Luck said the agreement prohibits discussion of the details, but stressed that no state or taxpayer funds, tuition or academic support monies will be used to pay the settlement. Any settlement funding transferred, according to Luck, will come from private sources and independently generated athletic revenues.
WVU President Jim Clements stressed the importance of the University's future direction.
"We are in great company in the Big 12, joining a group of world-class research universities – many of them large public land-grant flagship institutions like WVU," Clements said. "These schools have quality academics, research, athletic programs, winning traditions and loyal, passionate fans."
He added, "Our partnership with the Big 12 is an investment in WVU's future. We're looking forward to the tremendous opportunities it presents – all across our university."
Luck said of the settlement: "This closes a chapter and opens a new one filled with exciting possibilities for WVU's future. I've heard from Mountaineer fans across the country who have made it very clear that they are proud and honored to be heading into the Big 12."
Clements and Luck thanked West Virginia fans everywhere, as well as the governor, United States senators and representatives, the attorney general, state senators and delegates for their support these past few months.
WVU accepted an invitation to join the Big 12 in late October.