UT/OU OFFICIALLY BEGIN BIG-12 EXIT PROCESS

Texas and Oklahoma officially began their transition from the Big 12 to the SEC, Monday.

The two schools announced they will not renew their grant of rights agreement with the Big 12, though they plan to "honor their existing ... agreements" through the 2024-25 term.

The joint statement marks the first step the two Big 12 powerhouses had to take on their way to leaving the conference, though the timing of their departure to the SEC remains unknown.

If Texas and Oklahoma were to leave the Big 12 early and perhaps make their SEC debut in 2022, each could owe up to $80 million to the Big 12 as a penalty for leaving before the TV rights contract expires.