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Oregon State and Washington State Financial Settlement
Oregon State and Washington State have recently come to an agreement concerning financial distributions as they prepare to exit the Pac-12 conference. The terms of the settlement were finalized and announced on Monday, with some key stipulations in place.
Financial Details
As part of the settlement, the 10 departing schools will have $5 million withheld from their shares during the 2024 fiscal year, resulting in a total of $50 million being withheld under the terms of the deal. Additionally, each of the departing schools will be required to make a $1.5 million “supplemental contribution” to the conference. These funds will be used by the remaining schools to help navigate the uncertainties of the future.
Furthermore, the departing schools will no longer be entitled to any revenue generated after the current year. They will also forfeit any voting rights, input, or decision-making power in how the supplemental contributions are used or allocated by the conference.
Statement from Departing Schools
The departing schools released a joint statement expressing their satisfaction with the finalized agreement. They emphasized the importance of supporting all student-athletes while ensuring an equitable distribution of funds earned by all 12 schools during the 2023-24 academic year.
According to the statement, this agreement allows the remaining schools to vote on matters affecting the entire conference for the current year. However, Oregon State and Washington State will retain control over future Conference revenue and decision-making processes.
Conference Realignment
The Pac-12 conference faced significant changes when 10 of its members decided to leave for other leagues, leaving only Oregon State and Washington State behind. In response to this realignment, the remaining members of the Pac-12 have formed a scheduling alliance with the Mountain West Conference for the upcoming year, with the potential for extending this collaboration beyond 2024.
Additionally, the schools involved in this agreement will become affiliate members of the West Coast Conference in all sports except football and baseball over the next two years. This move aims to maintain continuity and competitive opportunities for student-athletes in the midst of these transformative changes within college athletics.
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