Pitt to pay $7.5 million to leave Big East early

The Panthers are officially out.

Pitt announced on Wednesday that the University and the Big… The Panthers are officially out.

Pitt announced on Wednesday that the University and the Big East Conference have reached an agreement that will allow the Panthers to depart to the Atlantic Coast Conference next summer.

Pitt will make a total cash payment of $7.5 million to exit the Big East and join the ACC on July 1, 2013. The payment includes the $5 million withdrawal fee required under the Big East bylaws applicable at the time Pitt gave notice of the withdrawal.

“We have appreciated and enjoyed our membership in the Big East and wish them much success in the future,” said Pitt Athletic Director Steve Pederson. “We are anxious to compete in our final season in the Big East and look forward to an exciting future in the Atlantic Coast Conference.”

Syracuse University announced on Monday that it was departing the Big East under the same agreement.

Interim Big East Commissioner Joe Bailey expressed his enthusiasm for the conference’s future. “This is another step for the Big East to take toward a very exciting future. With the addition of our eight new members, the Big East will be incredibly strong and vibrant.”

Syracuse University announced on Monday that it was departing the Big East under the same agreement.

The agreement comes after Pitt filed a lawsuit in May against the Big East to expedite its exit from the conference.

At the root of the lawsuit was the Big East’s permission for Texas Christian University and West Virginia University to depart early from the conference for the Big 12. Pitt, which announced its intentions to move to the ACC in September, claimed that the Big East surrendered its right to enforce the 27-month withdrawal notice because it did not hold WVU or TCU, both of which only announced their departures last October, to the same standards as Pitt.