Stephen A. Smith explains why Oklahoma and Texas joining the SEC would be terrible for college football. (1:54).According to a joint statement by the schools, Oklahoma and Texas informed the Big 12 Monday that they would not renew their media rights grants after their expiration in 2025.The statement stated that "Notice to the Big 12 at the point is important in order to avoid the expiration the conference's current media right agreement." "The universities will honor the existing rights agreements. Both universities will monitor the changing landscape of collegiate athletics as they think about how to best position their athletics programs in the future.ESPN sources from the Big 12 said Monday that the statement left some "wiggle room" but doesn't guarantee that the top schools will remain in the league until 2025. They could still be required to pay the penalty of $75-80m for early departure and give the required notice of 18 months, as per Big 12 bylaws. Some speculate that this is the first legal maneuver. There's also the possibility that Texas and OU would be unable to remain in the contract's entirety if the Big 12 dissolves prior to 2025.Next, the SEC must agree to invite OU and Texas to its 14 presidents. Officials from the Big 12 are speculating on when and if that will happen. According to an SEC source, there is no set time for voting as of Sunday. The weekly conference call of the SEC athletic directors is scheduled for 12:30 p.m. ET Monday -- A call that was rescheduled due to the league media days.On Sunday, the Big 12 executive committee met with Oklahoma's president and Texas' president. Sources have indicated to ESPN that they still need to know what Oklahoma and Texas want. It is unclear if the SEC would issue an invitation to Texas and Oklahoma knowing that the legal strategy of Texas is to stay for the duration of the TV agreement -- which was what the statement stated the teams intend to honor.Officials from Texas and the OU were not immediately available to comment.In an announcement that they would be exploring bolting the league which they co-founded 25 years ago, the Sooners and Longhorns, bitter rivals on and off the field, joined forces with four Texas teams in the dissolving Southwest Conference. OU and Big Eight joined the ranks of the other four Texas teams. Monday's notice marks the beginning of what could be a split between Big 12 and its two most important properties, which reportedly were aiming to move to the SEC.Although there was no immediate information on the impact of this move on basketball and other sports, it is expected that they will eventually follow the football programs out the Big 12. This could put Kansas, one the blueblood programs in men's basketball, at risk. Baylor, the reigning national champion in men's basketball, is also at risk.Oklahoma and Texas might have to pay a steep price for the move. According to Big 12 bylaws they must give 18 months notice to the league that they are leaving. Both schools had previously signed agreements with Big 12 to grant their media rights up until June 30, 2025. The Big 12 would retain these rights until that date, even if the agreement expires.According to the league's bylaws, schools that leave must agree to forfeit two years of media distributions. This could be up to $75 million per school. It was not immediately clear if the Big 12 schools would reach a settlement that would allow them to leave earlier.The Big 12 was especially welcoming to the Sooners who won 14 conference titles in football. The league was also very welcoming to the Longhorns. They were able to retain enough media rights to own their own TV property, the Longhorn Network. This partnership is with ESPN. Three league titles were won by the Longhorns, including the inaugural one in 1996.These departures would be a huge blow to the Big 12. The league previously lost Nebraska to Colorado and Colorado to Pac-12 in 2011 and Texas A&M to the SEC in 2012. To have a championship match with only 10 players, the league had to obtain a waiver from NCAA. It would also have to replace two of college football’s most iconic programs. The league could also need to protect its remaining schools against being taken over by other leagues.Splitting would have historical ramifications. It could also jeopardize the Bedlam rivalry that Oklahoma State and Oklahoma State has played 115 times since 1904.Kayse Shrum, Oklahoma State president, said via Twitter that she was disappointed at the lack of transparency and engagement from our colleagues at OU in the past months regarding a matter with serious ramifications to our state. "We have always worked together to advance the state and address problems based on trust.Baylor issued a joint statement by Mack Rhoades, athletic director, and president Linda A. Livingstone. It stated that "it is crucial to our economy and Texas’ overall reputation to keep five 'Power Five" institutions, reinforcing Texas' athletic preeminence."The expansion of the SEC could be the first step towards what many in the industry see as three to four superconferences. It would also make the already dominant SEC even more powerful. LSU and Alabama have won four of the seven College Football Playoff National Championships since 2015. The league has had at least one team in CFP each season since its inception. The sport is moving towards a 12-team playoff format so the league could have more teams in it. This possibility concerns other power brokers in college football and could change their opinions about the CFP's proposal during their summer feasibility study.This is an additional step towards superconferences within the CFP purview. It's important to note the operational differences between football (and other non-football) sports. The NCAA controls and operates both the men's and ladies' basketball tournaments. However, the College Football Playoff manages the FBS postseason.ESPN was informed this week by an official from the SEC that the current scheduling structure of the league would need to be redesigned with Texas and Oklahoma. A "pod" system, which would replace the East and West divisions of the league, would be used. The league would likely play more conference games in the future.This report was contributed by Jeff Borzello, Dave Wilson, Mark Schlabach and Dave Wilson of ESPN.
