The next step for Texas and Oklahoma to join the SEC will be when the league holds a vote on admitting them into the league. It would take a supermajority vote of 11-3 from the SEC schools’ presidents and chancellors to extend an invitation for the Longhorns and Sooners.
The SEC presidents are scheduled to meet on Thursday, and Texas and Oklahoma have board of regents meetings scheduled on Friday, per The Athletic.
The SEC is expected to get the necessary majority for approval, welcoming Texas and Oklahoma -- and padding their respective bank accounts with an additional $15 million annually ($45 million to an estimated $60 million-plus) via a new television contract.
The Oklahoma and Texas administrations Sooners indicated in a statement on Monday they intended to honor the existing contract. But, they added, “both universities will continue to monitor the rapidly evolving collegiate athletics landscape as they consider how best to position their athlete’s programs for the future.”
To exit the Big 12 after this season would cost each school $76 million, per the Austin American-Statesman.
The Longhorns and Sooners would be expected to be competitive from the onset, both well-heeled financially and accomplished in several sports. The additional money from an SEC-sized television contract would enable the programs to enhance facilities and pay coaches even more.
Money and added market share are the motivation for the schools’ move and the SEC’s outward willingness to accept the Longhorns and the Sooners.
The state of Texas alone features four of the largest 30 metropolitan areas in the nation. The Austin metro area ranks 27th, making it larger than any immediate SEC team market (Nashville is 40th).
Texas generated the most athletic department revenue in the most recent, pre-pandemic USA Today NCAA financial table, at more than $223 million.
Texas A&M, which along with Missouri left the Big 12 in 2012, was second on the revenue list at $212 million. Other SEC schools ranked in the Top 10 pre-pandemic were: Georgia (No. 5, $174 million), Alabama No. 7, Florida No. 9 and LSU No. 10.
Oklahoma was No. 8 at $163 million.
More information as story develops