Providence, RI (SportsNetwork.com) - Rutgers University and the American Athletic Conference announced an agreement Wednesday that will allow the Scarlet Knights to leave the conference effective July 1, 2014.
Financial terms were not disclosed, but reports indicate Rutgers will pay an $11.5 million exit fee.
The AAC sought $15 million because Rutgers didn't give the necessary 27-month notice. However, Rutgers was suing the conference because Louisville, which is leaving the AAC for the ACC next season, only paid an $11 million exit fee.
"I am pleased to announce this agreement and I want to thank athletics director Julie Hermann for her leadership and efforts in completing it," said AAC commissioner Mike Aresco in a statement Wednesday.
Rutgers had already announced it would be joining the Big Ten effective July 1, 2014.
With Rutgers and Louisville leaving the AAC next season, the conference is adding East Carolina, Tulane and Tulsa. The 11-member conference will also feature UConn, UCF, Cincinnati, Memphis, Houston, SMU, Temple and South Florida.