The University of Cincinnati has reached an agreement with the American Athletic Conference that will allow the school to exit the AAC and join the Big 12 Conference a year early.
Cincinnati and the AAC announced Friday that the school – along with fellow AAC members Central Florida and Houston – and the conference have agreed on a financial settlement that will allow the Bearcats to begin competition in the Big 12 as soon as July 1 2023.
Cincinnati had been scheduled to join the Big 12 no earlier than July 1, 2024.
“Today is another milestone in our journey towards participation in the Big 12,” Cincinnati Director of Athletics John Cunningham said. “We welcome this accelerated timeline and are thrilled that a majority of our current student-athletes will be able to prove themselves at the ‘Next Level.’ It’s imperative that our whole athletic department and our entire fanbase embrace this challenge together. As I said before, our goal is to compete for championships on the first day we enter the Big 12. Now that we have that date, it’s time to ensure we position ourselves at the head of the table.”
The AAC has an exit fee of $10 million and requires its members to give a 27-month notice of departure. If a school leaves before 27 months, the exit fee increases to a negotiated amount. Sources tell The Enquirer that Cincinnati will pay a buyout of $18 million over a 14-year span to depart early.
“I would like to thank UCF President Alexander Cartwright, Cincinnati President Neville Pinto and Houston President Renu Khator – as well as Tulane President Michael Fitts, who is chair of our Board of Directors – for their efforts and leadership to arrive at a sensible resolution to the three schools’ departure from the conference," AAC Commissioner Mike Aresco said. "All three institutions enjoyed tremendous success under the American Athletic Conference banner, and all three were instrumental in taking the conference to great heights, both athletically and academically. We wish them the best and look forward to having them compete in our conference in 2022-23.”
Cunningham and Aresco confirmed in March at the AAC Tournament in Fort Worth, Texas, that the two had been engaged in discussions in hopes of reaching a "financial settlement."
"We're trying to do it amicably," Aresco said March 12, a day after the Cincinnati men's basketball team was eliminated by top-seeded Houston in the second round of the conference tournament. Aresco said in March that if the AAC and Cincinnati were going to reach a settlement, "it's probably going to be done fairly soon."
"There's some urgency to our discussions, and that's probably the best description, at this point, that I can give you," he said.
Cincinnati – along with UCF and Houston and independent Brigham Young University – announced in September 2021 that it had accepted an invitation to join the Big 12.
BYU was already set to join the conference in 2023, but Cunningham said during the September announcement that Cincinnati's move to the Big 12 would likely have to wait.
"We're contractually obligated to the American (Athletic) Conference," he said. "We would not start (in the Big 12) no earlier than July 1, 2024. Now, I say that – if conversations and arrangements are made that would be different than that, then those are going to take place between the American (Athletic) Conference schools that are leaving and the conference office. We'll follow our contractual obligations with the conference."
The American will eventually replace exiting members Cincinnati, Houston and UCF with new members Charlotte, Florida Atlantic, North Texas, Rice, UAB and UTSA.
Cincinnati has won the last two AAC championships in football, while Houston has won the conference's last two men's basketball championships. Central Florida won last season's AAC women's basketball title.