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: Oct 26, 2011
Posted on: February 9, 2012 11:54 pm
 

Report: Big East, WVU reach $20M settlement

WVU is paying 11 million including the 5 million exit,plus 6 more,WVU has already paid 2.5 million.The rest will be paid by The Big 12,and i still don't think it will come to 20 million.The sad part about this,is The Big 12 Treated WVU better in the last 6 months,than the Big East did in  the last 20 years.Say what you want, WVU held this conference together,after the first ACC Raid back in 2005.Basketball and Football Combined,there is less than 10 schools in the country that have done better than WVU since year 2000 and on.



Since: Jun 28, 2011
Posted on: February 9, 2012 11:40 pm
 

Report: Big East, WVU reach $20M settlement

So why is it fair these conferences can can rake in millions for nothing when the kids get in trouble for trading a jersey for cash?



Since: Oct 31, 2011
Posted on: February 9, 2012 11:39 pm
 

Report: Big East, WVU reach $20M settlement

I bet Temple is on the line with Meat-ball Maranara right now saying they could play tommorow if Big East will invite them to fill in for WVU football next season.




Since: Oct 23, 2011
Posted on: February 9, 2012 11:34 pm
 

Report: Big East, WVU reach $20M settlement

As Jerry Reed would say!!
West bound and down, pack it up and flying. we're going do what they say can't be done. We've got a long way to go and a game to be won. We're west bound to watch our Mounties win.

Thanks for the invite Big 12 and thanks for the welcome from all the Big 12 fans.
Lets go Mountaineers & the Big 12



Since: Sep 22, 2011
Posted on: February 9, 2012 11:33 pm
 

Report: Big East, WVU reach $20M settlement

"So could SU and Pitt possibly go also?  I doubt either teams schools could afford $20 mil. without ACC help."

That and the ACC isn't as motivated or pressured as the Big 12 was to get those 2 teams.  The Big 12 desperately needed WVU to keep it's current media deal/revenue, whereas the ACC doesn't need anything to keep it's current deal and will renegotiate when the other two come on board. 



Since: Sep 22, 2011
Posted on: February 9, 2012 11:28 pm
 

Report: Big East, WVU reach $20M settlement

"How many young people could be afforded scholarships with this amount of money?  How many books could be purchased for the library?  How many buildings could be refurbished or built?  How many capable kids who can't afford university could go with bursaries?   It is sobering that such a sum of money could be asked for from a university by an athletic organization, a university which has the primary mandates of educating students and creating knowledge through research and scholarship."

When you consider that the current TV deal in the Big East earns WVU about $5-$6 mil a year.  The Big 12 share is somewhere in the $15-$20 mil a year range.  Doesn't take a rocket scientist to figure out that paying $12 mil (including FSU fees) to exit a couple of seasons early is in fact an investment.  That and the Big 12 offer may have gone bye-bye had WVU tried to wait the 27 months as the Big 12 really needed the 10th team to solidify their TV deal for the 2012 season.  So when you factor all of that in there is a significant amount of additional income coming the school's way by doing this, even for the short term.




Since: Oct 1, 2006
Posted on: February 9, 2012 11:22 pm
 

Report: Big East, WVU reach $20M settlement

So could SU and Pitt possibly go also?  I doubt either teams schools could afford $20 mil. without ACC help.

The Big East could then use some of that money to help pay for new members to move to the BE earlier.



Since: Jan 21, 2010
Posted on: February 9, 2012 11:17 pm
 

Report: Big East, WVU reach $20M settlement

Welcome to the Big 12, Mountaineers fans!



Since: Sep 29, 2006
Posted on: February 9, 2012 11:14 pm
 

Report: Big East, WVU reach $20M settlement

20 million thanks to the pricks at Misery. Enjoy your mediocrity!!



Since: Jun 2, 2007
Posted on: February 9, 2012 11:13 pm
 

Report: Big East, WVU reach $20M settlement

Good for you West Virginia!!! Everyone was hoping for this news. Now the Big East needs to move as many teams in as possible to the conference right now. Pittsburgh and Syracuse are all but gone after this. Get Boise St, Memphis, and Houston in. I dont care how it works out but I cant wait to have a ACC schedule to go see next season.


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