From Associated Press:
Oklahoma and Texas took the first formal step Monday toward moving to the Southeastern Conference, notifying the Big 12 they would not be renewing an agreement that binds the league’s members through 2025.
The schools sent out a joint statement that made no mention of the SEC and said “the universities intend to honor their existing grant of rights agreements.”
“However, both universities will continue to monitor the rapidly evolving collegiate athletics landscape as they consider how best to position their athletics programs in the future,” the schools said.
The “grant of rights” gives the conference control of the school’s media rights and runs concurrent with the Big 12′s television contracts with ESPN and Fox, which expire in 2025.