Big East football schools will get almost all of a $110 million pot in a deal that will allow seven departing basketball schools to keep the name Big East and start playing in their own conference next season, a person familiar with the negotiations says.
The person spoke to The Associated Press on condition of anonymity because the separation agreement has not yet been finalized. That is likely to happen by the end of the week. The football schools will receive approximately $100 million under the agreement.
The basketball schools will receive $10 million, the Big East name and the right to play their conference tournament at Madison Square Garden.
Of the $110 million in exit fees, holdover members Connecticut, Cincinnati and South Florida will get the biggest share, but the new football members -- Central Florida, Houston, SMU, Memphis, Temple, East Carolina, Tulane and Navy -- also will receive a share of the exit fees to help compensate for the lower-than-expected worth of the media rights deal, sources told ESPN's Brett McMurphy.
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