The Big East released a statement this morning announcing that it had reached an exit settlement with Syracuse. The statement reads:
The Big East Conference and Syracuse University today announced that both organizations have reached an agreement on Syracuse’s departure from the Big East and move to the Atlantic Coast Conference. Under the terms of the agreement reached between the Big East and Syracuse, the Big East members will vote, in accordance with the Big East’s bylaws, to terminate Syracuse’s membership in the Big East effective July 1, 2013, at which point Syracuse will join the ACC. In addition to other consideration, Syracuse will make a total cash payment to the Big East of $7.5 million.
"This closes a chapter and opens a new one filled with exciting possibilities for the Big East’s future. With the recent addition of eight schools to the Big East, the future for the Conference has never been brighter," said Joe Bailey, Big East Interim Commissioner.
Dr. Daryl Gross, Director of Athletics for Syracuse University, said: "We look forward to the new academic and athletic partnerships and the extraordinary competitive opportunities that membership in the ACC offers. We are excited about both our final season in the Big East and our long-term future with the ACC."
We can only assume at this point that Pittsburgh's departure will be negotiated soon and be accomplished under similar terms.