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Colorado and Big 12 work out exit terms for 2011 entry into Pac 10

September 21, 2010 |  5:06 pm

The Pac-10 will become the Pac-12 next year thanks to an exit agreement worked out Tuesday by Colorado and the Big 12 Conference.

According to a press release distributed by the league, the Big 12 will withhold $6,863,000 from revenues otherwise distributed to the university. The withdrawal is effective June 30, 2011, pending approval from the members' governing boards.

"This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Colorado that led to a resolution that all parties believe is fair," Big 12 Conference Commissioner Dan Beebe said in a statement.

Colorado was originally scheduled to join the Pac-10 in 2012, one year after Utah. Now, the conference can become the Pac-12 next season and begin to fast-track formulas for scheduling, splitting into six-team divisions with the intention of hosting a conference title game after the 2011 season.