The Big 12 has published a pair of press releases announcing the terms by which Texas A&M and Missouri will leave the conference. Negotiation has been going on for months, and they've finally come to a conclusion.
The releases on TAMU and Mizzou are almost identical as the terms are similar, though they differ in key ways. The two schools will both forgo $12,410,000 of their scheduled Big 12 payouts for this year. Texas A&M, however, will receive an unspecified amount of money related to the Big 12's new contract with Fox and "certain other concessions" per the release. Missouri, on the other hand, had to waive all claims to benefits from the Fox deal and won't get those certain other concessions. In addition MU will pay its share of 2011-12 athletic year officiating costs, something it has done in the past at a price of around $500,000.
TAMU VP of Marketing and Communications Jason Cook says the out-of-pocket expense to his school will only be $9.31 million. Chuck Carlton of the Dallas Morning News says the discrepancy comes from TAMU receiving "its share of NCAA scholarship grants-in-aid, academic support programs and sports sponsorships, as well as officiating fee reimbursement and bowl travel, among other items." That sounds to me like the contents of those "certain other concessions".
Big 12 interim commissioner Chuck Neinas is quoted identically in the two releases thusly:
"This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and [Texas A&M University/the University of Missouri] that led to a resolution that all parties believe is fair."
Both university presidents then are quoted with boring statements wishing the Big 12 luck in the future. It sounds like it ended up a fairly amicable split, quite unlike West Virginia's exit from the Big East.