Here are some key details in the UConn-Big East contract including a $30 million withdrawal fee
By Dan Brechlin
UConn's plan to move to the Big East Conference became official Wednesday as school President Susan Herbst signed her name to the contract.
Statements, however, were limited as fans continue looking for specific answers on the future of the football program, why this makes sense financially and what some of the next steps are. Those are expected Thursday at a press conference at Madison Square Garden at noon.
But the contract signed by Herbst helps explain some of what is at stake with the conference move and how soon (or late) this could take effect.
Here are some key points:
Just like it costs money to leave the American Athletic Conference (a number expected to be north of $10 million), UConn will pay to join the Big East. A fee of $3.5 million is due "at least two business days" prior to UConn joining its new conference.
[ UConn's move to the Big East made official with trustees vote; chairman says conference is a 'better overall fit' ]
The AAC exit fee, expected to be negotiated and in the $12 million range, could be broken up into multiple payments which would prevent the university from having to pay over $15 million in a short period of time.
UConn officials are optimistic the athletics programs would begin play in the Big East in 2020. That said, the school has until July 1, 2022 to fully join its new conference. If it doesn't, the contract can be voided.
The departure date is dependent on UConn's ability to negotiate an exit from the AAC. The AAC requires 27 months' notice when withdrawing, but the Huskies are hoping to leave sooner.
This is kind of interesting. The Big East worries that UConn's FBS football program "could, as it has in the past, create a misalignment of interest with other members."
With that in mind, UConn has agreed to pay a higher-than-usual withdrawal fee if it ever leaves the league. pic.twitter.com/QhF3zOU1y1
— Alex Putterman (@AlexPutterman) June 26, 2019
If UConn decides to leave the Big East, it will have to pay a hefty fee. The terms of the contract state that UConn will be responsible for paying the conference $30 million if it withdraws within the first six years of membership. If the school bails within a three-year period after that, $15 million is owed. After 10 years, UConn would owe $10 million. A withdrawal fee can be split up into four payments, if necessary.
UConn a higher risk
If $30 million for a withdrawal fee seems like a lot, that's because it is. The cost for UConn to leave the conference is steeper than other Big East schools because it plays football. The sport gives UConn an incentive to leave for another conference where the payout may be larger.
[ With future of UConn football program uncertain, coach Randy Edsall says focus is on improving team, facilities ]
"Such program could, as it has in the past, create a misalignment of interests with the other members," the contract reads. "...a future withdrawal by the university, whether to realign its football program with the basketball and other programs it is moving into the conference or otherwise, could cause unique harm and substantial damage to the conference, the amount of which cannot be calculated with precision."
The deal also prevents UConn from participating in a Power 5 conference in football.
Annual payout
How much money UConn stands to make annually remains unclear. The exact figure could fluctuate year-to-year and the Big East TV deal with Fox is not public. That said, once UConn joins the conference, it will continue to report annually what is being paid to the school as it does now with the AAC. It was reported in 2013 that the deal over 12 years was for $500 million with potential to reach $600 million if the conference reached 12 schools. With UConn, it stands at 11.
The contract also allows UConn to continue airing on local ESPN radio and leaves open the possibility for UConn games to air on another outlet such as SNY.