During the past several months as the Big East has imploded, three of the schools who have been left behind in the mass exodus have been Connecticut, Cincinnati and South Florida.
But with a Big East cash fund of close to $100 million available for distribution each of those schools should be collecting a check of between 18 and 25 million once the settlement is reached according to sources familiar with the talks between the Big East and the Catholic 7 schools who are pushing for a withdrawal by July 1.
The $100 million total is a combination of nearly 70 million dollars the Big East has and will collect in exit fee money from schools that have left or have announced they are leaving and another total of approximately $30 million which will come to the Big East offices from the NCAA as “unit” shares for conference teams participation in the NCAA men’s basketball tournament.
According to sources, the Big East football faction has presented the Catholic 7 group consisting of St. John’s, DePaul, Providence, Marquette, Seton Hall, Georgetown and Villanova with a lump sum offer of between 10 and 15 million dollars.
Using the estimate of 15 million, that reduces the total to 85 million dollars.
The new Big East schools that will be part of the Big East football league next season–SMU, Houston, Memphis, Central Florida and Temple will receive approximately $1 million each, which reduces the total by another $5 million down to 80 million.
New members committed to join the Big East in 2014 such as Tulane and East Carolina and Navy which is scheduled to join in 2015 (in football only) could also receive a payment if they honor their commitment , which should reduce the total to 77 million.
The Big East office will then take an operating cost fee of another $5 million, which will reduce the total to approximately 72 million, which will then be divided evenly between Cincinnati, UConn and South Florida.
Since no agreement has yet been made or signed, the numbers could bounce either way with accommodations by both sides.
The Catholic 7 would have received twice the 10 to 15 million amount if they had chosen to wait another year to break out on their own. Reportedly the Catholic 7 are asking the Big East for approximately 35 million in total payouts.
But the Big East felt that the early departure date and acquiring the name “Big East” had a significant price tag.
Negotiations on the total amount of “unit” money for NCAA appearances the Catholic 7 receive front will continue for the next few days at the Catholic schools argue for a bigger share.
Just how fast that issue is resolved will determine when the final agreement is reached.
But in all of the scenarios, the Big East group of three schools left in the wake of conference reconfiguration will be well compensated.
© 2013, Mark. All rights reserved.