The AAC confirmed the news within the hour.
"I am pleased to announce this agreement and pleased that Tom Jurich and I worked together in a spirit of friendship to complete it," said American Athletic Conference Commissioner Mike Aresco. "I have great respect and admiration for Tom and for the manner in which Louisville conducted itself in our negotiations. We wish Louisville the best and appreciate what they have meant to our conference."
McMurphy tweeted on Wednesday afternoon that U of L and it's current conference, the AAC, have reached an agreement allowing the move to happen.
While official details of an agreement are yet to be known, sources tell Cardinal Authority that the total exit fee from the AAC will be $11 million, $5 million of which has been paid. Sources confirm that the remaining will be paid over the next four years with $1.5 million payments.
"I'm glad to have been able to work face-to-face with Mike Aresco to reach a fair settlement for us to depart the league a year early," said Vice-President and Director of Athletics Tom Jurich. "All of us at the University of Louisville appreciate what the former Big East and American Athletic Conference have done for us and I see greatness ahead for the league under Mike's leadership."
The school announced the pending move to the ACC nearly a year ago, November 28, 2012. U of L will replace Maryland, which is leaving for the Big Ten.
Current AAC mate Rutgers is also on the move, heading to the Big Ten in 2014. However, McMurphy also reported that an agreement between the AAC and Rutgers has yet to be reached.
Upon Louisville's arrival there will be 15 programs in the ACC, with Notre Dame participating in all but football. The Cardinals will join former Big East rivals Pittsburgh and Syracuse. The other member institutions are: Boston College, Clemson, Duke, Florida State, Georgia Tech, Miami, North Carolina, NC State, Virginia, Virginia Tech and Wake Forest.