Texas and Oklahoma agreed to an exit fee of a combined $100 million with the Big 12 and its television partners, according to a report by Sports Illustrated. The Longhorns and the Sooners will play the 2023 season as Big 12 members before moving to the SEC at the start of the 2024 season. The two teams were contractually obligated to stay until 2025 without the exit agreement. 

The $100 million will be distributed to the eight legacy members of the Big 12, the report states, to offset what was supposed to be a $5-$8 million reduction in revenue distribution for the 2024 season. Big 12 Commissioner Brett Yormack pushed hard for the television networks to compromise with the exiting schools. 

Texas went 8-4 in year two under Steve Sarkisian and signed the third-ranked recruiting class in the 2023 cycle. The Longhorns bring back Quinn Ewers, all its starting offensive line, and multiple weapons on the offensive side of the ball. The defense took a giant leap forward under defensive coordinator Pete Kwiatkowski.