The exit fee will probably be reduced through negotiation.
Most conferences have some sort of entrance fee. Most have a reduced payout for a couple of years. It's probably worth it to pay the $3.5m up front.
I don't believe the BE has a ton of NCAA credits. Why would a new member be included in the distribution of credits earned while they were in another conference?
(06-26-2019 02:54 PM)AllTideUp Wrote: First came the exit fees and now we have entry fees?
And also won't share in any NCAA credits earned prior to joining...
USFFan
So they're paying $13.5M just to make the transition and they're taking a pay cut upfront.
Sounds like they desperately wanted out of the AAC or they really think Big East payouts are going to increase a lot in the not too distant future.
It's that they very badly wanted out of the AAC and back in a conference that drove some interest by the fans (I also think football is eventually going away). This is why I kept telling people a million or two one way or another was never going to handcuff UConn to a conference back when the media deal was announced - they're the only game in the state, college or professional. They have financial flexibility that other schools don't.
(06-26-2019 02:56 PM)AllTideUp Wrote: To the OP, I think what that means is if UConn leaves in the first 6 years then they'll owe a $30M exit fee.
After that, might be reduced.
Correct. In years 7-9, it's $15MM. Then it drops to the same $10MM it is for everybody else.
Point being, they're not likely to be available without a pretty penny when the Big XII's current contract ends. Which is why I suspect they're out on any future P5 expansion.
USFFan
Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
No calls are likely going to be made. UConn is going Indy, maybe eventually FCS or drop football.
Yep, definitely no P5 offer on the horizon. Even if the ACC and Big Ten suddenly decided they wanted to add 2-4 schools each, I'm not sure Uconn would get the call.
(06-26-2019 03:18 PM)Wolfman Wrote: The exit fee will probably be reduced through negotiation.
Most conferences have some sort of entrance fee. Most have a reduced payout for a couple of years. It's probably worth it to pay the $3.5m up front.
I don't believe the BE has a ton of NCAA credits. Why would a new member be included in the distribution of credits earned while they were in another conference?
why would it? No other conference exit fees have been lowered. It's going to be 10 million exit fee. Period.
(06-26-2019 03:18 PM)Wolfman Wrote: The exit fee will probably be reduced through negotiation.
Most conferences have some sort of entrance fee. Most have a reduced payout for a couple of years. It's probably worth it to pay the $3.5m up front.
I don't believe the BE has a ton of NCAA credits. Why would a new member be included in the distribution of credits earned while they were in another conference?
why would it? No other conference exit fees have been lowered. It's going to be 10 million exit fee. Period.
Didn't Maryland get theirs reduced nearly $20 million?
(06-26-2019 02:56 PM)AllTideUp Wrote: To the OP, I think what that means is if UConn leaves in the first 6 years then they'll owe a $30M exit fee.
After that, might be reduced.
Correct. In years 7-9, it's $15MM. Then it drops to the same $10MM it is for everybody else.
Point being, they're not likely to be available without a pretty penny when the Big XII's current contract ends. Which is why I suspect they're out on any future P5 expansion.
USFFan
Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
Not buying it. Not when they're whining about their losses in the AAC right now.
Then again, not buying it anyway when they're sacrificing football for this to begin with.
USFFan
If you're stepping up to P5 money, pretty much any exit fee is worth paying. Maryland paid $30M to go from the ACC to the Big Ten. WVU paid $20M to go from the sinking Big East to the Big 12. If UConn ever has the chance (doubtful), the $30M won't stand in their way.
(06-26-2019 03:07 PM)johnbragg Wrote: Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
Welp, it seems the $30M exit fee was just an insurance policy, in case UConn lied.
Because UConn apparently also agreed not to seek P5 football memberhsip.
This is an AP reporter, tweeting from UConn today after looking at the contract ....
Patrick Eaton-Robb
@peatonrobb
Some #UConn numbers: At least $10 million exit fee from AAC. $3.5 million entry fee for BEast. Leaving ESPN deal that pays $7 million per year. Entering Fox deal that pays $4 million per year. Agrees not to seek entrance into P5 for football. $30m exit fee for first 6 years.
3:37 PM · Jun 26, 2019
(06-26-2019 03:07 PM)johnbragg Wrote: Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
Welp, it seems the $30M exit fee was just an insurance policy, in case UConn lied.
Because UConn apparently also agreed not to seek P5 football memberhsip.
This is an AP reporter, tweeting from UConn today after looking at the contract ....
Patrick Eaton-Robb
@peatonrobb
Some #UConn numbers: At least $10 million exit fee from AAC. $3.5 million entry fee for BEast. Leaving ESPN deal that pays $7 million per year. Entering Fox deal that pays $4 million per year. Agrees not to seek entrance into P5 for football. $30m exit fee for first 6 years.
3:37 PM · Jun 26, 2019
UConn pinkie-promises not to seek P5 membership between the Execution Date (today) and the Entrance Date (TBD, July 1, 2020 or 2021 or 2022.) But it looks like the exit fee doesn't come into effect until they join the conference. I don't see a penalty clause for UConn not joining the conference (if Larry Scott and the PAC-12 presidents go on a cocaine bender in Vegas and invite UConn and UMass or something). What happens if UConn breaks their pinkie-promise is not specified, from what I've read.
EDIT: It's in Section 11 C. UConn pays $30M liquidated damages if they break the pinkie-promise and pull a TCU.
(This post was last modified: 06-26-2019 04:22 PM by johnbragg.)
(06-26-2019 03:07 PM)johnbragg Wrote: Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
Welp, it seems the $30M exit fee was just an insurance policy, in case UConn lied.
Because UConn apparently also agreed not to seek P5 football memberhsip.
This is an AP reporter, tweeting from UConn today after looking at the contract ....
Patrick Eaton-Robb
@peatonrobb
Some #UConn numbers: At least $10 million exit fee from AAC. $3.5 million entry fee for BEast. Leaving ESPN deal that pays $7 million per year. Entering Fox deal that pays $4 million per year. Agrees not to seek entrance into P5 for football. $30m exit fee for first 6 years.
3:37 PM · Jun 26, 2019
UConn pinkie-promises not to seek P5 membership between the Execution Date (today) and the Entrance Date (TBD, July 1, 2020 or 2021 or 2022.) But it looks like the exit fee doesn't come into effect until they join the conference. I don't see a penalty clause for UConn not joining the conference (if Larry Scott and the PAC-12 presidents go on a cocaine bender in Vegas and invite UConn and UMass or something). What happens if UConn breaks their pinkie-promise is not specified, from what I've read.
Yeah, that sounds like a gentlemen's agreement. The Big East can and apparently will enforce steep exit fees if UConn were to leave, but they have no legal standing to prohibit them from joining a P5 conference — which itself is a distinction that may have a short shelf-life as there may not be a P5 the way we know it by the time UConn would be ready to accept a bid. If the Big 12 loses power-conference status but maintains a tweener presence, or the P5 is officially segmented into the Almighty 2 and Powerfulish 3, UConn has an out even if the ban IS enforceable.
(06-26-2019 03:07 PM)johnbragg Wrote: Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
Welp, it seems the $30M exit fee was just an insurance policy, in case UConn lied.
Because UConn apparently also agreed not to seek P5 football memberhsip.
This is an AP reporter, tweeting from UConn today after looking at the contract ....
Patrick Eaton-Robb
@peatonrobb
Some #UConn numbers: At least $10 million exit fee from AAC. $3.5 million entry fee for BEast. Leaving ESPN deal that pays $7 million per year. Entering Fox deal that pays $4 million per year. Agrees not to seek entrance into P5 for football. $30m exit fee for first 6 years.
3:37 PM · Jun 26, 2019
UConn pinkie-promises not to seek P5 membership between the Execution Date (today) and the Entrance Date (TBD, July 1, 2020 or 2021 or 2022.) But it looks like the exit fee doesn't come into effect until they join the conference. I don't see a penalty clause for UConn not joining the conference (if Larry Scott and the PAC-12 presidents go on a cocaine bender in Vegas and invite UConn and UMass or something). What happens if UConn breaks their pinkie-promise is not specified, from what I've read.
Yeah, that sounds like a gentlemen's agreement. The Big East can and apparently will enforce steep exit fees if UConn were to leave, but they have no legal standing to prohibit them from joining a P5 conference — which itself is a distinction that may have a short shelf-life as there may not be a P5 the way we know it by the time UConn would be ready to accept a bid. If the Big 12 loses power-conference status but maintains a tweener presence, or the P5 is officially segmented into the Almighty 2 and Powerfulish 3, UConn has an out even if the ban IS enforceable.
I just hadn't read enough--if UConn stiffs the Big East and doesn't join, they pay us $30M.
(06-26-2019 02:56 PM)AllTideUp Wrote: To the OP, I think what that means is if UConn leaves in the first 6 years then they'll owe a $30M exit fee.
After that, might be reduced.
Correct. In years 7-9, it's $15MM. Then it drops to the same $10MM it is for everybody else.
Point being, they're not likely to be available without a pretty penny when the Big XII's current contract ends. Which is why I suspect they're out on any future P5 expansion.
USFFan
Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
No calls are likely going to be made. UConn is going Indy, maybe eventually FCS or drop football.
Yep, definitely no P5 offer on the horizon. Even if the ACC and Big Ten suddenly decided they wanted to add 2-4 schools each, I'm not sure Uconn would get the call.
It's Indy for the forseeable future
My guess is that UConn made several calls to the ACC and Big Ten before leaping off this high cliff.
(06-26-2019 02:56 PM)AllTideUp Wrote: To the OP, I think what that means is if UConn leaves in the first 6 years then they'll owe a $30M exit fee.
After that, might be reduced.
Correct. In years 7-9, it's $15MM. Then it drops to the same $10MM it is for everybody else.
Point being, they're not likely to be available without a pretty penny when the Big XII's current contract ends. Which is why I suspect they're out on any future P5 expansion.
USFFan
Naah. If the Big 12 called tomorrow with an offer, $30M exit fee isn't stopping UConn. Or, more to the point, in 2024 or 2025.
I think UConn’s betting the future money Big XII would have still won’t be good enough, because the remnants will consist of some of the same schools they just walked away from.
That future, to UConn, is one where the Big East is still their best place.
(06-26-2019 04:28 PM)Fighting Muskie Wrote: It would be awfully ironic if somehow Temple ended up in the ACC while UConn crippled its own program in order to join a basketball league.
Clock might be ticking on Broad Street about what Temple should do.
(06-26-2019 04:28 PM)Fighting Muskie Wrote: It would be awfully ironic if somehow Temple ended up in the ACC while UConn crippled its own program in order to join a basketball league.
Clock might be ticking on Broad Street about what Temple should do.
Temple doesn't really have a viable alternative. The whole AAC/UConn/Big East scenario was unique in college sports.
(06-26-2019 04:28 PM)Fighting Muskie Wrote: It would be awfully ironic if somehow Temple ended up in the ACC while UConn crippled its own program in order to join a basketball league.
Clock might be ticking on Broad Street about what Temple should do.
Temple doesn't really have a viable alternative. The whole AAC/UConn/Big East scenario was unique in college sports.
Football will be their low hanging fruit for years. And some might chirp the old MAC/A10 arrangement might not be so bad were it possible again.
I agree, though. Especially if out of this UConn move, the A10 loses one or more of its best parts. Because, then, there isn’t much of a viable option. Either you bleed with travel costs, or you put it all in MAC. I don’t know if people won’t look at what UConn does, especially if it drops to FCS, and think Temple do the same, for the sake of basketball.
$30M exit fee years 1-5, $15M years 6-9, $10M in year 10 and afterwards.
UConn really, really wanted out of the AAC.
What does that tell you John? It tells me that the Big East knows there is another round of realignment coming from conferences that can draft up. They are locking UConn in because they realize that some P5 conference(s) may need to back fill.
UConn wanted out of the AAC for more basketball revenue and a better TV market. But they might also have realized that if a conference like the Big 12 back-filled with Cincinnati or Houston or both that the AAC would be no place to be. Hence this move.
/
That's a spicy meatball!
