Following the Notice of Withdrawal, the effective departure date is June 30, following a full 18 months after the Notice is filed.

If OU/TX gave notice today, the departure date would be June 30, 2023.

The buyout is equivalent to the amount that would have been distributed during the period following the Notice.

In this case, it would be between $50M-$70M.

Immediately upon filing the Notice, all officials from the withdrawing school(s) are removed from any position at the conference level.

Presidents can longer serve on the Board of Directors.

No one expect OU and Texas to stay in the conference any longer than then possible or to pay the full withdrawal fee. The eill negotiate a settlement but they imagine those negotiations will not be amicable.

If the parties cannot reach a settlement and the schools leave, the GOR kicks in, which means that any revenue generated for TV appearances in SEC games, through 2024-25 would be attached by the Big 12.

Of course, this is conditional on them being invited by the SEC.

https://static.big12sports.com/custompages/pdfs/handbook/bylaws.pdf