Much of the reporting on the financial conditions required to ensure the survival of the Big 12 has centered on potential buyout penalties to be paid out to remaining members of the conference by Nebraska and Colorado.
(Not one nickel)
Multiple outlets have reported that Nebraska and Colorado will be required to pay the league between $6 and $10 million for the privilege of leaving the league. It has also been widely reported that as part of the negotiation to keep the league alive, the Big 12’s five have-not schools agreed to hand over that alleged NU and CU buyout money to Oklahoma, Texas A&M and Texas.
Sounds like a plan! If only it wasn’t completely untrue.
As noted by Nebraska Chancellor Harvey Perlman this week, there is no existing Big 12 bylaw that states that teams departing from the league must pay out a penalty fee to remaining conference members.
Perlman noted on KLIN-AM in Lincoln yesterday that, “there is a liquidated damages provision that purports to make the existing members whole,” but that there is no pre-designated charge for leaving the conference.
That doesn’t mean though that there isn’t something in the Big 12 bylaws that will injure NU and CU financially. There is. And it’s the reason both schools are in such a mad dash to escape the league.