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WVU, Big East Settlement Details: Mountaineers Have Already Paid $2.5 Million

The West Virginia Mountaineers are going to have to pay the Big East $20 million in total exit fees for leaving the conference immediately. Mike Casazza of The Daily mail originally reported that the settlement would wind up actually being an $11 million cash payout. On Wednesday evening, we have more news on the details of the settlement of Casazza.

The $9 million is what the Big East and WVU agree is the "Forecasted Amount" WVU will earn in conference revenue in 2011-12. The Mountaineer are leaving that behind, which means, in essence, WVU is paying $9 million. There's a chance WVU makes more than $9 million in 2011-12, in which case the Big East would pay WVU the difference.

The FOIA delivered the details of the deal, which contained three financial amounts. Those amounts were $2.5 million, $8.5 million, and $9 million which all add up to $20 million. The $2.5 million mark is the amount that the Mountaineers have already paid to the Big East conference. The $8.5 million will be paid by WVU and the Big 12 Transition Fund to the Big East conference, which equals out to the agreed upon $11 million cash payout.

Adding together the $11 million from what WVU has already paid and the $8.5 million from the Big 12 Transition Fun with the $9 million in projected revenue from the 2011-2012 season, you have the full $20 million settlement amount.

For more on the Big East, check out Big East Coast Bias. For more on WVU sports, there'sThe Smoking Musket.

Photographs by dizfunk used in background montage under Creative Commons. Thank you.