Report: Rutgers' AAC exit fee set at $11.5 million

Rutgers and the American Athletic Conference reached an agreement on a exit fee that clears the final hurdle to becoming a member of the Big Ten on July 1.

The school and the ACC announced Wednesday that litigation betwen the two sides was settled. No financial terms were announced, but according to ESPN, Rutgers will pay a $11.5 million separation fee, which is more than the $11 million that Louisville paid to move from the AAC to the Atlantic Coast Conference.

"I am pleased to announce this agreement and I want to thank Athletics Director Julie Hermann for her leadership and efforts in completing it," AAC commissioner Mike Aresco said in a statement. "We wish Rutgers University well and appreciate the contributions the University has made to our Conference over the years.

"Having enjoyed an extremely successful inaugural football season and being in the midst of an equally successful basketball campaign, it is clear that we have forged a strong Conference. We look forward to welcoming East Carolina University, Tulane University and the University of Tulsa in 2014 and the United States Naval Academy in 2015."

Rutgers will join Maryland in becoming members of the Big Ten for the 2014-15 academic and athletic year. Maryland is leaving the ACC.

"It's been a privilege to be a member of the American Athletic Conference and to be associated with the great professionals at the league office that make The American a Conference of tough competition, class and integrity," Hermann said. "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."

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