NORMAN, Okla. — The University of Oklahoma and the University of Texas will be joining the Southeastern Conference one year earlier than expected.

The Big 12 announced an agreement has been reached for both schools to leave for the SEC following the 2023-2024 academic year. OU and Texas originally voted to join the SEC on July 1, 2025.

OU and Texas will pay the Big 12 a total of $100 million for the early withdrawals. The schools will be able to partially offset that amount with future revenues, the Big 12 announced.

“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 in a statement. “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.

“I appreciate the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this process, and look forward to the bright days ahead for the Big 12 Conference.”

The announcement ends months of speculation regarding OU and Texas’ official departing date from the Big 12.

The move to the SEC was approved by the board of regents from both schools in the summer of 2021. The original exit date was set for the summer of 2025, when the schools’ media rights agreement with the Big 12 expires.

However, there’s been constant speculation that OU and Texas were working to negotiate an earlier exit from the Big 12, working with the conference and its broadcast partners to come to a solution.

The solution eventually came, and now OU and Texas will join the SEC on July 1, 2024.

“We are grateful to Commissioner Yormark and (Big 12) Chairman Lawrence Schovanec for their concerted efforts to carve a path forward that allows us all to move ahead with clarity and certainty,” Harroz said in a statement via Twitter. “With the new era of collegiate athletics fully upon us, an opportunity emerged for all parties involved to explore the value of an early departure. These terms further guarantee the sustainability, stability, competitiveness and excellence of us all.

The only thing left is for the OU and Texas board of regents to approve the new exit date.

“The Southeastern Conference learned today of the decision by the Big 12 Conference to alter the membership exit date for the University of Oklahoma and the University of Texas,” SEC commissioner Greg Sankey said in a statement. “We are continuing our preparation for this membership transition, and we look forward to welcoming the conference’s new members and moving into our future as a 16-team league.

“The presidents and chancellors of the SEC previously voted with unanimous approval to accept the application of Oklahoma and Texas to join the Conference on July 1, 2025, and have now authorized the Conference Office to proceed with facilitating the transition of Oklahoma and Texas to become full members of the Southeastern Conference on July 1, 2024.”

With the earlier exit, 2023-2024 will mark the final year that OU and Texas are members of the Big 12.

Both schools are original members of the conference, which was founded in 1994.