Texas and Oklahoma will leave the Big 12 Conference for the Southeastern Conference one year earlier than planned.
The schools and conferences announced Thursday night that the move to the SEC will take place in 2024, with the universities agreeing to pay the Big 12 a total of $100 million.
A statement from the Big 12 called the hefty fee "foregone distributable revenues."
The divorce, when it was first announced in 2021, was not supposed to take place until 2025.
"As I have consistently stated, the conference would only agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025," Big 12 Commissioner Brett Yormark said. "By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning."
The Big 12 will compete as a 14-team conference this season with the additions of BYU, Central Florida, Cincinnati and Houston.
SEC Commissioner Greg Sankey said the league is moving ahead "with facilitating the transition of Oklahoma and Texas to become full members" effective July 1, 2024.
The announcement brings some finality to rampant speculation that the schools would try to make an early exit.
Southern California and UCLA will move from the Pacific 12 Conference to the Big Ten Conference in 2024, which is also the first season of the expanded 12-team playoff.