Well, that was certainly fast.
Just a few hours after reports emerged that Colorado would likely move from the Big 12 to the Pac-10 in 2011, the school has voted in the affirmative on that very timeline.
According to a joint press release, the Colorado Board of Regents today unanimously approved an agreement reached with the Big 12 that will allow CU to become a member of the Pac-10 effective June 30, 2011.
“This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Colorado that led to a resolution that all parties believe is fair,” Big 12 commissioner Dan Beebe said in a statement. “I appreciate the cooperation of Chancellor Phil DiStefano and others at Colorado. The Big 12 has enjoyed its relationship with CU and wishes it well in the future.”
“The University of Colorado at Boulder was a founding member of the Big 12 and a proud participant in it for 15 years,” said DiStefano. “Even as we leave for an exciting future in the Pac-10 Conference, we value the great friendships and memorable rivalries we have been a part of, and we appreciate the good faith Commissioner Dan Beebe has shown in working with us on our exit from the conference.”
“We are very excited that Colorado will be joining the Conference in 2011,” Pac-10 Commissioner Larry Scott said. “Our plans all along were for them to join the Conference in 2012 so this puts the Pac-12 ahead of schedule, which is great news. With Colorado and Utah coming on board next year we are tremendously excited about the future of the Conference.”
The conference will withhold “just” $6.863 million, the statement read, from the revenues otherwise distributable to the University. earlier today, Nebraska announced they had reached a similar agreement with their current conference. However, the Cornhuskers will have $9.255 million withheld from their share of conference revenue as an early-exit penalty.
With both schools departing next year and leaving the Big 12 with just ten teams, it’s expected the conference will announce next week a nine-game conference slate.