Title: Settlement Reached in Pac-12 Litigation: 10 Departing Schools Forge New Path
In a significant turn of events, the 10 departing schools of the Pac-12 have reached a settlement with Washington State University (WSU) and Oregon State University (OSU), effectively ending the three-month-long litigation. This resolution not only brings much-needed clarity to the future of the conference but also ensures that WSU and OSU will be the sole members of the governing board.
As part of the settlement, the departing schools have agreed to forfeit a portion of their distributions over the remaining period of the 2023-2024 academic year. Additionally, the settlement includes guarantees, protecting WSU and OSU against potential future liabilities.
Nevertheless, despite the settlement, WSU and OSU have not been fully compensated for the financial losses resulting from the collapse of the conference. However, this agreement grants them control of future revenues flowing into the conference, while the funds earned in the current academic year will be distributed equally among all 12 members.
Crucially, the settlement also addresses any potential future liabilities. This includes expenses related to commissioner George Kliavkoff’s contract and a class-action antitrust lawsuit against the NCAA, ensuring that WSU and OSU are safeguarded against any legal repercussions.
In a joint statement, WSU and OSU emphasized that the future of the Pac-12 will now be dictated by the remaining member schools, rather than those departing. This statement highlights the significant shift in power dynamics within the conference.
Meanwhile, the 10 departing schools expressed their gratitude for resolving the dispute and expressed their excitement for continuing to compete against each other within the Pac-12 over the next several months. This sentiment solidifies their commitment to maintaining their longstanding rivalry while embarking on new paths.
Although the settlement does not disclose the exact amount forfeited by the departing schools, it is evidently based on the projected $420 million in conference revenue expected for this year. This figure provides some insight into the financial impact of this resolution for both sides.
This settlement marks a turning point for the Pac-12, as WSU and OSU take the helm and forge ahead into uncharted territory. With the future now firmly in the hands of the remaining schools, only time will tell what lies ahead for the conference. As the dust settles on this legal battle, all eyes are on the Pac-12 to see how it will adapt and thrive in its new incarnation.
