Rutgers will pay $11.5 million to the American Athletic Conference as part of an agreement that will allow the school to enter the Big Ten this summer.
The school and the conference announced the deal Wednesday.
Rutgers has already paid $5 million to the AAC, including revenue withheld by the conference. The school also agreed to drop a lawsuit challenging the conference's exit fee. Rutgers said the conference was asking for $15 million from the school.
Rutgers officially withdrew from what was then called the Big East on Nov. 21, 2012, when it accepted an invitation to join the Big Ten. The Big East changed its name to the American Athletic Conference last year.
"I deeply appreciate the leadership and insight Commissioner Aresco provided us as we worked together for an outcome that allowed Rutgers and the American Athletic Conference to enter this new era in their history effectively. The American has been a wonderful home for our student-athletes and we wish them well in their future endeavors," Rutgers University Athletics Director Julie Hermann said in a statement.
American Athletic Conference bylaws require departing members give 27 months' notification before leaving the conference, though several other schools — including Louisville, West Virginia, Syracuse and Pittsburgh — had negotiated early exit fees.
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