The price tag for Nebraska leaving the Big 12 will amount to almost $9 million. The Big 12 announced it was withholding $9.255 million in revenue from the school as part of its decision to join the Big Ten in time for next season.
Nebraska can lower the financial hit because it will receive $500,000 if the Cornhuskers reach a BCS bowl game.
"The University of Nebraska believes this is a fair settlement of our disagreement regarding the appropriateness in this instance of imposing any monetary fee on the university for withdrawing from the conference," said chancellor Harvey Perlman. "We continue to value our ongoing relationships with the institutions of the Big 12 and have great respect for their leadership and the leadership of the conference."
Big 12 commissioner Dan Beebe issued the following statement:
"This agreement was accomplished through a collegial, respectful process among the conference, its institutions, and the University of Nebraska that led to a resolution that all parties believe is fair. I appreciate the cooperation of chancellor Harvey Perlman and Nebraska staff. The Big 12 has enjoyed its relationship with Nebraska and wishes it well in the future."
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