West Virginia's $20 million settlement with the Big East was made clear with a 25-page settlement agreement made available this morning following a Freedom of Information Act request by the Post-Gazette made just yesterday.
The document makes clear most of the terms of the settlement. It includes:
- The $2.5 million paid in October as part of the exit fee.
- A “settlement payment” of $8.5 million due by Feb. 17.
- And all of the University’s 2011-2012 conference revenue share, forecasted at $9 million.
There will be a time period at the end of the fiscal year where West Virginia could conceivably get money back from the Big East if “revenue distribution is greater than the forecasted amount.”
The agreement also includes a document labeled “Memorandum of Understanding Regarding the Big 12 Transition Fund,” detailing an agreement with the West Virginia University Foundation, Inc.
The Foundation is giving West Virginia $10 million, half of which will be forgiven, and the remaining will be subject to be paid back with interest.
Note, that money, according to a source with knowledge, came from the Big 12 as we have reported.
Other interesting notes from the documents:
It includes a clause called "Additional games" where West Virginia essentially agrees to help the Big East with scheduling games in the 2012-13 season.
It goes on to specifically state West Virginia needs to use reasonable efforts to lend a helping hand to Pitt and Syracuse in their scheduling woes.
"In the event that the University of Pittsburgh or Syracuse University makes such a request before Feb. 15, 2012, WVU will use its reasonable best efforts to assist (the two schools) to schedule a game with a Big 12 member for the 2012-13 season if possible."
It also includes the following section:
"Each party agrees it will not make any disparaging comments about any other party. A disparaging statement includes any communication, oral or written, which would cause the recipient to question the business condition, integrity, competence or good character of any party.”
To view the documents, click here.