http://www.big12sports.com/fls/10410/pdf...Bylaws.pdf
The Big XII bylaws are linked above. They have a new withdrawal procedure that is distinctly different from their old bylaws, mostly due to the incorporation of the GoR. Basically, it's like this:
Notice required: 18-months minimum
Exit fee (now called a "buyout"): 2x annual revenue distribution (not just TV money, all revenue), but really they forfeit their last year of revenue, and then pay an additional year's worth of revenue upon departure.
But there's a couple of extra wrinkles:
A member can be considered as having given notice of withdrawal by either:
A - actually giving notice; or
B - if a supermajority of the remaining membership (by vote) feels that a school has either:
-made statements that they intend to leave
-made attempts to breach the GoR or the bylaws
-been made an offer to join another conference and does not summarily reject that offer within 12 hours
-makes actions that are not in the conference's best interest
Then the GoR:
Quote:• if (A) by legal action or otherwise, a Withdrawing Member, or any other person or entity, attempts to challenge or oppose or interfere with, or challenges or opposes or interferes with,
(i) the payment of the Buyout Amount by the Withdrawing Member or the withholding of the Distribution Withholding by the Conference,
(ii) the enforcement by the Conference of its rights under the Grant of Rights Agreement or the performance by the Withdrawing Member of its obligations under the Grant of Rights Agreement,
or (iii) the right of the Conference’s telecast partners to televise games of the Withdrawing Member under the terms of the Grant of Rights Agreement during its then-remaining term;
or (B) for any other reason the Conference’s telecast partners are unable to produce and telecast games of the Withdrawing Member during the then-remaining term of the Grant of Rights Agreement or the Conference is unable to realize the revenues relating to those games from its telecast partners,
• then the Members agree that such actions, in breach of the Withdrawing Member’s agreements in these Bylaws, cause additional damage to the Conference and therefore that the Buyout Amount shall be increased by, and shall also include, and the Withdrawing Member shall be obligated to pay to the Conference immediately upon the occurrence of any of the foregoing events, the amount of all actual loss, damage, costs, or expenses whatsoever (including but not limited to lost revenues, damage to reputation and public image, and damage to relationships with related parties) incurred by the Conference or any of its remaining Members directly or indirectly related to that challenge or opposition, whether economic or otherwise.
Each of the Members agrees that Withdrawal of a Member contrary to its commitment to the Conference and the other Members pursuant to Section 3.1 above would cause damage and financial hardship to the Conference and the other Members without regard to the continued enforcement of the Grant of Rights Agreement, that the financial consequences to the Conference and its remaining Members cannot be measured or estimated with certainty at this time, and that the payment of the Buyout Amount is a reasonable method of compensating the Conference and the other Members for such damage and financial hardship and shall not be construed as a penalty.
In other words, a departing school that attempts to breach the GoR, breaches the GoR, or fails to pay the buyout, then the conference will sue the bejesus out of them.
Also, per the bylaws, a withdrawing member is not entitled to payments after withdrawal.
Quote:The Grant of Rights Agreement which will remain in full force and effect as to such Withdrawing Member and the Withdrawing Member shall continue to be fully bound under the Grant of Rights Agreement after Withdrawal for the remainder of the term of any Grant of Rights Agreement as if it remained a Member of the Conference, but the Withdrawing Member shall not be entitled to payment of any amounts or any other benefits arising under the Grant of Rights Agreement after Withdrawal.
Not that any of it wouldn't be challenged in court (and an interesting provision of the buyout is that it increases if it gets challenged), though, but it seems pretty solid to me.