RICHMOND, Va. (AP) — Virginia Commonwealth University went from "VCWho" to the biggest story of the 2011 NCAA basketball tournament when it made an improbable run to the Final Four.
Now the Rams are cashing in.
VCU and coach Shaka Smart hope a move to the Atlantic 10 will give them a chance to keep building off that momentum as up-and-comers on the national stage.
VCU announced Tuesday it is leaving the Colonial Athletic Association for the Atlantic 10, a basketball-driven league and big winner so far in offseason realignment.
"This is a tremendous opportunity that really represents the best interests of this institution," VCU President Michael Rao said at a press conference in the Seigel Center.
Butler, which beat VCU in the national semifinals last year, joined the A-10 on May 2. But while Butler won't come aboard until the 2013-14 school year, VCU is all-in come July 1.
For the Rams, the move is clearly about long-term growth and increased exposure.
They are forfeiting nearly $5 million in NCAA tournament money due them over the next six years under the guidelines of CAA bylaws, will pay the CAA a $250,000 exit fee and a $700,000 fee to join the A-10, interim athletic director David Benedict said.
But the key for VCU, Rao said, is they will retain the opportunity to compete for championships in the coming season, increase the visibility of the school and expect to be able to attract better athletes and better students with the step up in competition,
"Premier universities are premier across the board, and that includes athletics," Rao said. "We need to be willing, and we are certainly able, to compete at the very highest levels, and we look forward to doing that in the A-10."
He acknowledged that $5 million is a lot to walk away from, as is a conference tournament played just down the street from the university.
"The expected returns are far greater that the short-term losses," Rao said, and the increased expectations despite a move to a more competitive league are welcome.
"We wouldn't have it any other way," Rao said. "We play to win. We expect it win. We have been winning."
The Atlantic 10 began looking for potential new members as part of a long-term strategic plan adopted about 18 months ago, Commissioner Bernadette McGlade said on a teleconference. She welcomed VCU as "a perfect fit for the Atlantic 10 Conference."
Butler and VCU will replace Temple, which will join the Big East in all sports other than football in 2013-14, and Charlotte, one of five teams joining Conference-USA.
Father Michael Graham, president of Xavier and chairman of the Atlantic 10's Council of Presidents, said the A-10 will continue to keep an eye on possible realignment developments elsewhere in the country to try and remain in the driver's seat going forward.