Big 12 settles with Nebraska, Colorado

Big 12 officials on Tuesday reached agreement with their departing members and set a course for a 10-team conference starting in July 2011. The deals will allow Nebraska to flee to the Big Ten and Colorado to escape to the Pac-10 — at a cost of about $16 million.

Sporting News’ Dave Curtis says the deal breaks down to about $9.2 million for Nebraska and about $6.9 million for Colorado. The conference will withhold revenue from those schools; the figures were set with the help of a mediator.

Nebraska officials had contended they should be allowed to leave without penalty.