Texas, Oklahoma won't renew Big 12 media rights

Texas and Oklahoma released a joint statement on Monday informing the Big 12 Conference they won't renew their grant of media rights when their current deals end in 2025, according to The Athletic's Max Olson.

"The University of Texas at Austin and the University of Oklahoma notified the Big 12 Athletic Conference today that they will not be renewing their grants of media rights following expiration in 2025," the statement read. "Providing notice to the Big 12 at this point is important in advance of the expiration of the conference's current media rights agreement. The universities intend to honor their existing grant of rights agreements.

"However, both universities will continue to monitor the rapidly evolving collegiate athletics landscape as they consider how best to position their athletics programs for the future."

Leaving the Big 12 would have cost both schools upward of $70 million each as part of the conference's exit fee, Sports Illustrated's Ross Dellenger reports.

The conference also owns the universities' first- and second-tier media rights for football and basketball until June 30, 2025, according to ESPN's Heather Dinich.

Big 12 policy indicates members are required to provide 18 months' notice to the conference if they plan to depart.

"Although our eight members are disappointed with the decisions of these two institutions, we recognize that intercollegiate athletics is experiencing rapid change and will most likely look much different in 2025 than it does currently," Big 12 commissioner Bob Bowlsby said in a statement.

"The Big 12 Conference will continue to support our member institutions' efforts to graduate student-athletes and compete for Big 12 and NCAA championships. Like many others, we will use the next four years to fully assess what the landscape will look like in 2025 and beyond. The remaining eight institutions will work together in a collaborative manner to thoughtfully and strategically position the Big 12 Conference for continued success, both athletically and academically, long into the future."

The two blue blood programs are reportedly expected to join the SEC once the agreement concludes, though both schools still need to apply to the conference.

Big 12 officials reportedly met with both presidents of Texas and Oklahoma this past weekend to discuss the potential move.