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Missouri and Texas A&M’s Buyout Terms Are Set

iStockPhoto/Thinkstock(IRVING, TX) -- Missouri and Texas A&M's Big 12 exit fee will cost each of program $12.41 million, the conference said on Tuesday.

"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.

The Big 12's new television contract with Fox begins July 1st as well. Missouri has agreed to waive any benefits, while A&M will receive an unspecified portion of the contract benefits.

"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," Texas A&M President R. Bowen Loftin said. "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."

TCU and West Virginia will join the Big 12 next season to take Missouri and Texas A&M's place.

Copyright 2012 ABC News Radio

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