Release from the Big 12 - IRVING, Texas – The Big 12 announced it has reached an agreement with the University of Nebraska regarding its withdrawal from the Conference effective June 30, 2011, subject to final approval from the member institutions’ respective governing boards. The Conference will withhold $9.255 million from the revenues otherwise distributable to the University. Nebraska will receive an additional $500,000 if it is one of two Big 12 teams to play in a BCS game this season. Big 12 Conference Commissioner Dan Beebe stated, "This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Nebraska that led to a resolution that all parties believe is fair. I appreciate the cooperation of Chancellor Harvey Perlman and Nebraska staff. The Big 12 has enjoyed its relationship with Nebraska and wishes it well in the future." "The University of Nebraska believes this is a fair settlement of our disagreement regarding the appropriateness in this instance of imposing any monetary fee on the university for withdrawing from the conference. We continue to value our ongoing relationships with the institutions of the Big 12 and have great respect for their leadership and the leadership of the conference," said Chancellor Harvey Perlman.