The Big East announced tonight that it has reached a settlement on the terms of Pittsburgh's exit from the Big East. The terms of the deal are identical to the one reached recently with Syracuse. Pittsburgh will pay the Big East $7.5 million instead of the contractually called for $5 million. In exchange, Pittsburgh will officially exit the Big East and become a member of the ACC on July 1, 2013.
Pittsburgh athletic director Steve Pederson released this statement about the settlement:
"We have appreciated and enjoyed our membership in the Big East and wish them much success in the future. "We are anxious to compete in our final season in the Big East and look forward to an exciting future in the ACC."
With settlements in place with Pittsburgh and Syracuse, the Big East will add Boise State and San Diego State as football playing member and SMU, Houston, Central Florida, and Memphis as full members next year. In 2015, Navy will join as a football playing member as well.