/ Modified mar 25, 2024 3:17 p.m.

Pac-12's remaining schools finalize financial agreement with 10 departing members

The departing schools will have $5 million withheld during the 2024 fiscal year for a total of $50 million under the deal announced Monday.

UA Basketball Pac-12 Tournament March 2024 Oumar Ballo VIEW LARGER Oumar Ballo, the University of Arizona Wildcats' starting center, prepares to shoot against USC in Arizona's first-round Pac-12 tournament game.
Zac Ziegler / AZPM

Oregon State and Washington State have finalized a settlement over financial distributions with the 10 schools leaving the Pac-12.

The departing schools will have $5 million withheld during the 2024 fiscal year for a total of $50 million under the deal announced Monday. The departing schools also will pay a $1.5 million “supplemental contribution” to the conference that will be used by the remaining schools to navigate an uncertain future.

The departing members will not be entitled to any revenue generated after this year and will have no “vote, direction input or other power with the conference's use, allocation of expenditure of the supplemental contribution."

The settlement was agreed to in principle late last year.

“We are pleased to finalize an agreement with OSU and WSU that provides support for all our student-athletes while ensuring an equal distribution of the vast majority of funds earned by all 12 schools during the 2023-24 academic year,” the 10 schools who are leaving said in a statement. “Under this agreement, our schools will have the right to vote on matters that affect all 12 schools this year, while OSU and WSU will have control over future Conference revenue and decisions.”

The Pac-12 unraveled when 10 members opted to leave the conference for new leagues next year, leaving only Oregon State and Washington State.

The conference's remaining members will have a scheduling alliance with the Mountain West Conference for at least 2024, possibly beyond. The schools will join the West Coast Conference as affiliate members in every sport except football and baseball for the next two years.

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