Reports: Oregon State, Washington State finalize settlement with outgoing Pac-12 teams

The two remaining programs in the Pac-12 Conference and the 10 outgoing schools reportedly reached a settlement around financial distributions.

According to The Associated Press, Oregon State and Washington State came to an agreement “in principal late last year” with the group of departing Pac-12 teams: Arizona, Arizona State, Cal, Colorado, Oregon, Stanford, Utah, UCLA, USC and Washington.

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Each of the 10 outgoing teams “will have $5 million withheld during the 2024 fiscal year for a total of $50 million under the deal” and “also will pay a $1.5 million ‘supplemental contribution’ to the conference that will be used by the remaining schools to navigate an uncertain future,” according to the AP. This totals to $65 million during the 2024 fiscal year.

According to the AP, after this year the outgoing Pac-12 schools won’t receive any revenue generated and “will have no ‘vote, direction input or other power with the conference’s use, allocation of expenditure of the supplemental contribution.'”

“We are pleased to finalize an agreement with OSU and WSU that provides support for all our student-athletes while ensuring an equal distribution of the vast majority of funds earned by all 12 schools during the 2023-24 academic year,” the 10 programs departing the Pac-12 stated via The Associated Press. “Under this agreement, our schools will have the right to vote on matters that affect all 12 schools this year, while OSU and WSU will have control over future Conference revenue and decisions.”

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Oregon State and Washington State will schedule its contests accordingly with the Mountain West Conference, which the two schools will join in every sport except baseball and football beginning next season.

There were talks previously about the Pac-12 “merging” with the Mountain West in the fallout from conference realignment.