT and SYRACUSE at anytime now, once they work out their departure with the BIG EAST.  With those comments being said, my guess is PITT and SYRACUSE will officially join the ACC by July 1, 2013.  In 2013, the BIG EAST will have 11 schools playing in the league, which is three more then they had in 2011 when PITT and SYRACUSE stated they had accepted an invitation to the ACC. It would be reduntant for PITT & SYRACUSE to leave the BIG EAST now and pay $20 Million that they don't need to fork out.  WVU, argubably was in a tough situation to get out of the BE quickly to accept the invite from the BIGXII for next year.
With all fairness to WVU, if they had awaited until 2014 to leave the BE for the BIGXII, they could have possibly lost that invitation.


One can surmize through all of this mess with the BIG EAST; is their 27 Month Exit RULE has no place in college football conferences. The BIG EAST has turned right around and invited schools from other FBS Conferences to join next year.  It is my feeling that PITT and SYRACUSE has given the BIG EAST reasonable time to rebuild it's comference by 2013, and will leave for the ACC then.  The legal rule I use here is "reasonable".  Therefore, if PITT and SYRACUSE left for the ACC to play in 2012, this is really unreasonable. Hence, the reason WVU is paying the BIG EAST S20 MILLION for leaving, is due to an unreasonable amount of time. Had PITT and SYRACUSE decided to depart the BIG EAST this year for the ACC, then their departure fee would have been huge too.  Good Luck to WVU in the BIGXII next year, there are some great teams out there.     
;



Since: Apr 11, 2007
Posted on: February 10, 2012 11:19 am
 

Big East, WVU reach $20M settlement

The $20 million is broken down as such:

$5 million exit fee for West Virginia
$5 million exit fee for Boise to join the BE in 2012
$1 million payment from West Virginia to BE like the other 9 Big XII teams.
$9 million payment from the Big XII teams ($1 million per school)
WVU fans, don't be surprised that the Big XII takes that $9 million out of your TV money for the next few years.  Add to that it will likely take 3-4 years to get the full share of TV money and the additional travel costs, and WVU won't be getting the huge windfall they might expect by going to the Big XII for 5-6 years.  But at least you're out of the Big East, right?



Since: Feb 6, 2012
Posted on: February 10, 2012 11:10 am
 

Big East, WVU reach $20M settlement

A big note of thanks to all the haters of WVU who keep on posting their jealously after we moved our BCS Bowl record to 3-0. You don't realize how much it helps the program for non-believers to spout their stupidity. We like being the underdog and our players, who are typically overlooked recruits, like playing with a chip on their shoulder. Idiots like you haters help create the driving force that puts 70 points on a team in a BCS Bowl or allows WVU to beat a solid SEC team like Georgia in the Sugar Bowl. Again, please keep the jealous rants coming. Not only are they helpful, but they are funny too, especially when coming from someone like a Missouri fan who has NEVER seen his team even play in a BCS Bowl. Maybe this is the year your school gets to the Final 4 in basketball? Never happened before either, has it? WVU---twice!



Since: Apr 25, 2008
Posted on: February 10, 2012 11:05 am
 

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. 


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