Missouri's and Texas A&M's price tags for leaving the Big 12 will be $12.41 million each, the conference announced on Tuesday.
In fall 2010, both schools announced they would be leaving the Big 12 on July 1, 2012. Conference bylaws state that universities that provide less than 12 months' notice are subject to having 90 percent of their conference revenue withheld. That total was estimated at nearly $30 million for each school, but lawyers for both sides settled on $12.41 million.
The Big 12's new television contract with Fox Sports will activate on July 1, 2012, and Missouri agreed to waive all benefits from the conference's new deal, according to the release. Texas A&M, however, will receive a portion of the benefits from the contract.
"We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future," University of Missouri chancellor Brady Deaton said.
Missouri agreed to pay the Big 12 Conference approximately $500,000 for its share of the actual cost of officiating expenses for the 2011-12 athletic year as it has done in previous years.
"This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Missouri that led to a resolution that all parties believe is fair," Big 12 commissioner Chuck Neinas said in the release.
"We appreciate the Big 12 working with us on a quick and amicable settlement," said Texas A&M president R. Bowen Loftin, who indicated that the bottom-line financial impact of the withdrawal settlement will be $9.31 million.
"On behalf of Texas A&M University and Aggies worldwide, I would like to thank the Big 12 and its member institutions for the many memories over the past 16 years. We value our ongoing academic and athletic relationships with Big 12 members, and it is our hope to continue many of our longstanding athletic rivalries in the future," Loftin said.
In 2010, it cost Nebraska and Colorado just over $9 million and $6 million to leave the conference, but they gave the Big 12 more than 12 months' notice before leaving. According to Big 12 bylaws, Nebraska would have owed the Big 12 nearly $20 million, but the Cornhuskers settled on their new number as well.
The Big 12 is adding TCU and West Virginia next season to replace Texas A&M and Missouri. The Mountaineers and the Big East settled competing lawsuits earlier this month, with the Big East receiving $20 million from the school and the Big 12 for West Virginia to join next football season.
David Ubben covers the Big 12 for ESPN.com. Information from The Associated Press was used in this report.