The Colorado Buffaloes were able to buy their way out of the Big 12 a year earlier for about $6.9 million. This was announced on Tuesday evening after the Colorado Board of Regents approved the agreement.
They will join the Utah Utes in the expanded Pac-12 conference.
A Colorado press release indicated this will be funded "through Pacific-10 Conference distribution, increased ticket revenue associated with Pac-10 home schedules and through other intercollegiate athletic department operating efficiencies and revenues."
That will give the Pac-12 a championship game a year earlier now, and generate additional revenues.
The USC Trojans have appealed their two-year postseason bowl ban and scholarship reductions. If the appeal is successful, then the Trojans will be eligible for the 2011 Pac-12 championship game. USC head coach Lane Kiffin said after practice on Tuesday, “That was the plan [reason for the appeal].”
Pac-10 Commissioner Larry Scott said, “We are very excited that Colorado will be joining the Conference in 2011. Our plans all along were for them to join the Conference in 2012 so this puts the Pac-12 ahead of schedule, which is great news. With Colorado and Utah coming on board next year we are tremendously excited about the future of the Conference.”
Back on Sept. 11, Scott said there was less than a 50-50 chance that Colorado would be able to exit the Big 12 in time to start next season, citing "financial" reasons.
Nebraska had to give the Big 12 about $9.3 million to leave the conference for the Big Ten in 2011.
The Pac-10 can now move forward with plans for divisions and the conference championship game in football. Pac-10 university presidents and chancellors are scheduled to vote on divisions and potential revenue-sharing proposals next month.
Wonder where the conference championship game will be played?